Home Buying in Worcester>Question Details

Leah, Home Buyer in Atlanta, GA

We're making our first property investment in the States. It seems like Worcester is a palce with colleges and hospital.

Asked by Leah, Atlanta, GA Wed Feb 15, 2012

We are just wondering which area in Worcester is good to buy and then rent out? Can anyone gives us an idea what's the net rental yield per year (roughly) in Worcester.

Advice from buyer's agent is welcome. What's the cost to employ a buyer's agent?

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Answers

8
Hi Leah,

The areas most desirable in Worcester are in this order: Salisbury St 01609, Tatnuck 01602, Burncoat 01606, Massasoit/Grafton St 01604. On average your looking at around $12,000 a year +/- depending on the area you choose.

In regards to buyers agent fees, we are paid by the seller. I deal with the Worcester area daily and would be happy to answer any questions you may have.
3 votes Thank Flag Link Wed Feb 15, 2012
This man is right on the money!
Flag Fri Jul 13, 2012
There is no cost to hire a buyer's agent and i highly recommend you get one to help you with the process. Here is a good read on why choosing the right agent makes a huge difference to your pocket and experience:
http://goo.gl/bhz2q

in regards to Worcester that is a good area to consider but if this is an investment property you might want to seriously consider properties in and near Boston.

Here is everything on market in Worcester:
http://goo.gl/6b8Kp

Here is everything on the market in Boston:
http://goo.gl/UuwLs
Web Reference: http://territory.com
1 vote Thank Flag Link Fri Apr 13, 2012
Worcester is widely regarded as the Somalia of Massachusetts. All that is missing are pirate raids on the Blackstone River.
0 votes Thank Flag Link Fri Apr 13, 2012
Hmm...I wonder what that makes Springfield :)
I have several units in Worcester and I am very happy with them.
Flag Wed Jul 11, 2012
Actually stay clear of worcester. Worcester county on the other hand has a lot of good towns. You will ge burned buying in worcester.
0 votes Thank Flag Link Sun Feb 26, 2012
Leah,

If you are moving into the Worcester area as well as investing then yes - Worcester is a great place! John's list of zip codes is a perfect place to start as well as Richard's advice to keep it near the hospitals because you have a farm of rental tenants there.

Sherri's advice to hire a property manager if you are not going to be living here is excellent! I know several out-of-state landlords and it can make this difficult.

All in all - find a strong buyer's agent who is able to calculate your investment in terms of cap rates and future rental incomes in relation to your ongoing investment. All properties need upgrades etc. Your cap rate will be the average rate of return on the property with all those items factored in. I have an excel spreadsheet that gives a quick snapshot of any property that I can share with you if you like.

Amy
0 votes Thank Flag Link Wed Feb 15, 2012
Hi Leah,

Are you going to be local or living in Georgia? If staying in Georgia, you may want to consider getting a property manger to help you. The rent you get depends on the size of the unit and the location of the unit. I have several places that i own in Worcester and have been able to increase my rents for the first time in many years. So, things are starting to pick up. You just have to be sure you are in an area where tenants want to be.

Also, you may want to consider joining the Worcester Property Owners Association (WPOA). They are a landlord organization in the Worcester area and can provide lots of insight on the landlord environment in Worcester. They are part of the Massachusetts Rental Housing Association (MRHA) which is the state wide group. Their web site is http://www.massrha.com.

Let me know if I can be of assistance.
Sherri
Web Reference: http://www.sherriway.com
0 votes Thank Flag Link Wed Feb 15, 2012
Worcester can be an amazing place to live, contact several buyers agents here on Trulia & interview them & see what their specialties are, where they've sold properties and how well they match with you and your ideas an interests are. Lots of great real estate professionals here on Trulia.
0 votes Thank Flag Link Wed Feb 15, 2012
Close to the medical area.
0 votes Thank Flag Link Wed Feb 15, 2012
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