Wenham Investment Properties
Wenham, MA, is only about 35 minutes from Boston and is a very suburban option for those that commute to and from the city on a daily basis. While the city doesn't have direct access to the MBTA commuter rail to Boston, the Hamilton/Wenham station in nearby Beverly is relatively easy to reach. Currently, the market is consistently growing, and as a result, this is a robust market to consider for investment.
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Residential and Commercial Investment Properties
When you're considering an investment in a town like this one, you'll have more than a few options. Not only are there residential investments to consider, but you can also invest in commercial properties as well. Here are a few options that are available throughout town:
- Single-Family Home Sales – One of the American dreams is the dream of homeownership, and as a result, there's always a market for single-family homes. These homes, while vulnerable to market changes, almost always appreciate over time, which means that purchasing a property today will usually provide a sizable profit a few years down the line. This is particularly true in an area like Wenham, which is only about 35 minutes from Boston, which is a city that is continually growing in industry.
You can even purchase a property and upgrade it, which will provide a more immediate return on investment. This is usually a more short-term investment plan that can be done consecutively across multiple properties for a large profit.
- Single-Family Home Rentals – Many families opt to rent these types of homes because they are larger than other home types and they have features like lawns, multi-floor constructions, and parking spaces. When you rent these types of homes, you can make an excellent level of cash flow, and like other rental properties, single-family homes have rent structures that appreciate with the surrounding market.
- Multi-Family Homes – While over 81 percent of the properties here are single-family, there are options for homes that have multi-unit constructions as well. Here, there are apartment buildings, complexes, condos, and townhomes available. These properties can be very attractive because of the fact that you, as the investor, can also dwell in them. Owning this way means that you can live in an on-property unit and rent or even sell the remainder of the units. This type of structure even makes you eligible for owner-occupied financing, which can significantly reduce the down payment on the property.
- Commercial Real Estate – For a reliable form of real estate investment, you can consider renting out properties for both office and retail use. Both of these properties are eligible for triple net lease structures, which means your tenants will pay for other expenses than the monthly rent. These can include real estate taxes, insurance, and property maintenance. Additionally, these properties also tend to have longer-termed leases; in fact, it isn't uncommon to have lease terms that span anywhere from five to 10 years.
Real Estate Market Overview and Neighborhoods
The real estate market in this town is very healthy, but if you're looking for a town that has several different neighborhoods with varying property values, this town is just a little small. Currently, the town is home to only 5,186, and a sizeable amount of these residents are college students. That being said, the predominant style of real estate here is the single-family home.
As of this writing, the median home value in this town is around $608,390, which is an amount that's significantly more expensive than the majority of the towns in the Boston Metro area. This is also a growing area; over the last year, the home values in the area have increased by 4.2 percent. That being said, this town has very little homes that are underwater on their mortgages, and the vacancy rate here is also fairly low when compared to many of the surrounding Boston suburbs.
Choosing the Right Investment Property
So, which property feels right for you? Clearly, you'll have a few options in a town like this one; you can invest in single-family housing, multi-unit properties, or commercial real estate. In any situation, which property type works for your optimal investment is going to deeply depend on your own preferences and patience level. For example, a person that wants faster money may be more inclined to purchase a single-family unit in town, upgrade it, and then resell it at a higher price. On the other hand, someone that's looking for stable cash flow might just invest in an apartment building or complex and make money on a month-by-month basis.
In any situation, finding the right investment for you will take time, which is why consulting a real estate brokerage like Boston City Properties is a great step to take. We have years of experience and we have thousands of satisfied clients as evidence of our expertise, so give us a call at 617-247-1933.
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