North Reading Multi-Family Homes
North Reading is a mid-size town in Middlesex County that is ideal for Investing. Currently, the property value of homes in the area is about $535,000, but if you look at the past year, you will see that the values of the homes have gone up by nearly seven percent. That is an incredible rate of growth, and even though the price per square foot is slightly more than it would be in the Boston Metro area, it is a great place to invest in a multi-unit home, especially since it is only 17 miles from Boston.
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Purchasing a Multi-Family Home
If you are looking for a multiple family unit in this area of Massachusetts, there are quite a few options available to you. In this town, you are most likely going to find townhouses and apartment buildings for sale, but if you look hard enough, you can also find duplexes and condominiums as well.
Since this is one of the more expensive neighborhoods in the state, it is important that you look for certain features within the home. This includes features like a balcony or an outdoor space that provides a gorgeous view of the surrounding area. You will want hardwood flooring throughout the main living area, an open concept kitchen, and stainless steel appliances. Make sure that the carpeting in the bedrooms is plush, there are multiple bathrooms, and walk-in closets. These features may not be a necessity for you, but they will help you get a higher rental rate in the area, and since the price range is so high, that is going to be important so that you can manage repairs and take care of the mortgage.
Need help finding a multi-unit property that is luxurious? Boston City Properties can help by representing you as you look at properties in the area.
Selling a Multi-Family Home
If you are interested in selling your property, there are a few steps that you will want to take before listing the multi-unit property. Taking these steps will help you get the best profit possible, and if you interest more than one buyer, you may even find yourself in a bidding war. Here's what you will need to do:
- Take care of any repairs and renovations – The last thing that a buyer wants to do is walk into a home that has a lot of issues. Make sure that simple repairs like blown bulbs, broken light switches, and damaged baseboards are taken care of. You are also going to want to make sure that the vanity in the bathroom and the appliances in the kitchen are updated. Doing this will greatly improve the value of the home, at it will not break your budget too much.
- Clean and renew the area – This means removing clutter, repainting walls, and cleaning the carpet. All of these small things will make the units look more appealing to potential buyers, which will help you find a buyer with an offer that is acceptable to you.
- Make a great first impression at the curb – Curb appeal is everything. If a buyer does not like the way a property looks from the outside, it is likely that they will not even schedule an appointment to see the rest of the property. Make sure that grass is cut, the shrubs are trimmed, and there is a pathway that makes it easy to get from the driveway to the front door of the units.
Call a professional to help you list the property. Boston City Properties is familiar with this area of Massachusetts; they will be able to help you find a buyer for your property.
Neighborhoods in the Area
There are only two neighborhoods in North Reading, MA, which are:
- Town Center – The eastern side of this area is the Town Center. This area has a lot townhouses to consider purchasing; the median price in this area is $582,000, but the rental cost in the neighborhood is higher than 96 percent of the neighborhoods in Massachusetts, which can make this neighborhood a great place to own a multiple unit property.
- West Village – This area is primarily made up of apartments that were built between 1940 and 1970. At $461,000, the median rice to purchase property in this area is much lower.
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