Norfolk Multi-Family Homes

Located in its namesake county, Norfolk, MA, is a beautiful town of just under 12,000 people. Considered part of the Boston Metro Area, the town is only 32 miles away from the ever-growing city. In fact, the town has been experiencing steady growth of its own; in the last year, home values, which have a median price of $519,188 in the town, have increased by 4.2 percent. Despite this, the town is fairly affordable and actually has a cheaper cost per square foot than the majority of the Boston Metro Area.

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Purchasing a Multi-Family Home

Strikingly, the actual amount of residential real estate in this town that's occupied by an owner is much higher than in 99.1 percent of the towns in the country. Despite this, there are still prospective renters in this part of the state looking for rental properties to stay in, which is an opportunity that a dedicated investor can seize on.

There are a lot of advantages to owning a rental property, including:

• Steady Income – When you have several rental units in a single building, each of these units will be providing you with monthly income that can pay the mortgage, pay for any associated maintenance fees, and also pay the real estate taxes. With the majority of housing investments of this type, you will still see significant income after these expenses have been managed, even if you have the occasional vacant unit.
• Options for Residency – When you own a four-unit property, you can simply move in and rent out the remaining units. This allows you to be at the property to protect your interests, and if you're handy, you can save cash by managing the maintenance process yourself.
• Leases – Leases are a great tool for ensuring that you have a quality set of tenants. If a tenant is regularly an issue due to behavior or late rent, you can opt to not renew the lease and bring someone more reliable in.
• Protection Against Inflation – In many situations, these types of rental properties are considered to be hedges against inflation due to the fact that the real estate market has a tendency to appreciate at a fairly steady rate. Add to this the fact that market conditions have a tendency to affect these properties less than they do with single-family properties and you'll realize that they can be fairly lucrative and reliable.

Need help finding property to invest in? Call Boston City Properties today!

Selling a Multi-Family Home

There are many reasons why you might want to sell your multi-unit property; you could be moving, or maybe you just want to cash out your existing properties. In any situation, this town has a fairly thriving housing market, and you should be able to find a buyer if you execute some standard due diligence:

• Communicate with Your Tenants – Tenants don't have to leave when a property changes hands, but you should keep them in the loop. If you don't have a vacant unit, it's a good idea to talk to your tenants about using their unit as a place to show off the units in the property. Typically, this requires at least 24 hours heads up, but most tenants will be willing to help you out.
• Ensure That Everything is Repaired and Cleaned – When you're showing off the property to an investor, the last thing you need is visible damage to fixtures or unclean common areas. This will sabotage the sale, so take the time to repair things that have been put off and really make sure every surface is clean.

Never forget that a good real estate brokerage can help ensure a quick and easy sale, and we at Boston City Properties have helped thousands of clients do just that in the Boston Metro Area.

Neighborhoods in the Area

While Norfolk is a small town, it does have two distinct neighborhoods:

• Town Center – The town center of this small town has a definitely suburban feel and has an average price of $1,606 for rentals. The homes in this part of the state are actually very large; in fact, four and five bedroom dwellings are the norm, which makes this a great town for investors looking to convert single-family dwellings into townhomes or duplexes.
• Highland Lake – Highland Lake actually has a slightly lower property value than the other neighborhood but also has a more expensive monthly rent average. That being said, the vacancy rate in this town is 1.4 percent, which is incredibly low compared to the nationwide average.

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