Gloucester multifamily homes.
Know what you are buying.

Ask about known repairs and obtain qualified advice on the property’s insurance needs and intended rental use. If water exposure could matter, request the relevant records. Owners preparing to sell can provide those details without promising that coastal interest will produce a particular rent or sale price.

Ask for the property boundaries, ownership documents and available records of the approved units and uses. Establish whether you are buying the entire building or one condominium. Review unit layouts, entrances, common areas and parking separately; a room count or a separate kitchen alone does not establish an approved dwelling.

If there are tenants, request available leases, collected income and owner-paid expenses. Separate actual income from proposed rent, and account for maintenance and periods without rental income. If you plan to occupy a unit, review existing occupancy and leases with your advisers before relying on a move date.

Compare financing, taxes, insurance, utilities and maintenance with your lender and advisers. Association charges may also apply if the purchase is a condominium. The CFPB’s homebuying budget guide explains why the purchase price is only part of the cost.

Ask about known repairs, past alterations and available inspection records. Discuss the roof, heating, electrical equipment and other building systems with qualified professionals. For an older property, request available lead records and review the EPA’s lead-paint disclosure guidance. Proposed renovations or new units need separate review; do not count them as existing homes or income.