West Newbury Multi-Family Homes

West Newbury is a small town that's located in Essex County. This town of just over 4,000 residents is about 42 miles away from Boston, which means that it's in easily commutable distance from town. This is a white-collar town that has an income rate well above the national average, and as a result, property values exceed the national and statewide averages as well. The average home value in the area at the median level is $568,000, and values are currently rising.

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As a result, homes in the area are a fairly good investment; single-family properties are beautiful and well-kept, and properties that house multiple families are also available in town.

Purchasing a Multi-Family Home

There are several reasons to invest in a property that can house multiple families, and an investor can even be new to the industry and still make a sizable profit. Property ownership comes with learning experience, and for those that don't want to deal with the day-to-day, management companies are available that will handle aspects like maintenance, dealing with tenant needs, and even evictions for tenants that aren't paying their rent properly.

Also, purchasing a property of this type can be done while also procuring a place to live, and if the purchaser is handy, they can also add renovations to their property and serve as the maintainer as well. This makes the ownership experience more palpable; the owner will be putting direct effort into improving the property, and this will help drive up the resale value as well.

First, investing in property is one of the most stable means of investment; a property of this type simply doesn't experience market volatility like are experienced in retail or office environments. Purchasing homes that can house multiple families also ensures a steady stream of income, and costs typically run anywhere from about five to 10 percent of the annual rental income that can be generated by one of these housing types. As a result, capitalization rates are typically high.

These types of properties are also often considered an inflation hedge. This means that they will always benefit from inflation, and profiting off of an apartment property in this town is relatively easy, especially considering its proximity to a major metropolitan area. Additionally, when it comes to investment types, apartment investment usually edges out traditional stock investment; these properties almost always appreciate, and the monthly income is stable.

Purchasing property of this type is a little different than the process of purchasing a single-family home or a single condo unit, so it's important to go into the process with some support. Boston City Properties understands this town and its real estate market, so if you have questions about your options here, contact us.

Selling a Multi-Family Home

When it's time to place a property in this town on the market for sale, there are a few steps that should be taken beforehand. These include:

• Finding a Reasonable Price Point – When a property has been owned for years, there's a wide variety of features that an owner may add on, and sometimes, an owner may take this into account and place the listing price point at too high a level. When placing a property on the market, it's crucial to balance the property price point with the properties around the area; having a property at a significantly higher price than other properties will dissuade buyers.
• Having one Unit Vacant – While there may be tenants throughout the property, having a vacant unit ensures that potential buyers will be able to see what accommodations future tenants will have. In order to enhance the experience, a unit like this needs to be in tip-top shape, and the amenities that are in other units will need to be available in this vacant unit so that the buyer will know what type of experience renters will have.
• Have the Property Inspected – Sometimes, a property can surprise you, but you never want this to happen during the sales process. For this reason, hiring a professional to come and inspect the property can actually save you money in the long run.
• Consult with Real Estate Professionals – Real estate companies in the area understand the local market deeply, so it's a good idea to consult them before the property even goes on the market. Boston City Properties is one such company; we have years of experience with the market in this small town, so consult us if you're thinking about selling.

Neighborhoods in the Area

As a small town, West Newbury only has a singular neighborhood. The town itself is very suburban, and in its 14-square mile area, there are a few options for home sales. Rentals in the area cost about $2,900 per month at the median level, which is significantly higher than the Boston Metro Area average.

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