Provincetown Multi-Family Homes
Are you looking for a great beachfront property to invest in? Provincetown is a beautiful coastal resort town that is located on the tip of the cape. Known for its beaches, this quiet town of about 3,000 has an influx of over 60,000 during peak beach season, which makes owning property in this area a great investment opportunity, especially if you can rent out the units.
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The median home value in this small town has a median price range of $596,000, but you can expect quite a bit of growth in the area. In fact, last year alone, there was an increase of 14.5 percent, and it is projected that this year will see at least a five percent increase as well. So, even without a rental income, you can make quite a profit by owning property in the area.
Purchasing a Multi-Family Home
Purchasing a beach house is not quite the same as purchasing property in another town. You are going to want to have different features in the home because the units are most likely going to be used for short-term rentals when families come to this area of the cape. Some of the features that you will want to consider are:
- A spacious kitchen and living room – Most of the tenants that rent your property are going to be using it for their vacation, which means that every two weeks or so, there will be a different family enjoying the comforts of the home. It is important that there is space for the family to gather, have dinner, and enjoy their vacation. In fact, you may want to consider an open concept so that the family members who are in the kitchen do not miss out on the conversation.
- Carpet-free living spaces – When you know that your tenants plan to spend time at the beach, then having carpet in the home is pointless because it is only going to increase the required upkeep. Having hardwood or tiled flooring means that it can easily be swept and washed between rentals.
- The view – When you are staying in a beach town, you want to have a view of the water. If you can find a property with a balcony, you are going to be able to charge more for rent, which is always beneficial.
If you are looking to purchase a multiple-family property in this area, contact Boston City Properties, we have experience finding properties in the area, so we can find an ideal investment for you.
Selling a Multi-Family Home
With the amount of growth that this town is experiencing and the rental options that are available to homeowners in the area, the market in this town is "very hot," which means that if you are looking to sell a home with multiple units, now is the time to make the most out of your investment. That being said, there are a few things that you will need to do to ensure that the property is ready to list.
Since you are typically not going to have tenants in the home during the off-season, having empty units can be used to your advantage. This will allow you to make any repairs or upgrades that you need to do without being required to accommodate the schedule of the tenants. This also means that cleaning up will not be an issue because the previous tenants should have cleaned before they left, and you should have cleaned again since, so all that is left is to paint and make sure that the landscaping is up to par.
Selling a property that houses multiple families in the off-season also allows potential buyers to see how the town is during this time of year. This can be a huge plus, especially if they plan on living in the unit. Contact Boston City Properties today so that we can make sure that you have all of the tools you need to find a buyer for your property.
Neighborhoods in the Area
Since this is a small town, the area is not really broken down into neighborhoods. However, there is a unique character that you will notice in the town, which is the result of the artistic community that lives here. Since this is a beach town, summers are exciting, while other times during the year seem much more laid back. In addition, this is a historic town, which means that a lot of the architecture found here pre-dates World War II.
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