North Reading Investment Properties
The town of North Reading, which is only about 17 miles from downtown Boston, is a great area for investors to consider for their next investment opportunity. Median real estate prices in the area are about $531, 000, which means that the price per square foot is comparable with the rest of the Boston Metro area, and with a growth this year of seven percent expected, it is ideal for an investor to consider.
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Residential and Commercial Investment Properties
When you are looking for an investment opportunity in the area, you are going to need to consider whether you want to invest in residential real estate options or commercial real estate options. As long as they provide you with some income throughout the year, you can count the purchase as an investment, which means that if you find the investment to be less profitable than you expected, you may qualify for a 1031 exchange to help you find a better investment.
Before we get ahead of ourselves, it is important to take the first step and consider which type of investment is going to benefit your portfolio the most. Here are some of the options that will be available to you in the area:
- Residential – A residential real estate opportunity is going to be a type of rental property that you rent out for a certain amount of time each year to bring in rental income. The easiest type of residential property to consider is a single-family home. This option can often be attained at a lower price point, and you will be able to decide whether you want to rent out the home or simply do a quick flip on the home to increase the value and resell it for a profit. This is a great option for homes that you purchase at a lower price, but in most cases, time alone will help a home appreciate, which is why renting it for a few years will be beneficial.
- Multi-family - homes are another residential option worth considering because they often have a few units that you can collect rental income from. In fact, you can even reside in one of the units so that you can get an owner-occupied financing, which will allow you to put down less of an initial investment. Since Massachusetts is a coastal state, this is often a consideration for investors, especially in high vacation areas of the state.
- Commercial – A commercial real estate opportunity in this area is going to include retail space and office space because both of these options are going to be required for the professionals and their families who live in the town. This type of investment may take a little bit more to manage if you are not familiar with the real estate market, but it is a great way to solidify a longer rental agreement and secure rental income for at least a period of five to 10 years. If you are looking for something that is a little easier to manage, then a storage facility or a warehouse might be worth looking into.
Real Estate Market Overview and Neighborhoods
This town has a population of over 15,000 residents, so it is a great option if you are looking for an investment opportunity in a growing area. Crime is low in this area of the state, and it is considered to be very walkable, which makes it a great area to invest, but there are two constituent neighborhoods in the area to consider when you are ready to invest.
- Town Center – Located on the eastern side of town, this neighborhood is optimal for multi-family home investments and commercial opportunities. The median real estate price in the neighborhood is about $590,000, which may be prohibitive for some, but the rental income that you can earn in this area will help you pay your mortgage off quickly. In fact, rental rates in this area are higher than about 96 percent of the neighborhoods in this state.
- West Village – The western part of town is an area that is easier to invest in because the median price for real estate is about $468,000. Here, you will find a plethora of single-family homes and apartment buildings. There are even high-rise apartments in the neighborhood, so if you are looking for an investment with the potential for a lot of rental income, this is an area worth considering.
Choosing the Right Investment Property
Are you ready to find your ideal investment? Then, contacting Boston City Properties can be a great way to start. We know the real estate market in the area and the investments that are currently available, so give us a call today at 617-247-1933.
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