Reading Investment Properties
Located in Middlesex County, Massachusetts, The town of Reading is a town that is great for an investment. The town is only about 14 miles from Boston, and it is currently experiencing a growing real estate market that is only expected to increase more in the next few years. Last year alone, the value of real estate in the area increased by 6.6 percent, which makes it well worth considering as an investor. The town is also very easy to reach; with I-93 and I-95 bordering the town, it gives residents direct access to the major cities in the area.
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Residential and Commercial Investment Properties
As an investor, it is important to have a wide range of investments in your portfolio. This includes both residential and commercial properties, but depending on the area, you may prefer one option over the other. Single-family rental homes, multi-family homes, and commercial properties are all great options that will be available to you, but if you are a new investor, you may want to know the benefits of investing in this type of property. Here are a few benefits that you will be able to experience:
- Increased Cash Flow – When you own residential or commercial property, you are going to rent out the space to tenants. This will provide you with a monthly income, which will only increase with more units to rent, which is why multi-unit properties are often considered a great investment opportunity.
- Tax Write-Offs – When you own property, most of the money that you put into the property can be considered a write-off at tax time. This can include things like repairs and upgrades on the property, taxes on the property, interest paid on the mortgage, and most other expenditures that you need to take out of your pocket during the year.
- Property Appreciation – As long as the property is maintained and cared for, it will appreciate with time. If you are interested in making a profit, you can renovate the property to make it more modern so that the value increases. This is called forced appreciation and is often used to flip a single-family home for a quick profit.
- Exchanges and Financing Options – The most difficult part of any investment is the initial amount of money that you need to put down, but as an investor, there are financing options that you can use to make it a less stressful process. For example, if you are investing in a multi-unit property, you can look into owner-occupied financing. This allows you to make a much smaller deposit on the property, making the investment more manageable. There are also options that can help you get out of a bad investment. A 1031 exchange is an option that allows you to swap like-kind properties without paying the capital gain taxes right away.
Real Estate Market Overview and Neighborhoods
The median real estate value of homes in the area is about $585,000, but this price can vary quite a bit between neighborhoods, especially when the market is expected to increase by nearly five percent this year. There are four neighborhoods to consider in this community, which are:
- Town Center – This is the eastern part of the town, which is located right near I-95. This is a great location to consider if you want to invest in apartments buildings, especially since rent in this area is about $2,000 a month. Commercial opportunities are also prevalent in this neighborhood.
- Reading Highlands – If you like architecture from the 1930 and before, then this is a great location for your investment. The median price for most apartments and single-family homes in the area is about $578,000.
- Franklin Street – This is an area of the town that is less populated because it is covered with a lot of forest land, but the vacancy rate is under two percent, which means that property here is also in demand.
- Summer Avenue – This is a great area to invest in because it is the main transportation hub for the town. Property prices in the area are a little high at about $667,000, but rental rates in the area are high as well, which makes it easy to pay off the mortgage and save money for repairs and renovations. Median rental prices in the area are about $2,800 a month.
Choosing the Right Investment Property
Are you ready to choose your next investment property? Then, contact Boston City Properties today at 617-247-1933. We know the area well, which means that we can help you find your next investment quickly. We can also provide you with a list of what is available in the area.
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