Wareham Investment Properties
Are you looking for a coastal town with investment opportunities in Plymouth County, Massachusetts? Well, Wareham, which is located about 54 miles from downtown Boston, is a great place to invest, especially if you are looking for residential opportunities that can serve as vacation homes. Right now, it is a buyers' market in this area of the state, which means that you can invest for a relatively low buy-in and expect a large appreciation in the coming years. In fact, the median real estate value currently is about $262,000. During the past year, the value went up by 7.6 percent, and it is expected to rise another six percent this year, making it a great location to invest.
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Residential and Commercial Investment Properties
Both residential and commercial opportunities are plentiful in this area, but if you are going to invest, you need to decide which option is going to be the best for you and your money. The goal of any investment is to make a profit, so you need to locate an option that will benefit your portfolio and generate some income. Regardless of whether you invest in a multi-family home, a condominium, a single-family home, or commercial office or retail space, there will be benefits that you can enjoy.
- Appreciation – no matter which type of property that you invest in, the value of it will appreciate over time. If you take the time to maintain and upgrade the property before putting it back on the market, you will be able to see a big difference in the listing price, just because of the appreciation of the property.
- Tax Write-Offs – When you own property that you invested in, you are able to write off some of the expenses that you spent throughout the year. This includes taxes that you pay on the property, maintenance costs, interest that you paid on the mortgage, and insurance that you paid on the property. All of these write-offs can help you get a larger return that you can reinvest into the property.
- Rental Income – Both commercial and residential opportunities will provide you with rental income, but the more units that the property has, the more money you can make per month. This money is typically used to pay off the mortgage and take care of emergency repairs and maintenance needs that the property requires.
Real Estate Market Overview and Neighborhoods
In this community, there are four constituent neighborhoods that you can consider. All of the neighborhoods are relatively close to the water, so you can easily rent out residential homes to vacationers if you'd like. The four neighborhoods in this area of the state are:
- Town Center – There are quite a few high-rise apartments in this area of town that provide a lovely view of the ocean, which means prices are a little steeper in this area. With a median price of about $362,000, you can easily rent out units for $1,500 a month or more, especially if you rent the property to vacationers for a week or two.
- Onset – This is an area of the town that is typically vacant during the off-season because there are a large number of vacation homes and rental opportunities in the area. If you want to invest in this area, apartment buildings are a great option.
- Weweantic – This is a great area for a commercial investment because two major highways, I-195 and I-495 cut right through this portion of town.
- White Island Shores – If you are looking for a solid investment, then this is a great area to consider. The real estate average in the area is $285,000, but the rental rates are nearly $1,900 a month. If you invest in a multi-unit home, you will be able to make your mortgage, money for maintenance, and more with ease.
Choosing the Right Investment Property
Not every type of property is going to be the best investment option for you. If you are new to the real estate market, it is important to have someone in your corner to help you decide which investments are good for your portfolio. At Boston City Properties, we know the real estate market in this area of the state, so call us today at 617-247-1933.
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