Winchester Multi-Family Homes

When it comes to home values, Winchester is one of the most expensive property markets in the Boston Metro Area. With a proximity from Boston of about eight miles, the town has a reputation for being a place where successful professionals retire to at the end of their busy Boston workdays. In fact, the town is the seventh wealthiest municipality in the state, and as a result, this is an excellent real estate market to invest in.

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At the median, the home values for this are right at the edge of the million-dollar-mark, and the median value per square foot of property space is around $414. Neighborhoods in town tend to be spread out and properties tend to be well-kept and beautiful, and there are a high amount of opportunities for investment in properties that can host families.

Purchasing a Multi-Family Home

With such a premium market, an investment in a town like this can yield dividends. Additionally, since this is considered a haven for professionals coming from Boston, luxury homes that can accommodate multiple families are also relatively popular. There are also property opportunities for people that don't quite have the cash flow to afford some of the more expensive housing options; there are definitely apartments in the area that go for as low as $1,500 per month.

Purchasing a property in this town that can accommodate more than one tenant family can be relatively easy due to the fact that there are a fairly robust set of home types to choose from. For those considering a property investment like this, they will be able to choose from:

• Duplexes – These are two-level homes. Many duplexes are actually converted colonial and modern homes that now house more than one family. Sometimes, there are common areas, but in many cases, things like add-on staircases are installed so that each tenant can have his or her own space. This is also a good property type to start with; the property owner can even live on-premise.
• Triplexes and Quadplexes – These are larger homes that have several stories that can be used for various tenants. Like duplexes, these are typically converted from larger homes.
• Condos – Condo units are owned by the tenants, but an investor can purchase the lot that houses each unit. Since these are purchasable properties, each tenant is responsible for the mortgage of their living space. Residents also pay an HOA fee that will pay for the management company and any incidental charges.
• Townhomes – Townhomes, like duplexes, tend to be converted homes, but typically, these units, which are resident-owned, are separated by a wall.
• Apartments – Apartments are a great option for professionals that want to live in the Winchester area but don't quite have enough income for a more expensive dwelling. These can be great short-term options where the resident signs a lease and pays monthly rent. This type of property is a good month-to-month income generator.

As you can see, there are several options for property ownership of this type in this town, so if you're ready to enter the market, reach out to us at Boston City Properties.

Selling a Multi-Family Home

With such a hot market that's experiencing growth, some owners may be looking to sell off their property. This part of the process can take time, but getting a unit sold can be significantly expedited if you simply:

• List the Property Based on Surrounding Market Value – It's important to do the required research. Look into surrounding properties and align the value associated with the property with the surrounding property values.
• Present the Property Beautifully – Curb appeal is important. Tidy up, plant flowers, trim shrubs – just about anything of this nature will increase your chance of a sale.
• Prepare for the Sale – This step includes renovation and repair, but it's also important to talk to tenants. If you're planning to sell easily, a vacant property sells easier. That being said, make sure that you observe tenants' rights in every situation.

Selling doesn't have to be difficult. Reach out to us at Boston City Properties, and we can help get your listing sold.

Neighborhoods in the Area

Some of the most popular neighborhoods in the area are:

• Church Street – The properties on and around the Church Street neighborhood are more expensive than about 98 percent of the country. As a result, many of the properties are well-manicured and beautiful in this area.
• Cambridge Street – With a very sparse density of people and houses, this area of town is very suburban. Like many of the properties in the area, the neighborhoods in town, most homes and apartment complexes are over the one million dollar mark.
• Washington Street – When it comes to town property values, this neighborhood falls below the average in town. That being said, it is still more expensive than most Massachusetts neighborhoods. The properties in this area of town are well-maintained and there are several apartment rental options.

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