Norton Investment Properties
When you are investing in property in Massachusetts or any other location across the country, location is everything. If you do not have a good location for residential or commercial property that you invest in, the chances of it failing can increase greatly. Fortunately, there are towns like Norton in this state that are perfectly located. In fact, from this town, Boston is only 39 miles away, and Providence, Rhode Island, is approximately 24 miles away.
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Residential and Commercial Investment Properties
Investing in property in this area of the state can be quite beneficial to your portfolio. You will be able to choose between residential properties as well as commercial options, but both of these options are not going to be the ideal investment for everyone to make, especially if you are not familiar with the real estate market. Residential properties include single-family homes, apartment buildings and complexes, townhouses, condominiums, duplexes, triplexes, and quadplexes. Vacation properties can even fall under this umbrella if you rent it out for part of the year for a profit. Commercial properties include storefronts and retail space, office space, storage space, and warehouses.
No matter which option you choose, you will be able to benefit from the investment:
- Tax Write-Offs – If you have property that you have invested in, the federal government allows you to write off a lot of the business expenses that you incur throughout the year so that you can get a bigger return. Some of the things that fall into this category are property taxes, mortgage interests, insurance on the property, maintenance costs, upgrade costs, and more.
- Appreciation – Any property that you purchase is going to appreciate over time as long as it is maintained, cared for, and the housing market is doing well in the area. The more you put into a residential or a commercial property, the more it tends to appreciate, and with enough time, you will be able to make a sizable profit on your original investment.
- Rental Income – If you purchase commercial property, you will most likely get rental income from the businesses that rent the space. These leases tend to be at least five years, so you will be able to collect rent for that period of time. Residential property will also provide rental income as long as tenant resides in the building.
Real Estate Market Overview and Neighborhoods
Right now the real estate market in this area is booming, which means that it's a great idea to invest in this community, but before you commit, it is important to find a location for your investment that will benefit your portfolio. In this community, there are four neighborhoods, which are:
- Cranes Station – This area of the community has a large number of apartments, which include apartment complexes and high rises, so if you are looking for a multi-unit investment opportunity, this may be an area worth considering, especially since Interstate 195 cuts right through this area.
- Wheaton College – This is an area with quite a few investment opportunities to consider, but the vacancy rate for homes in the area is quite low. This means that these properties are in high demand and may be difficult to invest in, but this is a great area for commercial investments as well.
- Meadow Brook – With a median real estate value in this neighborhood of about $360,000, this is a great place to invest. Single-family homes and townhouses are plentiful in this area, and rental rates are about $1,700 a month, which makes rental property worth considering in this area.
- Centre Mills – Another area with a large number of single-family homes and townhouses, Centre Mills is a great residential area to invest in. Commercial opportunities are also available in the neighborhood, but the property here is in high demand, so finding the right investment opportunity may take some time.
Choosing the Right Investment Property
Are you ready to make an investment and add to your portfolio? If you are, finding a profitable investment in an area that you are unfamiliar with can be difficult, especially if you are new to the real estate business. Fortunately, there are real estate firms that work with investors in this area of the state to help you find the investment of your dreams. Boston City Properties has been working in Norton for years, so our agents are familiar with the real estate market in the area, and we have the tools that you need to help you find the best investment for your money. Call us at 617-247-1933 so that we can get started representing you today.
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