Selling a multifamily residence can prove more challenging and complex than selling a single-family home. There are many variables involved, including current tenants living on the property or regulations that must be followed in order to sell the home legally. While there are many factors to consider, it does not mean the multifamily property cannot be successfully sold in an acceptable amount of time. Below are tips on how to sell your multi-family property fast in Massachusetts.
Types of Multi-Family Real Estate
Before explaining the specifics of selling a multi-family property, listed are some of the different kinds of multi-family residencies available on the real estate market:
Duplex
A duplex will consist of one building with two separate living quarters. Both sides have individual entrances. If you are looking to sell your duplex, you must consider the neighbors and any common space shared between the two properties.
Triplex
A triplex is similar to a duplex, but it contains three separate homes rather than two. If you want to sell your triplex, it comes with the same stipulations of selling a duplex, but there are more parties involved on this property.
Condominium Complex
This is a privately own unit located in a building with other units. It is similar to an apartment, but the space is purchased rather than rented. A condo can be easier to maintain, but selling this multifamily property can depend on the value of other units in the building. If neighboring units have been foreclosed, it can decrease the value of property throughout the building.
Factors to Consider When Selling a Multi-Family Home
The approach to multi-family real estate depends greatly on the unique situation of each property. Here are factors to consider:
Tenants
If you are wanting to sell a multi-family home with tenants, it is vital you are aware of the leases and rights of all who are currently on the property. Buyers will likely want to know the details of the leases including when the lease expires, the cost of rent, and if any money is being held as a security deposit. You must also be aware of and respect the rights of the tenants. This will vary based on state law. You can review the rights of tenants in Massachusetts here.
Is the Home Prepared to Sell?
Regardless of what type of multi-family property you are looking to sell, it needs to be ready for showings to potential buyers. Most multi-family residencies are purchased as an investment and buyers are looking for property that require minimal repairs. Listed are tasks to complete before a showing:
- Verify that all doors and locks are properly functioning
- Make sure any designated parking areas are clearly defined and well kept
- Clean and organize any common areas
- Focus on curb appeal, first impressions matter when selling a home
- Have the home inspected and make any repairs necessary
Gather All Essential Documents
Selling a multi-family property can also entail more documents than a traditional house would include. You want to be prepared and have this paperwork organized ahead of time. This shows you are trustworthy and gives the buyer more confidence in your property. Here are documents to have ready:
- Any pertinent warranties
- Receipts from remodeling projects
- Roof repair documentation
- Documentation regarding the HVAC system
Overall, any documentation associated with finances is valuable to the buyer. Any income from rent or expenses made towards the house is important. Preparation makes for a smoother and more straightforward selling process.
Sell Your Multi-Family Property for Cash
The many variables involved in multi-family real estate can lead to unforeseen complications when looking to sell this property. In order to increase your chances of a successful sale, you will need to be well prepared and put in the necessary efforts to make the residence more appealing to the buyer. If you are wanting to sell the multi-family home quickly, or do not want to go through all the work involved, consider selling the property for cash. A professional cash home buyer will buy homes in any condition, minimize fees and paperwork, and allow you to sell the house quickly.
Looking to sell your multi-family residence? Pavel Buys Houses is a professional home buyer dedicated to offering you the best possible price for your property. We buy homes in ‘as-is’ condition and we won’t require you to make any repairs. Selling a multi-family property fast in Massachusetts is possible with Pavel Buys Houses. Call or text us today at 781-309-7085 to discuss your cash offer!