Westford Multi-Family Homes

The town of Westford, which is about 36 miles from Boston, is a real estate market that is currently entering a buyer's phase. With such close proximity to the Boston area, this is a very attractive town for just about anyone that wants to commute away from the city after a day's work. The town is a haven for people with a higher education; in fact, 73.3 percent of adults have at least a four-year degree.

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When it comes to properties, the town has its share of single-family dwellings, but for the sake of investment, homes that have room for multiple families have a tendency to be more investor-friendly. Fortunately, the town has its share of condos, duplexes, and apartments, which can all be attractive to property buyers.

Purchasing a Multi-Family Home

This town is among the wealthiest towns in the nation, and as a result, the property prices reflect this. The current home value at the median level in town is about $527,000, which is higher than the majority of the state. Currently, the town is experiencing a buyer's market, and in the last year, the area's home values have gone up by about five percent.

When considering purchasing a home in the area, it's important to weigh the value of each property that can house multiple families. Here are a few considerations that should be made:

• Annual Rent – Rent will become a major source of income in the majority of properties of this type, so it's important to consider how much each property will generate. It's crucial to consider rent increases, any preexisting tenants that may have grandfathered rates, and any vacancies that can happen over the course of a year. For the most part, if the property is being leased currently, it's relatively easy to get an estimate.
• Annual Expenses – Every property is going to have a running cost, and this cost will be offset by the annual rental income. Before making a sale, consider the types of expenses that will be incurred over the course of a year. These can include the cost of renovation, repair and maintenance, real estate taxes, and homeowner's and landlord's insurance policies. Typically, these will equal about five percent of the annual rent but can end up as much as 10.
• Expected Annual Net Income – To get an estimate on the annual net income, simply estimate the subtracted cost from the annual rent.
• Estimated Target Capitalization Rate – How much will you capitalize on the property? To find out, first, divide the net income by the property's cost. The best annual returns will have a higher capitalization rate. As a general rule, at Boston City Properties we advise that clients looking to purchase property should set a target rate of capitalization before even beginning the search for a new property. This way, our clients can estimate the value of just about any property in town.

These considerations can help ensure that the investment is one that will return dividends. If you have any questions, contact us at Boston City Properties; we have years of experience helping clients make a sizable profit off of local real estate opportunities.

Selling a Multi-Family Home

When selling a property that houses multiple families, there's a lot of opportunity for profit, which is why it's important to maximize the chances of a sale. No one wants to purchase a fixer-upper, so the owner will need to take a couple of steps in order to improve the chance of a sale.

• Clean and Repair – The outer appearance of the home is very important for potential buyers. As a result, it's absolutely essential to ensure that sidewalks are clear, walls and inner structures are clean, and that there is no detritus on the property. Having a clean property will show buyers what the property will look like in optimal situations.
• Work with a Specialist – Before the property goes on the market, contact us at Boston City Properties; we are experts when it comes to selling properties in the state. Selling a property of this type isn't the same as selling a single-family dwelling, so contact us and let us guide you through the process so that you can sell your property quick.

Neighborhoods in the Area

Some of the most popular neighborhoods in the Westford area include:

• Parkerville – This neighborhood, which is also referred to as Carlisle Station or Parker Village, has property values that are more expensive than 82 percent of the neighborhoods in the state. This area has a suburban-type of experience and there are rental and purchase properties throughout the area.
• Nabnasset – Nabnasset is a neighborhood in town that has an elementary school and has very reasonable property values compared to the remainder of the state. Housing options in this area include condos, apartments, and townhomes.
• Camp Cielo Celeste – In this neighborhood, many of the adults have earned advanced degrees, and when it comes to properties, most here are priced about 56 percent higher than other Massachusetts neighborhoods. Townhomes are available in this neighborhood as well as single-family dwellings.
• Town Center – The town center is also one of the more expensive neighborhoods to live in this area. Rents fall around $3,000 per month, and there is a wealth of family-friendly properties in the area.

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