It really depends on who your target is (groups, young professionals, urban dwellers) and what the property has to offer. Transit oriented rentals are your best bet right now. People want to be close to the commuter rail. Parking has also become very important for renters. I've seen that they are willing to pay $100+ extra a month for guarenteed on site parking. MLS has some of the rented data (for those that post on the MLS). Otherwise Craigslist is another good option to track what has been going on and what is moving. Contact me if you'd like me to send you the MLS data. Unfortunately I can't give you a straight answer because it depends on what rental market you're targeting. Let me know how it goes - good luck!... more
I have sold a couple of houses in Methuen in the last year and always tell my first time home buyers that it is a great value. It appears to be priced well, especially for new construction. You will need to talk to your lender to make sure that the program you are in will allow you to be the first unit out in a new condo development. You can use the link below to access a full community report on Methuen. If I can be of any more help don't hesitate to contact me at 978-882-4659.... more
It's possible, but there are so many variables that it is impossible to give you a definate answer. I will give you a couple of hints, though.
1. Buy low. Nobody can predict what is going to happen with the market in the next 2 year. Yes, some people try, many with very impressive credentials, but there are so many different opinions, who do you believe? The fact is, real estate will always go up in value over time. How much time is the big unknown right now. But if you buy low enough, you have a better chance of selling for a profit. And by low, I don't mean low-priced. I mean below current market value. Look at bank owned (REO) properties to find some great deals.
2. FInd homes that mainly need cosmetics. A coat of paint, new flooring, and a spruce up of the kitchen and baths will dramtically raise the value and lower market time. Don't buy a home that needs major renovations unless you can do most of the work yourself to keep the costs down.
3. Make sure the home is located in a desirable, fast-selling neighborhood. It doesn't matter how nice you make the place, if no one likes the neighborhood, they won't even want to see it, let alone buy it.
4. Concentrate on curb appeal. Make sure the outside of the house is immaculate. Spend some money on landscaping.
5. Enjoy the tax benefits in the meantime (assuming you are going to live there for the 2 years). Not only can you deduct the mortgage interest and some other expenses, when you sell you can make up to $250,000 profit and not pay any taxes on it! ($500,000 for couples). Please talk to your tax advisor for full details.
Good luck and I wish you much profit.... more