Topsfield Multi-Family Homes
Topsfield is a small town of approximately 6,000 people that is located in Essex County Massachusetts. The town is only a little less than 13 square miles, but it is located close to cities like Salem and Boston. In fact, the small town is only 22 miles from Boston, so professionals who like a small town feel are likely to be interested in purchasing property here.
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Purchasing a Multi-Family Home
There are quite a few options for purchasing multi-unit homes in this area. The average median for purchasing homes in the area is about $409,000, which means that the price per square foot on many of the properties in the area is about $276. This is a bit higher than the average price per square foot in Boston, which is $268, but sometimes neighborhoods that are close to a major city that offer a suburban lifestyle cost a little bit more to attain.
Of course, purchasing a home in this town would be an investment worth making, especially since the home values for the area have gone up approximately four percent in the past year, and there are predictions that indicate that the same increase is possible in the area this year. If the value of the homes continues to rise, and they will because this is a growing town, owners of multi-unit homes in the area will be able to make quite a profit. This profit will come when the property is sold, but it will also come in the form of rent that the tenants pay. In fact, newly constructed properties are on the rise in the community, which means that it will be easy to get in on the ground floor of this growing town.
There are several options to consider when you are looking for a new property with multiple units to invest in. A duplex is a double family home that separates the units per floor. There are also triplex and quadplex option available that are designed to accommodate three or four families in the same building. One of the major benefits of these options is that it is easy for the owner to be able to claim one of the units as their own. This ensures that someone is always on premise to ensure that there are not issues that the tenants need resolve.
Townhouses are shared units that have connecting walls; typically, these are two-story units that have their own entrance. There are also apartment and condo options that have more than one unit on each floor. Contact Boston City Properties to see what type of properties for multiple households are up for sale in this area of Massachusetts.
Selling a Multi-Family Home
It is a sellers' market in this town, which means that there is a high demand for property in the area. This may not be the best news for someone attempting to purchase property here, but it is great news for anyone who wishes to sell property that they already own in the town. Here are a few things that should be taken care of before listing the property:
- Scout out the Area – this is important to see what other homes are for sale in the area. It is important to compare properties to make sure that the property that you are listing is more appealing to potential buyers. If there are not any properties currently for sale, look into what was recently sold so that the price that you list the property at is reasonable for the area.
- Repair and Update the Units – Do a thorough inspection of the property; this includes the inside of all of the units as well as the common spaces. Check the baseboards, the heaters, the flooring, and the walls. If anything is broken, fix it. If the walls need to be painted, choose a color that will brighten up the home and make it look more welcoming. In addition, look at the bathroom vanity and the kitchen cabinets. Do they look updated and new? If not, consider upgrading these spaces because it will greatly appreciate the value of the home.
Neighborhoods in the Area
Since this is such a small area, there is only one neighborhood in the town. The schools in Topsfield are ranked well, the crime in the area is very low, and it is a family-friendly town that is great for raising small children. There is not a lot of nightlife options in the town; however, it is close enough to Boston to enjoy a night out from time to time.
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