Newburyport Multi-Family Homes

Positioned just north of the town of Newbury, Newburyport, Massachusetts is a beautiful coastal city that is also home to a historic seaport. This town is fairly small but also is in a fairly opportune positioning at the north end of the state that makes it a great town for coastal vacationing. Currently, the town is experiencing a buyers' market and the average home value is around $504,900.

Click Here to Search

sales

For those looking for a town in which to commute from, this is a great suburban option that's only about 42 miles away from Boston.

Purchasing a Multi-Family Home

There are more than a few benefits when you're considering purchasing standard real estate, but if you're patient, purchasing real estate units for multiple families can be even more advantageous. Here are a few reasons why investing in one of these types of properties in Newburyport can be a good idea:

These Properties are Easier to Finance

As you might expect, purchasing a property of this type can be much more expensive than purchasing a single-family property. As a result of this realization, many investors don't consider these types of properties as being worth the effort of finding lending institutions to cover the costs. Despite this, in many cases, these homes have a tendency to actually be easier to finance than standard homes despite the higher property value.

This is the case because banks consider multi-unit properties to be safer bets than single-family units due to the fact that these properties have a lower average vacancy rate. Also, with multiple families paying rent towards the properties mortgage, there's less of a chance of the property falling victim to foreclosure.

They Grow Your Portfolio

Rather than purchasing multiple single-family units, purchasing a single property with individual tenant units is just a more time-efficient way of building your portfolio. It's important to remember that some of these properties provide a return that can easily reach 15 percent, which adds to your bottom line, especially when considering that rents tend to increase.

They Experience Forced Appreciation

Unlike with single-family units, market forces have less of an effect on the values of multi-unit properties. As a result, you'll have less of a chance of having the asking price of your property go down due to similar properties in the area.

Simply put, there are many advantages to investing in a property like this. For help taking the plunge, contact us at Boston City Properties; we have years of experience in the field and several contacts that can make your property search easier and quicker.

Selling a Multi-Family Home

If you're looking to sell your property, now is a good time to make sure that you've taken all of the steps to ensure a quick and easy sale. Remember, Boston City Properties has years of experience helping our customers list and sell their multi-unit homes, so contact us for a consult. With that said, here's how you can ensure an easy transition and prepare your property for the sale:

• Create a Package of Data – Most modern buyers are fairly savvy when it comes to the multi-unit property investment process. As a result, they'll want information on the utility bills, the leases, tenant details, and expense and income figures. All of this will help them paint a picture about how valuable the property can be, so have this information ready before the process begins.
• Elicit Repairs – No property is 100 percent in perfect repair, and it's very common for some repair jobs to fall behind due to timetable or budget. Whatever the reason for the deferment, you'll have to address these issues now; you want the property to be in optimum condition so that a sale can happen.
• Consult Your Tenants – When a sale is going through, Massachusetts laws protect tenants so that they don't necessarily have to move. That being said, speaking with them and getting their help when it comes to showings can increase the chance of a successful sale. Have problem tenants? If so, aim to evict the ones that aren't paying rent on time or who cause issues because these tenants can scare away buyer. Also, this way, the good tenants remain and the new owner will be able to make the mortgage.

Neighborhoods in the Area

As this town is a small coastal town, there are no major neighborhoods. The town is a stable housing market that has a lot of opportunities for potential investors.

Click Here
to Search

sales

Click Here
to Search

rentals