Shirley Multi-Family Homes

Shirley is a small town that is situated approximately 50 miles from Boston. Located in Middlesex County, this town is a great place to invest. Currently, the median price for a home in the area is about $317,000, but over the past 12 months, the value of the homes in the area has increased by nearly seven percent. In addition, the values are projected to continue to rise another 3.8 percent in the next year. This town is only about 15.9 square miles, so if you are interested in owning property in an area with a lot of small-town charm, this is a great location to consider.

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Purchasing a Multi-Family Home

When you purchase a multi-unit home, one of the main reasons for this type of property rather than a single-family home is that the potential for building your portfolio and making a profit increases with a home of this type. In general, a bank is going to be more willing to give you a loan when you are planning on renting out some of the units to tenants who will pay you a rental fee each month. This is the income that will pay the mortgage, and since most properties have at least two to four units, it is highly unlikely that they will all be vacant at the same time.

In addition, if you plan on living in one of the units in the building that you are purchasing, you can get owner-occupied funding that will allow you to make a much smaller down payment on the home. In fact, in some cases, this type of loan will allow you to pay less than five percent up front. What type of multi-unit homes does this include?

• Townhouses – These are units that are positioned side-by-side. The walls are connected, but the entrance way is individualized.
• Apartments and Condos – These options often have multiple units per floor, which means that more tenants can live in an apartment building, especially if it is a high-rise. That being said, many of the apartment buildings in the area are smaller buildings that have been converted from single-family homes.
• Duplexes, Triplexes, Quadplexes – These are homes that are divided up so that each family has their own floor. One of the main benefits of this type of property is that you, as the owner, can take up one of the units and still make a good rental income from the other units in the building.

If you are looking for one of these types of properties in the area, call Boston City Properties today for representation through the process of purchasing a new multiple family home.

Selling a Multi-Family Home

There are several reasons to sell a home in this area, but if you plan to sell in the near future, there are a few things that you should do to prepare. These include:

• Cleaning Up the Building – This means that you will need to clean up everything inside and outside of the building. Make sure that there is no clutter around when potential buyers come to view the property. One of the ways that you can do this inside of the units is by ensuring that you fill the tenants in on what is going on. If they know that you are trying to sell the property, they may decide to move to another location, but if they decide to stay, they can at least have a clean unit.
• Renovate and Repair – Things get broken overtime, so it is important that you inspect each unit to make sure that there is nothing that needs to be repaired. In addition, replace any old appliances because upgrading to stainless steel models will only increase the value of the home.
• Talk to a Professional – The real estate market can be tricky, especially if you are not experienced. That being said, a professional like those found at Boston City Properties can help you list your home and start getting offers quickly.

Neighborhoods in the Area

There are not dedicated neighborhoods in the town of Shirley because it is such a small community. The schools in the neighborhood are rated highly, and nearly 25 percent of all of the adults in the town who are over the age of 25 have a bachelor's degree. Crime is minimal in this small town, which also makes it a great place to raise children.

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