$5000 for Buying a House in Barre?
Oh, the rumor mill is spinning today. The latest real estate gossip is that Mayor Lauzon of Barre is proposing offering a $5000 incentive for people buying houses in Barre. It's a rumor, so there aren't a lot of details. It sounds as if it may be slightly different than the first time buyers tax credit that the federal government had in place earlier this year.
Instead of a tax credit, this would be a $5000 when the property is purchased.
As a former financial planner, my advice is always to not let the tail (taxes) wag the dog (smart financial decisions). But, if anyone's on the fence, five grand might make a difference. Or, if someone wants to buy a home in Barre, but are struggling to come up with a down payment and closing costs, $5000 might make home ownership a reality.
Where's the money going to come from? Ah, there's the rub. Bike path funding? Some secret stash of cash over in City Hall? I'm not being cynical, just asking questions. But, if homes are bought, improved, and occupied, that will add to the Grand List as well. It might not be a bad investment.
It's just a rumor, and there are a lot of questions, but I'll go on record as saying that I think it's a great idea. Get people into houses, keep local contractors busy, and prevent homes from going into foreclosure. And yes, I'm a taxpayer in Barre too, so I'm probably spending my own money on this.
For more about the Barre real estate market, be sure to visit www.MontpelierBarreRealEstate.com.
Be smart. Remember Ray.