Wenham Multi-Family Homes

Listed as one of the "Best Places to Live" by Boston Magazine, the town of Wenham, MA, is a 4,800-resident location that has a strong property market. Just in the last year, home values have gone up over four percent, and with Boston's burgeoning tech industry, this town, which is only about 28 miles from the city, is sure to experience even more growth.

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The median home value in this town stands at $608,000 currently, so the property isn't inexpensive, but anyone that's looking to garner money via property investment will find that this is a great market to consider, especially if that person is considering dwellings for multiple families.

Purchasing a Multi-Family Home

When considering a property of this type, there are a few steps that a potential buyer should consider. Before attempting to begin the closing process on a particular property, always:

Check Out the Neighborhood

In most situations, a property of this nature should at least be in the C+ area. This means that the property should be near to schools and mass transit, and have relatively easy access to interstates and highways. This particular town is relatively small, and the properties that are available for rent are, for the most part, in close proximity to all of these important town features.

Get to Know the Most Interesting Properties

Before settling on a particular property, it's a good idea to "get the lay of the land." Find out the rental rates of surrounding properties in order to see which home provides better capitalization rates. It's also advisable to visually check out some of the more interesting listings in the area so that you can tell whether or not the property is well-maintained.

Check Out Important Property Aspects

Schedule a visit to the property so that the owner can show you around. This will allow you to see what is available on the premise of the property. As a rule, the owner should provide you with access to one of the rental units so that you can get an idea of what's on offer for tenants. Optimally, an owner will already have a vacant unit available for you to check out. During the trip, if anything stands out in need of repair or maintenance, this can be a boon during the negotiation phase.

Ask for the Paperwork from the Property – Historical information is crucial to making a good property investment. Ask the current owner for income and expense reports so that you can make educated estimates on how much value the property will yield. It's also advantageous to get a grasp on the vacancy rate of the neighborhood and also records on rental payments can shed some light as well.

Additionally, it's always a good idea to employ a real estate company that knows the area, and in Wenham, Boston City Properties is a great option for helping you find the home for multiple families that you seek. Contact us, and we'll tell you what's available using our extensive and up-to-date property records.

Selling a Multi-Family Home

Selling a home that has multiple units for multiple families can differ significantly from selling a single-family property, but fortunately, there are ways to ensure that a property sells fast once it goes on the market. Here are few best practices:

Keep Good Records

A prospective owner that knows his or her stuff is going to want to know things like rental rates, rental payment records, and vacancy rate, so it's important to keep good records. Additionally, strong record keeping will communicate with the buyer that the previous owner ran the property correctly, which builds confidence and can lead to a sale.

Have an Appraisal Done

Not sure how much the property is worth? A property owner can do research into neighboring properties and average home values, but having a professional appraiser come in can help this get done quickly so that the property can be listed. Additionally, this is also useful when buyers come in with their own appraisers as it provides grounds for appeal if the second appraiser undervalues the property.

Consult a Professional Real Estate Company

Selling property of this type isn't the same as selling a single-bedroom unit, so it's best to have a real estate company like Boston City Properties come in and help you find buyers. Contact us, and we can provide you with several leads based on our extensive list of real estate contacts.

Neighborhoods in the Area

As a small town, there is only a single neighborhood, and as mentioned, this community has some of the most expensive real estate prices in the state. Wenham is a white-collar town; many of the residents work in management. Insofar as the environment around town, this is a very family-friendly place, and there are many parks and wide open spaces in which children can explore.

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