Provincetown Investment Properties
Province town, which is located on Cape Cod, is a vacation destination that is known for its beaches and coastal activities. Because this area is so popular during the summer months, the population of this town goes from about 3,000 residents to more than 60,000. If you are looking to invest in the area, it is likely that you will invest in property that will be vacant during the off-season, so you will need to make the majority of your profit while the weather is warm. That being said, because the property value increased by almost 18 percent this past year, as an investor, you will profit off of the appreciation on the property alone.
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Residential and Commercial Investment Properties
Since this is an area of the state that is known for vacationing, it is going to be a great area to invest in; however, you will need to decide whether you are interested in purchasing a commercial property or a residential one. Some of the property types that you can consider here include:
- Single-Family Homes – This is a great option for the area that you can rent out for the entire year or on a weekly basis to interested vacationers. If you rent the property on a week to week basis, you are likely to get more rental income because vacationers expect to pay prices that compare to a hotel for a vacation home, so they are willing to spend an average month's rent on two weeks of vacation. This is also a great option for the area because you will only have one unit to maintain, which can make it easier to get ready for the next tenant.
- Multi-Family Homes – Multi-family homes in the area are going to provide you with great opportunities to make rental income, especially if you have quite a few units that you can rent out each week. If you want to live in the area or spend some time here, you can easily reside in one of the units so that you can be on-premise when the need for repairs arises. This can include apartments, duplexes, townhouses, and even condos.
- Retail Space – Retail space is going to be a great option for this area, especially since the tourist will increase the business for your tenants during the summer months by quite a bit. Most businesses who need space to sell their merchandise will secure the space for a long period of time so that vacationers who come back each year know where to find them.
- Office Space – Office space is also a good investment in this area, but it is designed more for locals who need a workspace for their startup or small business. For this type of investment, you are going to want a location that is further away from the shore.
Real Estate Market Overview and Neighborhoods
Though this is an area of Massachusetts that is only one neighborhood, you will still need to consider which part of the neighborhood is going to be best for your investment. Do you want property that is very close to the beach so that it is convenient for vacationers, or do you prefer property that is located a bit inland so that storm surge and high waters cannot cause damage to your property? Since this is the prime location to invest in the Cape Cod Metro area, the real estate median is about $616,000, which is nearly double the rest of the surrounding area. However, with the large increase in value, both commercial and residential options are worth investing in here.
Choosing the Right Investment Property
Are you considering an investment in property that can be found on the Cape? Is the location in Provincetown best for vacationers and tourists, or will the investment only be profitable if you have a rental income from it for the entire year? All of these things need to be considered before you invest so that the property that you purchase will be profitable. That being said, having a real estate team behind you to help you make the right investment decisions can be great for your portfolio, so call Boston City Properties at 617-247-1933 today so that we can start searching for an investment worth your consideration.
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