Westborough Multi-Family Homes

With a population of over 18,000 people, the town of Westborough is a mid-sized option for anyone looking to live a suburban existence. The town is only about 33 miles from Boston, which makes it a great suburban oasis for anyone that's looking to get away from the big city after the day of business is over. The property market here is very hot and is one of the markets to look at in the Worcester Metro Area.

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For those looking for an investment opportunity, this town has several properties that can provide excellent rental income, and of these properties, there are also several units on the market that can accommodate multiple families.

Purchasing a Multi-Family Home

When on the market for a home that can accommodate multiple families, it's important to understand what options are available and what each type of housing provides for an investor. Here's a summary:

• Duplexes, Triplexes, Quadplexes, etc. – These homes, in many cases, are converted single-family homes that have been separated by floor. In one of these, a single tenant family will live on each floor of the property. Typically, these are rental properties, so annual capitalization on one of these properties has a tendency to be fairly high.
• Condos – In towns like this one, there are typically options for dwellings that can accommodate multiple families. Some investors convert these into condos and sell each unit individually. Once a condo is established, these types of homes typically have homeowner's associations and provide amenities that can include business centers, fitness centers, and swimming pools. Sales of condo units have greatly reduced operating costs due to the fact that each unit is typically sold, not rented, and homeowner's associations typically manage the maintenance costs.
• Apartments – Apartments can vary the most compared to other types of dwellings that can house multiple families, but even with this variance, these can be very profitable. Not only does the monthly rent provide a stable source of income, but annual expenses have a tendency to be low with these types of properties. With multiple tenants, the mortgage on the building gets paid down fairly briskly and having multiple units can help property owners amass a sizeable asset portfolio.
• Townhomes – Townhomes have a tendency to be converted single-family homes that house multiple families that share a single wall. As a result, there is usually less heat loss in a townhome, which is advantageous in a town like this one that can experience colder winters. Additionally, from an investment point of view, these properties tend to be cheaper than single-family homes in the same town.

If you're looking to purchase one of these properties, contact us at Boston City Properties; we have years of expertise, and we understand markets like this one and can help you find what you're looking for.

Selling a Multi-Family Home

When selling a property of this type, it's crucial that unit is ready for the market. One trick that's not known by every property owner is to leave a single unit vacant. When selling one of these dwellings that are designed for multiple families, it helps to provide some visualization for the buyer. When a unit is vacant, the buyer will be able to see what can be done with the property once the sale has gone through. That being said, this unit should be furnished optimally so that the buyer can also see the furnishing possibilities as well.

Additionally, before the property is on the market, it's a good idea to consult a professional real estate company. Dwellings of this type sell differently than a single-family home, which is why a company like Boston City Properties can really help get your property sold swiftly.

Neighborhoods in the Area

• Adams / Ruggles Street – Located in the southern part of town, this neighborhood has premium property values that exceed 82 percent of the neighborhoods in the state. This is a suburban area that falls in the best neighborhoods for families.
• Wessonville – Wessonville is in the eastern part of the town and has an affordable housing market. The median in the area is around $496,000, which means it's slightly more expensive to live here than the majority of the state. This neighborhood is excellent for retirees since it's known for peace and quiet.
• Town Center – The town center here is a neighborhood with the most rental opportunities. Rents here are also relatively inexpensive when compared to state averages; tenants can expect to pay around $1,500 per month.
• Nourse Street – This heavily suburban neighborhood has a fairly strong housing market that has several types of properties that can house multiple families. Rents here rise slightly high; on average, tenants in the area may spend over $2,000 per month.

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