Yarmouth Multi-Family Homes

Located in Massachusetts' Barnstable County, Yarmouth is a town that is comprised of three villages that each have a relatively thriving real estate market. The town has a population of over 23,000 people, and as a result, there are a wide variety of properties in the area that can be invested in, and while many consider single-family homes, properties that can house multiple families are very well worth consideration as well.

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Currently, the median home value in this area is around $315,000, and the price per square foot is significantly below the Cape Cod average, which makes this optimally-placed town a great investment opportunity, especially considering the value of housing in this area.

Purchasing a Multi-Family Home

When looking to purchase a property that has accommodations for multiple families, it's important that the prospective buyer take several steps before settling on a purchase. First, it's important to understand what types of properties this classification entails:

• Duplexes, Triplexes, and Quadplexes
• Condos or Townhomes
• Apartment Buildings

Some of these property types are rental, while others, like condos and townhomes, are typically comprised of units that are bought by the tenant that resides in them. In any situation, each of these property types provides a great investment opportunity in both the long- and short-term. As mentioned, before a purchase is made, a prospective buyer should always:

• Visit the Property – It's important to visit the property before the negotiation period begins. Is there noteworthy damage? Are there tenants in the units on the property? Are the tenant units in optimal shape? Is the external condition of the property in well-maintained condition? All of these are important considerations because the last thing a prospective buyer needs is additional expenditure once the property has been purchased. If there are visible issues with the property itself, either have this reflected in the asking price or move on to other opportunities.
• Have the Property Inspected – Not everything is going to be visible, which is why it's a good investment to hire an inspector to ensure that the mechanical and structural components of the property are in good working condition. While this does cost money to hire an expert, this one-time expenditure can help fend off massive repair and upkeep bills later on.
• Consider the Important Features of the Property – When purchasing a property in an area like this one, it's essential to take into account things like monthly cash flow, the cost of maintenance, and the number of rentable or purchasable units. This way, a prospective owner can weigh the costs against the profits of owning the property.

If you're seeking a new property in this coastal town, contact Boston City Properties in order to get an idea of what's available. We know the area well, and can help you find affordable properties that will house multiple families.

Selling a Multi-Family Home

The market in this town is currently firmly in the middle of a buyers' and sellers' market. Home values in the area fluctuate somewhat, and in the last year, the values have steadily grown at a rate of 8.8 percent. With properties falling in the $315,000 range, it's not a bad time to sell a preexisting property in the area.

If considering selling, and there are tenants inside the property, a property owner should always:

• Review Current Leases – Selling a property with tenants can be difficult. Tenants have rights, and it's important to observe them during this crucial process. Unfortunately, properties with tenants have a tendency to be a harder sell than properties without, but there are prospective buyers out there that will make a purchase even when the property is occupied. That being said, it's a good practice to review leases to get an idea of the going rent for each unit, the terms of current leases, and whether or not there are security deposits being held.
• Boost Curb Appeal – Before the sales process, it's essential to make sure that the property is presentable from the outside. Things like cracked sidewalks, dusty façades, and unkempt parking spaces can reduce the value of a property in the eyes of a potential buyer. Also, trim up bushes, plant flowers, and clean up any detritus that forms during the day. Many visitors may make quick stops at the property in order to get an impression, and keeping up the curb appeal can help them make a decision.
• Repair and Clean – Also consider the internal condition of the property. Not only should the property be kept clean so that visiting buyers can see it at its best, but repairs should also be done as well. This includes repairing issues with light switch plates and repairing rusted or broken baseboards; it'll all make the property look good and marketable for buyers.

Selling a property in this Yarmouth doesn't have to be difficult; consult us at Boston City Properties and we'll help you find buyers for your real estate listing.

Neighborhoods in the Area

The town has several neighborhoods that have various housing opportunities of this type. Apartments are very popular in the area, but there are also duplexes and condo-style living situations as well.

• The Port – With over 5,000 people living in the port area alone, this neighborhood is almost a town by itself. This area has condo and apartment opportunities for residents and investors.
• The South Section – This neighborhood has a population of 11,092, which live in single-family homes, condos, and apartments. This part of town has beaches and many other attractions that are beautiful in the summer.
• The Western Section – For pet owners, the western area of town has more than one property that's pet-friendly. This part of town rests on the coast of Nantucket Sound, which is very popular in the summer.

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