18 Apr Investment Properties in Boston MA
Thinking of Buying A Home In Boston?
Make It An Investment Property
Boston is a city where real estate is setting records, and it boasts the fourth highest rent in the whole country. The average cost of rent in the city for a two-bedroom home is approximately $3,000. You can take advantage of the real estate market in Boston without actually living in Boston.
Buying a home to rent it out can be a healthy investment. While rent is so high in Boston, buying a home there is up to 33 percent cheaper, according to a report by Zillow.
The Boston real estate market in 2018 is slated to break records. So, the city’s a promising place for investment property, especially if you find a property in an area of the city that provides a great investment opportunity. An example, according to Boston Magazine, is the neighborhood of Malden’s Edgeworth. It offers the most promising real estate in Greater Boston. The average house there goes for a selling price of $431,000, and homes only spend an average of 10 or 12 days on the market before getting sold! Here’s what you should know about buying and renting out property in Boston.
Purchasing A Home For Millennials
As a home owner interested in renting out your Boston property, it’s crucial to consider what kind of real estate millennials are searching for. Millenials have different interests such as biking around Boston. After all, the Boston Globe has found that Boston is the city with the highest quantity of millennials in the country. So, what do millennials want when looking for a place to stay? Interestingly, they’re choosing to rent homes instead of buy them. This is largely due to the pressure of making down payments, monthly mortgage payments, and other costs that are included in home ownership.
As a potential home owner, you might also have financial constraints. That’s why it’s worth bearing in mind that a let-to-buy mortgage can help you purchase your first property without having to pay for all the money yourself. So, even if you don’t have the financial means to purchase real estate right now, that doesn’t have to stop you from investing in it – and making money from it.
Other Reasons Why Buy-To-Let Can Benefit You
One of the most important and obvious ways in which you can benefit from buying property to rent is that it’s a stream of passive income. However, in order to make that happen, you need to get your finances in order. Budget exactly how much you will be able spend on buying a new property.
Take into consideration other expenses, such as future repairs or renovations, and of course your monthly mortgage repayments to pay down your mortgage without running into serious debt. Once you have those factors clearly specified, you can make the most of gaining a second income from your investment property. It’s a misconception to think that you’ll only gain income from the rent your tenants pay, however. You can also gain capital growth, which is why it’s of the utmost importance to choose a property or home in an area of Boston where real estate is in great demand.
Best Places Around The City For Investment Properties
If you’re choosing to go the buy-to-let route, it’s important to know what are the best neighborhoods of the state in which to purchase property. Here’s a rundown of some of the most promising.
Dorchester is a neighborhood that’s thriving. Here, the average rental price for real estate is approximately $2,000 and purchasing a home will set you back around $470,000. Dorchester, which is one of the largest areas in Boston, appeals to millennials with its variety of restaurants, art galleries, and easy access around the city.
Another neighborhood worth mentioning is Allston. It’s got many colleges, such as Boston University, which are great for millennial students. It’s an affordable region and its neighborhood can be described as relaxed. The average price for a property in Allston is approximately $500,000, and you can acquire rental income of approximately $2,500 by renting it out.
Finally, Everett is a historically-colorful city just four miles outside of Boston that’s filled with different cultures. Transport in the community is undergoing a huge transformation, with the goal to improve the neighborhood’s access to transportation as well as reduce its isolation. In spite of this, there are many affordable houses in the area. You can expect to pay approximately $325,000 for a family home, and gain between $1,200 and $2,000 as rent from it every month from your tenants. So, it just might be worth exploring outside of your city.
It’s clear that Boston’s real estate market is booming, with many opportunities for buy-to-let property all over the city. Not only do these types of real estate benefit the potential tenants who are looking to rent homes instead of purchase them, but they offer a valuable stream of income for you as the homeowner.