Rockland Multi-Family Homes
With a town population of over 17,000 residents, Rockland, Ma, is an excellent choice for anyone that wants to live in a suburban area that has some urban elements. Also, this mid-sized town is only about 22 miles from Boston, so residents can easily commute to and from the city, especially considering that the town also has a stop on the MBTA's commuter rail.
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As a result of this proximity to one of the fastest growing cities in the northeast means that this is also a property market to keep an eye on. in fact, the housing market in the area has experienced an 8.7 percent rise in the last year alone, and for those that are seeking an investment opportunity, this town has a fairly robust rental market for multi-unit homes.
Purchasing a Multi-Family Home
Currently, the median home value in this town is around $322,100, which falls significantly lower than many of the towns in Massachusetts. Combining this with the steady upward trend in home values, and it's clear that this is a good neighborhood to consider investing in real estate. Multi-unit homes are a fairly stable form of real estate investment that can serve as a good profit generator. Additionally, over the years, your profits will remain steady due to the fact that these types of properties have a tendency to be strong against inflation.
Additionally, in this particular town, the price per square foot is almost $60 cheaper than in other cities in the Boston Metro Area. This means that you'll be able to purchase larger properties that can more easily be converted into multi-unit homes like duplexes and townhomes.
It's even more convenient due to the fact that you can use these types of properties as a home for yourself; simply set aside a single unit and rent out the others. In fact, if you have less than four units, there are even financing options that can really sweeten the deal.
Finally, this type of investment is just a great way to build wealth. Consider this, when you're renting out a multi-unit property to multiple families and tenants, then the rent payments are paying back your mortgage, your real estate taxes, maintenance costs, and even the costs of the property's upgrades. Typically, after all of these are paid for, you'll have more than enough to live off of and you'll even be able to supplement your savings account as well. If you're looking for a new property opportunity in town, reach out to use at Boston City Properties; we know what's available in town and we can quickly help you find what you're looking for.
Selling a Multi-Family Home
When it's time to sell, you'll find that this town has a lot of opportunities. That being said, sales of a multi-unit property can take a little more time and effort than a single-family dwelling. In addition to this timeframe, these properties also may have tenants to consider, so let's take a look how you can handle your tenants when you're selling your property in town:
- Always Consult With Them – A new owner for the building can cause a bit of a shakeup when it comes to a tenant. That being said, always let your tenants know about your intentions to sell; in many cases, a tenant may even be helpful so that the whole process can be seamless. Also, if you don't have a vacant unit, you can even use a tenants apartment to show off how the individuals units look to a potential buyer – just remember to give the tenant time to prepare.
- Try to Replace Problem Tenants – While eviction is an unpleasant business, it's sometimes a fact of life. When you're selling, the last thing you want is a tenant that doesn't pay rent properly or one that's disruptive. Both of these will be noticed by the buyer in either your records or when they visit the property.
- Always Observe Tenant Rights – In Massachusetts, tenants are very protected from the property sales process, so typically they can stay from owner to owner, though they'll have to negotiate new leases with the new owners. Even though vacant properties have a tendency to sell better, never try to kick tenants out that aren't violating the terms of their leases; this can lead to a lot of trouble down the line.
At Boston City Properties, we understand property sales. Contact us if you need help getting your multi-unit property sold.
Neighborhoods in the Area
Even as such a quality area in which to invest, you may still have questions about the various neighborhoods throughout town. The three most popular neighborhoods for this type of housing are:
- Beach Street – This neighborhood has rental prices that are more than 73 percent lower than other Massachusetts neighborhoods. As a result, there's a lot of demand in the area for apartments and other multi-unit homes. That being said, the majority of residents live in owner-occupied houses.
- Hatherly – Hatherly is a very suburban neighborhood in town, and has its share of condos and apartments. Many of the homes in this area were constructed between 1970 and 1999, but there are historic colonial homes as well.
- Town Center – With easy access to the majority of town and to a wide variety of retail opportunities, the town center here is a fairly high demand place to live. Rent here is on average around $2,100 per month, which is higher than the town average.
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