Wrentham Multi-Family Homes
Nestled in Norfolk County, the town of Wrentham, which has a population of over 10,000 people, is a prime town for those looking for an investment opportunity. Real estate in the area is booming; the median price of a property in town is currently set around $450,000, and the values of homes in the area have been growing by more than seven percent in the last year. The town is also optimally placed, to travel to Boston, residents only need travel for a little over a half an hour.
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With this high level of convenience and the fact that the town is part of the Boston Metro Area, it's very clear that this is definitely a market worth observing.
Purchasing a Multi-Family Home
Currently, there's a boom happening in the purchase of homes that support multiple families. These homes include duplexes, condos, and apartment buildings, and many people throughout the country are selecting these living arrangements due to their convenience. Homes of this type are typically maintained by staff, have accommodations not found in single-family domiciles, and are typically close-knit communities, so many modern professionals find them to be the optimal housing option.
As a result of this popularity, it's a good time to invest in properties of this type in towns like this one. Not only will properties that house multiple family units provide a month-to-month profit, but these properties tend to be a safe bet when it comes to increasing resale value. These are even easy to maintain; most property owners hire external property management companies to ensure tenant comfort, manage evictions, and renew leases. Effectively, a property of this type can almost run itself.
Also, condo ownership, which is a different type of option in this classification is also very convenient and can have an even faster return on investment. With one of these properties, the owner manages the external property, and the tenants own the unit and everything inside. Since these are ownership properties, the unit owners pay a mortgage and get loans, which can reduce the stress of owning the overarching property. The monthly payments are between the owners and the bank, but there is still monthly income in the way of HOA fees.
If you're looking to purchase a home of this type in town, consult us at Boston City Properties. We have full listings of the town's available properties and understand the ins and outs of the market.
Selling a Multi-Family Home
When it comes time to sell a property of this type, it's crucial to undergo a few steps to ensure that the home is marketable. These units are best if they are unoccupied during the sale, which is why it may be required that the owner talks to the tenants in regards to the upcoming sale so that alternative accommodations can be arranged. It's important to keep in mind that the state of Massachusetts has several ways to protect tenants, so it's important to understand the law before approaching a property resident.
Also, before the show-off process, it's imperative that any and all issues are resolved on the property. This includes ensuring that the curb appeal of the property is at its best level. To ensure this, repairs to the façade and pavement of the property may have to be done, and it also is important to ensure that plants are cut properly, the lawn is mowed, and flowering bushes are presented so that potential buyers can see the possibilities in owning the property.
Also, it's advantageous to have at least one property unit available for a prospective buyer to explore so that he or she can visualize the possibilities of the available apartments or condos. Finally, it's always important to ensure that any issues are shored up; this may require the hiring of a professional to inspect and repair any issues that may have come up during ownership.
Selling a property doesn't need to be stressful; let us help you get your property sold. Just contact us at Boston City Properties.
Neighborhoods in the Area
This town has two key neighborhoods that have burgeoning real estate markets:
- Sheldonville – Properties in this section of town vary significantly, but there are two- through four-bedroom opportunities that fall in a very reasonable price range.
- Wampum Corner – The living experience in Wampum Corner is fairly welcoming. Not only does the area have its share of apartments and condos, but it also has trails and parks for residents to explore.
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