Westport Multi-Family Homes

Westport is a Massachusetts town that actually falls into the Providence Metropolitan Area since the town is less than 30 miles from the Rhode Island city. The town has a coastal atmosphere and has three neighborhoods with more than a few options for real estate. Like other towns in the area, this area is particularly popular in the summer, and during this time, there is a big influx of people looking for properties to rent for the short-term.

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This town has its share of properties to own, and while there are single-family homes on the market, investing in properties that can accommodate multiple families is becoming a popular housing trend.

Purchasing a Multi-Family Home

So, why should a prospective property owner consider purchasing a home for multiple families rather than just one? Well, homes of this type have a tendency to be more investor-friendly because of the fact that they tend to appreciate more and also provide a month-to-month profit source. If an investor wants to be hands-on, then the owner can live in the property and provide maintenance services to the other tenants. This is also advantageous for increasing the value of the property over time; the owner can renovate at will since they are living on-premise.

These properties are also a great way to profit and grow an investment portfolio at the same time. In fact, with a property of this type, the investor doesn't have to manage maintenance; there are maintenance companies that can come in, manage the property, and take care of the administrative needs like bringing in new tenants or managing lease renewals.

For those looking for one of these types of properties, it's important to never jump the gun; a property may look great, but being cautious will protect you from spurious investments. Before a deal is made, it's absolutely crucial for a prospective buyer to visit the property; not only does this let the buyer know if there are any issues that will need to be addressed before a deal is closed, but this also provides the buyer with a visual appraisal so that plans can be made when the property changes hands.

Additionally, a visual appraisal isn't going to reveal everything about a property, and with this in mind, a prospective buyer should have the property inspected before the closing process. Hiring a professional inspector may sound expensive, but in the long run, hiring someone to determine whether systems throughout the property need to be replaced can end up saving the buyer money. This is especially useful for helping bring the asking price down when repairs end up needing to be made.

When you're purchasing a property, it's useful to have a professional on your side so that you can make an optimal purchase. For that reason, give us a call at Boston City Properties so that we can help you make an informed property purchase.

Selling a Multi-Family Home

When it's time to sell a property, it's advantageous to undergo a few steps in order to optimize the chances of a quick closing process. Here are a few tips:

• Perform Renovations – Replacing things like appliances, countertops, and cabinetry can really revitalize a property, and typically, when a prospective buyer sees these changes, there's a higher chance of a purchase.
• Clean and Maintain the Property – A buyer will want to come and visit the property from time to time, which means that dirty walls, missing vents, and non-working elevators can reduce the chance of a sale. With this in mind, clean and have repairs done so that the building will look as attractive as possible.
• Improve the Curb Appeal – Adding little touches to the outside of the property can also improve the chances of a sale. Adding more plants and flowers to the surrounding area looks great, and trimming external plants and trees will also make the property look good in a buyer's eyes.
• Seek a Professional in the Market – Finding someone that knows the market is a great strategy. For example, at Boston City Properties, we understand the housing markets throughout the state, so give us a call if you're looking to sell your property.

Neighborhoods in the Area

The three neighborhoods that make up this town are:

• Acoaxet – Known as a summer resort area, Acoaxet also has its share of rental properties and is known for its large country club. Properties in the area, at the median, have a tendency to be more expensive than most Massachusetts neighborhoods by about 77 percent.
• Town Center – For a lower property value compared to the remainder of the town, the town center is a good option. Rent in this area is about $1,338, which is lower in price than in many neighborhoods throughout the state. Additionally, town center also has its share of retail and grocery opportunities and is also very commutable with SRTA options available in the area.
• The Northern Section – Also known as the village of North Westport, this neighborhood houses more than 4,500 residents. The median property value in the area is less than $300,000, which makes this a relatively inexpensive place in which to invest in property.

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