North Andover Multi-Family Homes

North Andover can be found towards the northern tip of Massachusetts and is considered one of the most beautiful towns in the commonwealth, especially during the fall. Currently, the area has a housing market that's considered "very hot," and there are several different property types for investors to choose from.

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Currently, for a standard home, the current value at the median level is $496,000, which is slightly lower than the Boston Metro Area average. That being said, it's a good idea to consider the multi-unit housing options that are also available in this Boston suburb.

Purchasing a Multi-Family Home

When you're purchasing a property that has multiple units for families, you're making a smart investment. Property investors seldom actually invest without some financing, and getting loans from a bank for a multi-unit property is actually easier than for a single-family unit. This is because with a single-family unit, if one unit is vacated, that's a 100 percent vacancy. For a multi-unit property, losing a single tenant isn't the end of the world; in fact, most mortgages can be paid with the majority of the other incoming rent payments, which means that these properties have a tendency to have a lower foreclosure rate.

Additionally, despite the fact that most financial plans require a down payment of around 25 percent, you can actually get more favorable financing that requires less of a down payment. One way to do this is to seek out an owner-occupied finance plan. This type of plan will require that you live in the property and that there are no more than four units, but with one, you can typically start out with a lower down payment.

These types of properties are also very beneficial when it comes to tax write-offs. These properties provide several benefits come tax season such as write-offs for property taxes and even professional legal fees. You can even write off maintenance costs and travel expenses.

Finally, rental income can definitely make things much easier; the steady stream will provide more than a few benefits to your portfolio, and if you opt to live on-premise, your operational costs should remain fairly low. It's important to consider that rent for your tenants has to be at a level in which you can enjoy maximized capitalization rates, but once you have the right tenants and the right rent levels, you'll be able to use the leftover money for savings.

Purchasing a property of this type can take time in a town like this, but that being said, we at Boston City Properties know exactly how to help you find the property you want. Contact us now.

Selling a Multi-Family Home

Since this area is currently experiencing a very hot sellers' market, you may opt to sell your multi-unit property. When you're entering the market this way, it's a good idea to do the extra work to ensure that you have a successful sale. For example, if you're looking to impress buyers, you should ensure that the property is in tip-top shape. This means fixing broken fixtures, replacing warped or rotted hardwood floors, and ensuring that the property itself is as beautified as possible so that the buyer can see the possibilities.

Remember, marketing is your friend. With that in mind, definitely work hard to extol the benefits of the specific property; if it has bay windows, list this as a major perk. If it has balconies for tenants, then this is an important point to hit on. Use the time to really impress the buyer and you can complete the sale. For more sales advice that comes from a brokerage that has years of experience and thousands of satisfied clients, contact Boston City Properties now.

Neighborhoods in the Area

• Turnpike Street – In this neighborhood, many of the real estate properties are owner-occupied, but that being said, there are multi-unit properties available as well. Many of the current crop of housing options here are larger four- to five-bedroom dwellings, which can fairly easily be converted to duplexes or townhomes.
• Boxford Station – In Boxford Station, many of the homes have been built between 1970 and 1999 but still have a colonial design that spacious and cozy. This area of town also has a low vacancy rate of 3.3 percent.
• Marble Ridge Station – This area of town has fairly reasonable home values and has a wide variety of homes that go back as far as the early 20th century. Rents here are also competitive for a Boston Suburb and are set at an average of $2,400 a month.
• Suttons Mills – When it comes to property values, Suttons Mills is less expensive than many of the neighborhoods in town. This area has several large houses that predate 1940, so there's a real sense of history.
• Merrimack College – Outside of the institution of higher learning, this neighborhood of town has a fairly strong real estate market and even has several homes that predate WWII.

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