Upton Investment Properties
Are you looking to invest in a small town in Worcester County? If this fits your portfolio, then the town of Upton, Massachusetts, is a great town to consider. It is only about 38 miles from downtown Boston, and it is close to I-495 and I-90, which are two major highways in this area of the state. With a little over 2,000 households in the town, there are not a lot of residential or commercial opportunities in the area, so if you have the opportunity to invest in something that is promising, don't miss your chance because the area is growing quite a bit, which means that it is an area that is in high demand when it comes to investments.
Click Here to Search Investment Properties
Residential and Commercial Investment Properties
When you are considering investing in property in the area, there are a few considerations that you will need to make to ensure that the property is beneficial to your investment portfolio. The first thing to consider is whether you should invest in residential property or commercial property. Upton may be a small town in Massachusetts, but it is a thriving area of the state, which means that it opens up a lot of investment opportunities for you to explore.
Whether you chose a residential or commercial property to invest in, there are benefits to this type of property that may help you make your decision.
- Rental Income – Rental income is something that you will get from your tenants on a monthly basis. Typically, when you invest, you only put 30 percent of the investment down and the rest is financed through a bank. The rental income that you collect each month should be enough to cover the mortgage as well as the cost of taxes, insurance, and any maintenance that needs to be completed. It is a good idea to set aside about 10 percent of your rental income each month for emergency repairs.
- Appreciation – As long as you keep the property that you own in good condition and make upgrades that improve the home in some way, the overall value of the home will increase over time. If you are using the units as rental property, you simply want to update the appliances, replace the carpeting, and give the space a new coat of paint when tenants move out. This will increase the rental income that you can receive as well as the overall value of the space.
- Tax Write-Offs – When you own property, there tend to be quite a few things that you can write off on your tax returns to help get a better return. This can include things like maintenance costs, renovation expenditures, property taxes, property insurance, and interest on your mortgage.
Real Estate Market Overview and Neighborhoods
Since this is a relatively small town with less than 8,000 residents, there is only one neighborhood in the area to consider. That being said, the crime in the area is quite low, which makes it a great place to invest. There are a lot of professionals living in this space, so it could also be a great location to consider a commercial opportunity.
When it comes to residential real estate in the area, the median value of homes is about $492,000, which is a bit higher than the Worcester area, but it is much lower than the real estate options in the Boston Metro area, which means that you will be able to get more square footage for the same amount of money. Since the value of homes in the area has gone up more than six percent in the past year, and it is expected to grow even more, this is a great neighborhood to consider investing in.
Choosing the Right Investment Property
Finding an ideal investment to make is not always going to be the easiest, especially if you are unfamiliar with the real estate market in the area. Fortunately, Boston City Properties has been working with investors in the Upton area of Massachusetts for years, so they can help you find a good investment to add to your portfolio. Call us at 617-247-1933 so that we can get started finding an investment opportunity today.
Click Here to Search Investment Properties