West Bridgewater Multi-Family Homes
With a 30-mile distance from Boston, West Bridgewater, MA, is a small town that's in relatively easy commuting distance from one of the fastest growing cities on the East Coast. As a result, the town has experienced marked growth in the last year; in fact, in this period, the town has experienced almost 12 percent growth in the housing market. The town, which has two of its own distinct neighborhoods, also has a very reasonable median home value; currently, it stands at $362,000, which is very inexpensive compared to other towns near Boston.
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As a result, this is a housing market to watch, and rather than buying single-family homes, investors should definitely consider the much more convenient dwellings that can accommodate multiple families instead.
Purchasing a Multi-Family Home
So what kinds of homes are considered these types of properties? Well, here's a list:
- Duplexes
- Apartments
- Condos
- Townhouses
Each of these types of properties has a lot of value for investors. With the exception of townhomes and condos, these properties generate rental income, which always appreciates over time. One of the best features of investing in a property like this is that rents go up with market growth, and in many cases, the capitalization rates have a tendency to actually increase over the life of a rental property.
Additionally, all of these properties are portfolio builders; homes with multiple units are a time-efficient way of doing this because multiple tenants help pay down the mortgage cost of the property. Add to this the fact that this is done with quicker and with fewer deals, and it's clear that this is a smart way to amass assets. If you need help finding a multiple unit home to purchase, then call Boston City Properties today for representation.
Selling a Multi-Family Home
With a currently growing market, some owners may be looking to sell their properties in town. With duplexes, townhomes, condos, and apartments all in the same area, the market is bound to have interested parties that are willing to invest in a new dwelling that can house multiple families. In order to bring prospective buyers to the table, a property owner can take a few steps:
Get an Appraisal
When the housing property has more than a few units, it's always a good idea to seek out an appraisal so that an accurate listing price can be established. An appraiser with experience understands the market, knows the value of buildings that accommodate multiple families, and will provide a realistic price for the property based on property conditions in the market. Additionally, when a prospective buyer has the property appraised professionally and comes back with a much lower rate, the owner can simply reference the report of the previous appraisal as an appeal.
Interior and Exterior Work
The property needs to look perfect before a sale will happen, and for that reason, the owner needs to ensure that all the necessary work is done in order to drive a sale. Not only does the property need to be cleaned thoroughly in order to look great on a buyer's visit, but repair work should also be done throughout the property so that there are no broken vents, cracked light fixtures, or non-working elevators to turn a buyer off of the sale.
Have the Property Inspected
One thing's for sure, just about any buyer is going to want to have the property inspected in order to make sure that everything is in working order. Before the property even goes on the market, have this done; this way, there'll be no surprises that would necessitate a drop in asking price.
Find the Right Real Estate Agent
Specialists make just about any job easier, and the real estate specialists at Boston City Properties know how to work with clients to get the best sales on these types of properties possible. We have a network of contacts that can help you find the buyer for your specific property.
Neighborhoods in the Area
For neighborhoods, West Bridgewater is known for two:
- Matfield Corner – Considered a great place to live in town, Matfield Center has real estate prices that are slightly more expensive than in other parts of the state. That being said, this area of town has some beautiful vistas and the homes are large, and several of these have duplex or townhome designs.
- Town Center – This area encompasses areas like Ash Street and Shawnee Avenue, and the homes in this area are typically large enough to be converted into condos or townhomes. Like other parts of town, this neighborhood has very reasonable property values that are usually well in range of the rest of the state.
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