Weymouth Multi-Family Homes
As the 23rd largest community in Massachusetts, and with a population of almost 60,000 people, Weymouth is a coastal city that has a very hot real estate market thanks to nearby Boston's steady growth. Since it's only about 14 miles from the major eastern city, the market is definitely becoming increasingly friendly to investors. While the single-family homes in this area are beautiful and priced reasonably, it's certainly worth looking the housing market for homes that are designed for multiple families.
Click Here to Search
sales
These duplexes, triplexes, quadplexes, condos, and apartments are all perfect opportunities for habitation, and the proximity to Boston makes a property of this type very attractive to young professionals looking for a place to live near the big city.
Purchasing a Multi-Family Home
Many prospective property owners fret at the cost of these types of properties because of the fact that they are almost always larger and more expensive than single-family units. While they are indeed larger and more expensive, it's also important to note that a property like this is also easier to finance thanks to banks finding these types of loans to be safer than single-family home loans.
This is because a home or building that houses multiple families has a lesser chance of falling to vacancy or foreclosure. In fact, for this reason, a million-dollar loan is easily more attainable because of the profitability of these properties; finding reliable tenants means that the mortgage will be paid quickly and easily so that both investor and banking institution can make a profit.
There are a few financing options available for a purchase of this type as well. If the buyer is planning on living in the unit, then a conventional mortgage is an option. These loans typically range between 15 and 30 years. Since these are typically used to finance properties with two to four units, this works reasonably well for homes like duplexes.
For more units, a buyer can consider a specialized loan from the bank called a multi-family loan, a portfolio loan, or a loan backed by the government, which can have several financing alternatives for buyers. All of these types of loans have varying periods that can range between five and 35 years.
If you're wondering about your options when purchasing a property of this type, contact us at Boston City Properties, and we'll help you find your property and help you find learn more about financing for a unit with multiple family accommodations.
Selling a Multi-Family Home
This town currently has a very hot housing market in which sellers can really benefit, but before a property of this type goes on the market, it's a good idea to prepare the property for buyers. One of the first steps that a seller should take is really analyzing the surrounding market; the median home value for this area is in the range of $383,000, and this estimates to about $277 per square foot of space. This estimate is actually higher than much of the Boston Metro Area, and any listing price that is estimated should try to stay fairly faithful to this going rate.
Charging more than this can extend the time that the property is on the market, and make it very hard to sell, especially when surrounding properties are at a lower price point per square footage. Fortunately, at Boston City Properties, we've helped our share of clients list and sell their property, so contact us if you need assistance.
Neighborhoods in the Area
This town has its share of neighborhoods where properties of this type can be purchased. Some of the most popular include:
- Old Spain – Also referred to as Olde Spain, this neighborhood in town has a housing market that has a good amount of properties that can house multiple families. Insofar as rents, the area has a fairly low median; residents pay around $1,150 per month at the median level.
- Idlewell – This part of town is fairly populous – as many as 11,488 people live in this neighborhood and with a fairly dense population, Idlewell has a very urban atmosphere. Rent is also very reasonable; at the median, residents can expect to spend below $1,000 per month, which is lower than the Massachusetts average.
- Lincoln Heights – As compared to other neighborhoods in the area, Lincoln Heights is sparsely populated with a population of fewer than 1,500 residents. As a result, there are many wide open spaces, and rents typically are around $1266 per month.
- Lovell Corners – Also known in town as Lovells Corners, this neighborhood has a population of over 7,000. Despite this population, the town is fairly spread out and has a suburban atmosphere. Rent here, and property value in general, is slightly higher than the state average.
Click Here
to Search
sales
Click Here
to Search
rentals