Taunton Investment Properties
One of the best features of Taunton, MA, is its classic feel; the homes here are often colonial, and there are also more than a few historic sites to visit. In addition, the city is fairly centralized; there is a network of highways that travel through town so that most areas of the state are fairly accessible. Finally, Boston is only about 38 miles from this town, which means that this suburban oasis is in easy distance for commuters. All of these features make Taunton an excellent place for investment. Couple these features with the fact that the median home value here is under $300,000, and you'll see why investors are clamoring for property here.
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Residential and Commercial Investment Properties
So which type of investment are you thinking of? When you're in a city like this, you definitely have more than a few options because there are single-family, multi-family, and commercial properties spread out amongst the 11 neighborhoods.
When it comes to residential composition, about 46 percent of the populace lives in single-family homes and another 51 percent of the population lives in multi-family properties like apartment complexes and condos. As you might expect, there are also numerous opportunities to invest in commercial properties as well, and certain parts of the city like the town center are rich with both retail and office space opportunities.
Let's take a deeper look into these types of property:
Single-Family Homes
No type of home is more desirable than a single-family home. These types of homes offer privacy, yards, and even places to store your vehicles. If you're investing in one of these properties, you can either opt to rent them out to families or purchase them to resell them after you've forced appreciation. Forcing appreciation means that you'll be renovating the property so that you can sell it at a profit, which means that you may have to put some work into the property.
Multi-Family Homes
There are a wide variety of homes of this type, but each will be able to have more than one unit for tenants.
- Condos and townhomes – These can be sold on a unit-by-unit basis, but you can even rent the units out if you want. Condos include things like homeowner's associations, which tend to add a fee to the monthly mortgage.
- Apartments – Apartments are good options for anyone looking for steady cash flow. While maintenance costs can be higher on older buildings, you'll typically still make a good return on your investment, especially considering that rents have a tendency to go up at a steady pace.
- Duplexes, triplexes, and quadplexes – like townhomes, these tend to be converted single-family homes that have tenants living on separate levels of the property. For the most part, these are rental properties, but there are somewhere each tenant is a co-owner.
Commercial Properties
Commercial properties can vary from retail spaces to office spaces in most situations. These stand out because they appreciate fast, and you can have tenants sign triple-net leases, which can help you capitalize faster. Commercial leases also tend to have longer periods.
Real Estate Market Overview and Neighborhoods
As the saying goes, "Location, location, location." Placement of your investment is everything, and in a town like this, you'll have 11 neighborhoods in which to pursue your next commercial or residential property. Here's a listing of these neighborhoods:
- Westville
- Oakland
- Somerset Ave/Weir Street
- Bay St
- Whittenton
- City Center
- Weir Village
- Kilmer Avenue
- Whittenton
- Longmeadow Road
- The East Side
It's important to note that this is a city, and as a result, you'll be trying to tap into a population of almost 60,000 people for your investment. Each of the neighborhoods here offer a distinct experience from the others; some are more urban, some are more expensive, and some are smaller than others.
Choosing the Right Investment Property
In just about any situation, investments here will benefit from how accessible the city is; it's fairly easy to take advantage of vehicle and foot traffic, and this also means that residential properties will grant tenants more than a few options for getting around. If you're wondering where to start, give Boston City Properties a call today at 617-247-1933.
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