Milton Multi-Family Homes

Milton is a beautiful town in Norfolk County, Massachusetts that also happens to be the birthplace of President George H.W. Bush. The town is also conveniently placed; if you're planning on commuting to and from Boston, you'll only have to travel about nine miles, and there are even options for mass transit that make this one excellent place to live. The town is one of the "Best Places to Live" based on Money Magazine, and properties in town have a median home value around $653,600.

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In town, there is a wide variety of properties to select from, and while many investors consider purchasing single-family properties, it's worth noting that properties that can house multiple families could be an excellent choice for investors in and around this town.

Purchasing a Multi-Family Home

There are more than a few advantages to purchasing a rental property that accommodates multiple families. Typically, these benefits include monthly income, portfolio building, and a relatively stable return on investment, but many wonder what kinds of properties does a property of this type entail, so here's a breakdown:

• Duplexes – For our purposes, we'll be considering triplexes and quadplexes as well. In any situation, these properties, in many cases, are converted single-family homes that have had their levels converted to a single unit. As a result, each tenant lives on a different level of the home. In most cases, these are rental properties, but there are also some duplexes that are jointly owned by the residents.
• Condos or Townhomes – Condos and townhomes aren't typically sources of rental income because each is owned on a unit by unit basis by the tenants. As a property owner of this type, you can rent out individual units of your owned condo, or you can own the overarching property as well.
• Apartments – Apartments are multi-tenant buildings that can exist in converted homes or can even have dedicated buildings that were designed for this type of habitation. Most apartments are multi-floor and have tenants that sign up via apartment leases. Rental properties such as apartments are considered hedges against inflation because rent values tend to go up with this factor. As a result, owning an apartment is a great way to continuously make money.

Each of these property types can serve as a great investment and a portfolio builder, and which one you pick will vary based on budget, market availability in town, and your own preferences. In any situation, at Boston City Properties, we understand the ins and outs of a town like this one, so consult us so that we can help you find the property that best suits your needs.

Selling a Multi-Family Home

Wondering how to market your home that can accommodate several families? Fortunately, we have a lot of experience helping clients find the buyers that they need to make the sale of their dreams, so here are a few steps that you can take to get your property properly marketed and sold:

• Offer Financing – Sometimes, you need to sweeten the deal somewhat for prospective buyers, and offering financing can really speed up the process. Of course, this is a somewhat risky proposition from an owner's perspective, so ensure that the purchaser is reliable and has a steady portfolio. You'll need a down payment from the buyer; this way, the owner will have an investment in the property, which means that there's a level of responsibility there and the potential of loss if payments fall too far behind.
• Speak With Neighboring Owners – In many situations, fellow property owners in the area may be looking to expand their holdings in the area. For this reason, speak with your neighbors and let them know that you have a property for sale. This can be very advantageous for them because it expands their real estate portfolio and the proximity makes it easy to manage the property via their existing management company and maintainers.
• Hire a Real Estate Company – Experts can just streamline the process, and a company like Boston City Properties truly understands the market and the area, so let us help you make the sale that you want.

Neighborhoods in the Area

Milton has its share of neighborhoods with vibrant housing markets; the most popular in this town are:

• Blue Hills / Curry College – As one of the more affluent neighborhoods in town, Blue Hills/Curry College has a median real estate value that approaches one million dollars. The neighborhood is very safe and there is extensive space between households in this suburban area.
• The Village – With property values that hover around $700,000 at the median level, this neighborhood in town has fairly good prices for the area. This is also very educated area; over 33 percent of the residents have a Master's degree or greater.
• Upper Mills – In this neighborhood, housing prices are significantly lower; at the median, most houses go for $546,523, which is very affordable for the area. Additionally, this is an urban neighborhood based on population density, and there are several rental property opportunities in this neighborhood.
• The East Side – This part of town has a median real estate price of $692,572. Similarly to other parts of town, this neighborhood has a very suburban style of living. There are several rental properties throughout this area of town, and rental rates here typically fall in the $3,000-plus range.

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