Westminster Multi-Family Homes

For those looking for a property market that is very reasonably priced, the Worcester Metro Area's town of Westminster is a great area to invest in. Not only is the median home value in the area $269,000, but the property market is in a state of growth. Additionally, the city is on the MBTA Commuter Rail Fitchburg Line, which means that it's in range of commuters that need to go to and from Boston on a daily basis. For those that commute by car, Boston is only a little over 50 miles away, and as a result of both of these features, the town is becoming increasingly popular with young professionals.

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Purchasing a Multi-Family Home

There are a lot of advantages to owning property in a town like this one; first, property ownership is a portfolio builder, and real estate is a market that almost always appreciates. There are a few great single-family homes in the area in which to invest, but for an even safer option, purchasing a property that can house multiple families is a great option.

There are simply several advantages to this type of investment. While property ownership is definitely a portfolio builder, owning a property that houses multiple families builds a portfolio even faster. This is because of the fact that each property is comprised of several rental units that can each house a different set of tenants.

Additionally, a home of this type is a great beginner property; an owner can even live on-premise, which provides housing as well as a month-to-month cash flow. Not only is there cash income from rent, but having coin-operated laundry machines inside the property also generates extra income as well. Additionally, things like fitness rooms and other amenities can be added to the rent in order to boost income.

Another advantage is that these properties have a tendency to hold their value over the years if they are well-maintained. To ensure this, hiring a management company to employ groundspeople and repair staff will ensure that the investment is protected.

Finally, owning a property of this type is empowering as an investor and homeowner. Home ownership is becoming rarer, and many people are opting to rent as an alternative. While renting is fine, one thing is inevitable: incremental rent increases. Property owners profit heavily from year-after-year rent raises, and rather than having to pay rent themselves, investors that have properties of this type can profit off of this trend.

Boston City Properties has listings throughout the state, so rely on our expertise to help you find the property that you're looking for. Contact us today!

Selling a Multi-Family Home

When it's time to sell, Boston City Properties has helped our clients manage thousands of listings, so we understand how the different towns in the state function from a seller's point of view. Sales in this town can be very brisk, but before the sale of a property can be closed, there are a few steps every property owner should take.

Always Research the Market – A town like this one has variances in the housing values, so it's crucial that the property owner understands the pricing of the surrounding area so that buyers will be more attracted to the specific property. This doesn't mean that the property should be underpriced due to less-optimal properties being on the market, it just means that the property shouldn't be vastly more expensive than its neighbors.

Additionally, if an owner is looking to sell quickly, it's a perfectly viable solution to go slightly below the market value; it'll make the property stand out to buyers.

Make the Property Presentable – A smart buyer will be naturally skittish, so it's important to ensure that the property is in tip-top shape in order to ensure the closing process. This includes ensuring that components are repaired, the building is clean, and that the curb appeal is bolstered by adding accents throughout the property that will make it look more attractive.

Keep an Open Mind – There is a good chance that there'll be more than a few offers for the property, and there's also a good chance that at least one prospective buyer will attempt a lowball price. In this situation, it's important to maintain an open mind and remain calm; proceeding from a place of emotion can end negotiations, so simply counter the lowball offer, and there's a chance of a sale. If the offer is too low, it's also perfectly fine to just move on to another interested party.

Neighborhoods in the Area

Westminster is a town in Worcester County that is somewhat small, and as such, this town with a population of just over 7,000 doesn't have much in the way of neighborhoods. That being said, the town area has a variety of housing types for residents that can house multiple families. Properties in town are very low-priced; rents fall below the state average, and the environment is very suburban and family-friendly.

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