Westborough Investment Properties

Westborough, which is a town that is located in Worcester County, is a mid-Massachusetts town that has quite a lot of potential. It is located approximately 28 miles west of Boston, which means that even if you need to commute to the city every day, the trip each direction will not take more than about half of an hour. In fact, there is also an MBTA commuter line that stops in the town, which makes it even easier to reach Boston and the surrounding towns.

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Residential and Commercial Investment Properties

When you invest in property, there are a few things to consider before you decide if it is right for you or not. Here's what you will need to consider:

• Rental Income – Before you invest in property, consider whether or not you are going to rent out the units in the building. If you invest in a multi-family unit, chances are that this will be the case, but if you invest in a single-family home you may not want to rent the home because your objective may want to simply flip the home and resell it for a profit. Ideally, if you plan to rent out the units, then you are going to need to make sure that the rental income that you receive covers the mortgage, the repair costs, and the insurance costs.
• Appreciation – The main purpose of investing in property is appreciation. This means that you want to sell the property at a higher price point than you purchased it. Most property will appreciate with time, but if you want to force appreciation, you can update the units and make the property more appealing to potential buyers in the future.

Real Estate Market Overview and Neighborhoods

In this area of Massachusetts, the median real estate price for property is about $471,900. There is a good split of owner-occupied homes and homes that are rented out in the area, so regardless of what you are looking for in a residential investment, there are options in this town. There are also quite a few commercial opportunities available for you to consider as well.

Single-family homes and apartments make up most of the real estate in the area, especially if you are looking for a building to invest in that was built before the year 2000. There are four neighborhoods in the area that you are going to want to look at more closely before deciding whether or not investing there is going to be beneficial for you. The neighborhoods are:

• Ruggles Street – The southernmost portion of the town is known as Ruggles Street. In this area, there are mostly single-family homes and townhouses that you can invest in. The median real estate value in the area is about $625,600, which is more than the surrounding neighborhoods. With that being said, the vacancy rate in the area is only at one percent, which means there is a high demand for property in the area.
• Wessonville – In Wessonville, the median real estate value is $496,000, which is a bit lower than some of the other neighborhoods in the area, but the rental rates are more than $2,400, which means that securing an investment in an apartment building in this neighborhood will net you quite a bit of rental income.
• Nourse Street – With a real estate median of about $488,800, this is a great area to invest in, especially if you want to consider apartment options or other multi-family home opportunities. There are also quite a few commercial options in this neighborhood that may be worth considering as well.
• Town Center – This area of town is more historic than the rest of the community, which means that you will be able to find pre-World War II real estate options in the area that help create a certain look in this part of town. The median price for homes in the area is about $413,700, which makes it one of the more accessible areas to invest in.

Choosing the Right Investment Property

In the last year, the median real estate price for property in the area has increased by a little more than four percent, which makes it a seller's market. The value is expected to continue to rise, so if you invest in property here, you are likely to profit. That being said, sometimes, finding the right property to invest in can be difficult, which is why having a professional help you find a property to invest in is the best way to build your portfolio. If you want more information on the neighborhoods in the area and the opportunities that are available to you, call Boston City Properties today at 617-247-1933. Our team of professional real estate brokers has the resources that you need to make a good investment decision.

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