Swampscott Multi-Family Homes
Though Swampscott is only located about 15 miles north of Boston, the town is a charming coastal town with quite a few lovely beaches for residents to enjoy. There is not a major highway inside of the town itself, but I-95 is still easy to reach. There are also rail and bus services available in the town, which makes commuting to Boston and other nearby towns very simple.
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Purchasing a Multi-Family Home
This is a great area to own a home, especially a home with multiple units because the town is located on the shore. Of course, purchasing a home in the area could provide the owner and their family with a wonderful place to live, but with a home of this type, there will be multiple units to consider. The units not being used can be rented to a tenant via lease. This will provide the owner with a source of income that will help pay the mortgage and make repairs that need to be done on the property.
Since this is a great vacation spot, the units can also be rented on a short-term basis to individuals looking for a place to stay while they are vacationing in the area. There are also townhouse, apartment, and condo options in the area that can be considered as well. Since this is a beachfront area, having a balcony that provides residents with a picturesque view of the ocean is important, so consider this when purchasing a home, especially if renting out the units is planned.
This is a great time to invest in property because, in the past year, the values of homes in the area have increased by nearly nine percent, which makes the median price for a home in the area about $499,900. In fact, in the upcoming year, the value of the homes in the area is expected to rise nearly five percent more. If you need help finding property to invest in, then Boston City Properties is a great place to start; call us today for consultation and representation regarding investment opportunities in the area.
Selling a Multi-Family Home
Since the value of the properties in this town has been increasing so much recently, it is actually a great time to sell a home in this area. Before listing a home with multiple units, it is important to see what the competition in the area looks like. Find out what features are common in other homes in the area, find out their listing price, and see what can be done to make the listing for your property better. Typically, there are a few things that can be done to help impress potential buyers, which are:
- Clean – Nobody wants to purchase a home that is not clean, so it is important to make sure that the lawn is mowed, the landscaping is done, and the units in the building are free from clutter. This is why it is important to let tenants that are living in the building know about the property being listed to be sold; when they know the situation, they can do their part.
- Maintenance – Overtime, every property needs maintenance, so before listing the home, make sure to inspect the units to make sure that there are no repairs that need to be completed.
- Updating – Once everything is clean and in working order, take a look at each unit to make sure that there are no appliances in the space that look old and outdated. Consider installing stainless steel appliances and other features that may be appealing to a potential buyer.
This can be a strenuous process, so if you find that you need help listing a home with multiple units in the area, Boston City Properties can help. Contact us today so that we can help you get the best offer for your listing.
Neighborhoods in the Area
This town is divided into three separate neighborhoods:
- Essex Street / Burpee Road – This is an area with quite a few apartment complexes and high-rises, makes it a great area to invest in a multi-unit home. Most of these homes were built between 1970 and 1999.
- Town Center – The central area of town is mostly small apartment buildings that have been converted from homes that were built before 1939, which give the area a look that dates back to that time period.
- Beach Bluff / Phillips Point – This is the coastal area of the town, so property prices are a bit higher in this neighborhood.
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