Wellesley Multi-Family Homes

Wellesley is a town of about 29,000 people and is located about 17 miles from Boston. As a result, this is an excellent real estate market to consider for professionals; the town is nice and suburban, which is a perfect counterpoint to the busy nature of Boston. The housing market in this town is actually one of the most expensive in the state. In fact, the median price of a home in this town is about $1,253,000. This is a result of this being a very high-income area; in fact, the town has previously had the third highest median household and family incomes in the entire state.

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One of the best features of buying a home in this area of the state is that many of the buildings are pre-war, which means that they are absolutely beautiful and have features like fireplaces and hardwood floors. These types of homes are oftentimes very large, and as a result, the town has several properties that have been converted into dwellings in which multiple families can live.

Purchasing a Multi-Family Home

When considering a property purchase, it's a safe bet to invest in a property that can house several family units. These properties are excellent because they provide month-to-month income and are more reliable than single-family units when it comes to resale values.

Purchasing a property of this type oftentimes ends up being a better investment than investing in a series of single-family households as well. Additionally, these homes are also often easier to finance as well because banks consider them less risk than single-family units which have a higher rate of vacancy and foreclosure.

Additionally, these properties can have options like owner-occupied financing, which will have the owner live on-premise. This financing option is available when an owner buys a building with less than four units in which the owner resides in one. These loans provide some of the best interest rates and lending terms for property owners, which is why they are sought after by property owners that own these types of properties.

Properties of this type are also often referred to as inflation hedges due to the fact that they are hard assets. This means that as inflation happens, the property will maintain or even increase its value as long as the property is well-maintained and marketable. Real estate, in general, has a tendency to beat inflation about 71 percent of the time, and owning a property that houses several family units has a tendency to be even better in the face of increasing costs that come about as a result of inflation.

Contact us if you're seeking to purchase a property in the area that is designed for multiple families. We have represented thousands of buyers on thousands of successful property sales, so use our expertise to help you find the property that you need.

Selling a Multi-Family Home

Selling a property of this type has a tendency to differ somewhat from selling a single-family home. While many owners can successfully sell a standard home as a fixer-upper, dwellings that accommodate more than one family have a tendency to be judged differently. For this reason, always:

• Boost the Property's Curb Appeal – It's not uncommon for a prospective buyer to want to check out the properties in the area before settling on a single property of interest. For this reason, when putting a property on the market, it's important to ensure that the property itself looks well-kept. To ensure this, have the maintenance staff (or yourself) trim the hedges, plant flowering plants, and clear any leaf litter or detritus that could take away from the property's value.
• Manage the Interior of the Property – Keeping the inside area clean and well-repaired is very important, especially during the phase where prospective buyers visit the property; nothing will dissuade a sale quicker than a building in even slight disrepair.
• Try to Leave One Unit Vacant – Having a singular unit vacant will show a buyer what he or she can expect when the property changes hands. It also provides a place for the buyer to move into if they are planning on purchasing the property and applying for an owner-occupied finance loan.

If you're looking to sell, contact Boston City Properties so that we can help you find a buyer in this beautiful town.

Neighborhoods in the Area

There are a total of six neighborhoods in this town. They are:

• Wellesley Farms – This neighborhood has real estate prices that are more expensive than 98 percent of the United States. This area is mainly four- to five- bedroom homes and high-rise apartments that were built before 1939.
• Overbrook – Older townhouses that were built between 1940 and 1969 can be found in this neighborhood along with single-family homes.
• Town Center – The southernmost part of town is a neighborhood that is in high demand. The residents are highly educated in this part of town, and many of the homes have an elegance to them that cannot be seen in other areas.
• Babson Park – The homes in this area were mainly built before 1939. This is a grassy area that is great for an evening stroll.
• Worcester Street / Cedar Street – This neighborhood mainly consists of single-family homes and apartment complexes. Many of the buildings were built before the year 1969.
• East Natick – Though the prices in this area average $865,000, it is actually one of the lower priced neighborhoods in town. In addition, many of the homes here were designed before 1939, so there are aspects of the building that are reminiscent of the time.

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