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Nahant Multi-Family Homes

One of the most charming aspects of living in Nahant is how it's connected by a land bridge to the rest of Massachusetts. This means that the small town also has the distinction of being a tied island, and as a result, many of the homes in town are waterfront. The town has beautiful vistas, majestic lighthouses, and a very stable and growing real estate market. In fact, the town has experienced 7.6 percent growth in the past year alone.

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While the town may seem remote, it's actually only 13 miles to drive to Boston, which makes the town an excellent option for anyone that's looking to retreat to a coastal suburban oasis at the end of a long workday. In fact, residents can even easily access the town via mass transit.

Purchasing a Multi-Family Home

In a unique Massachusetts town like this one, there are more than a few opportunities to invest in housing. These include single-family homes, which are often considered the backbone of home investments, but rather than go down this standard route, it's worth noting that homes for multiple families like apartment buildings, duplexes, and condos can also be excellent investments as well.

In addition to the money-making aspects of owning a property like this, it's also important to note that these provide another major benefit: these can also provide habitation for yourself and your family as well. With a property that has four units attached, it's fairly easy to move into one of the units and rent out the others for additional tenants.

When you purchase a home this way, you'll be eligible for some standard homeowner's financing options, and if the property has four or fewer units, you can also be eligible for owner-occupied financing as well. This is a very stable form of financing and you can then create a strategy where you live in the properties that you acquire over time and convert the prior properties into rentals. While this requires semi-frequent moving, it's very economical and is a great way to build wealth.

Why finance this way? Well, for an investment property, it's fairly par for the course for an investor to put down at least 25 percent for a newly owned property. With owner-occupied financing, it's possible to place a down payment for as little as five percent for a conventional loan and an incredibly low 3.5 percent for an FHA loan. This means that you can pay less to start and pay back the loan gradually.

When you're looking to purchase a property of this type, there are a plethora of ways to really get a good deal and make a neat profit, but not many really understand the ins and outs of owning a property with multiple units. Fortunately, Boston City Properties really grasps the market in Nahant, and we have helped several of our clients purchase properties in and around the area. Contact us so that we can help you find your property.

Selling a Multi-Family Home

When it's time to sell, it's important that you understand that these types of properties are different than single-family units, so you'll need some unique preparation. Typically, this type of selling takes time, but before you worry about how long it'll take, let us tell you about a few steps you can take to expedite matters significantly.

First, if you're planning on selling a home in this particular town, it's important to understand that the area has a lot of value for vacationers. This town is surrounded by beautiful coasts, so remember to upsell that to potential buyers.

Additionally, remember that some property types that house multiple families have a tendency to be owned in large groupings. As a result, you can usually take a look at some of the investment properties in the area and notice that they are owned by the same organization or individual. When this is the case, it can be a fairly easy thing to sell the virtues of owning an additional property that's well maintained in the area. When there is an option available like this, the owner can even use the same management company and maintainers to keep their new property in-line with the others.

Also, don't neglect to prepare as many details about the property for potential buyers to peruse. This will include expense figures, rental and lease records, and running costs. All of these records can help the potential buyer really get an idea of the value of the property, which can facilitate a quicker sale.

Neighborhoods in the Area

This town, which only has a land area of a single mile, is very small. In fact, the population currently stands at just over 3,500, so for the most part, there are no real neighborhoods with the exception of the main town area itself. That being said, the homes in this town are a fairly high value; the market itself has a median home value around $586,000, which is in-line with the town's unique positioning and proximity to Boston.

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