Needham Multi-Family Homes

With a 19-mile proximity to Boston, the town of Needham is a great option for a professional that would like to find a relatively urban town that can be commuted to from the City. With this particular Boston suburb, there are even mass transit options so that the city is always accessible for work or play. As a result of this proximity and convenience, this town has a very warm real estate market that's set to intensify as Boston continues to grow at its current pace.

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For those looking for an investment opportunity, this particular town is definitely a good choice because not only does it have a thriving single-family market, but it also has several opportunities for dwellings that accommodate more than one family.

Purchasing a Multi-Family Home

It's crucial to note that this town is currently in the midst of a warm sellers' market, and at the moment, the median price of a home in the area is $910,800, which is much higher than the majority of the Boston Metropolitan Area. That being said, properties of this type almost always appreciates, so purchasing a new home that can accommodate families is still a very smart idea.

To get started finding a property, here are a few steps that you can take:

• Get to know the area – Ideally, for the most chance at a quick return on investment, you'll want to seek out the C+ areas. These are areas with schools, parks, easy access to mass transit, and easy accessibility by car. These are optimal neighborhoods to own property because there will always be demand. For a suburban area, this town has a high population, which means that rental properties are fairly common.
• Keep track of the interesting opportunities – When you're out checking the neighborhood, keep track of the properties that interest you the most. Once you've selected a few, you can do a deeper dive into each property so that you can know the rental rates in the area and see which property provides the best potential capitalization rates.
• Get to know the ins and outs of any interesting properties – Once you've narrowed down the options, contact the seller and take a look at each property individually. Determine what's marketable and what's not, and determine if the properties will need repairs should they eventually switch hands.
• Consult a qualified real estate company – Once you've found the properties you're most interested in, consult us at Boston City Properties; we're one of the largest real estate brokerages in the Greater Boston area, and we can help you close the deal for the property of your dreams.

Selling a Multi-Family Home

It's a fairly competitive market in this town, so you'll definitely need to stand out if you're planning on making a property sale. This is a fairly densely populated suburban neighborhood with duplexes, condos, and apartments, and as a result, you'll definitely not be the only person selling a property that can accommodate multiple families. Here's how you can stand out:

• Get the Best Listing Price by Having an Appraisal Done – While you may want to go it alone, hiring professionals can make things much easier. Having a professional real estate appraiser come in means that you'll be able to find the most appropriate asking price for your particular property. Usually, a good appraisal will produce a property price that takes into account the market, the current tenants, and the condition of the property.
• Get an Inspection Done – Having a thorough inspection ensures that there are no hidden issues that can devalue the property during the final negotiation phase. A good inspector can come in and rule out hazardous materials and can even tell you if there are any issues like vermin to contend with.
• Have all Records Ready – A smart buyer is going to want to know everything about a property so that he or she can get a good estimate on the rate of capitalization. With this in mind, have all records ready for examination – doing so will look good to the potential buyer and can help seal the deal.

Neighborhoods in the Area

Needham has a few beautiful neighborhoods throughout town, including:

• Charles River Village – As one of the neighborhoods in town with the highest real estate values, Charles River Village has a median real estate price that's over a million dollars. Most homes in the area have more than five bedrooms, which makes them good options for conversion into housing for multiple families.
• The Junction – Rental rates in this area of town are currently very inexpensive at an average price of about $1,224. As a result, the Junction is a good place to consider purchasing rental properties for investment.
• Birds Hill – As a fairly affluent neighborhood, Birds Hill has a suburban setting and houses that cost around $857,781 at the median. There are rental properties in the area that are, on average, around $2,048.

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