Click photo for more details.
Dreaming of living on beautiful Lake Champlain? Own this year round 3 bedroom cape and let the fun begin!This is the perfect spot to share with friends, or keep all to yourself. Granite counter tops, 2 Sheds, Knotty pine living room ceiling, walkout basement, and dock. Massive rear deck with hot tub overlooking western sunset views of the lake.
Let’s look at the numbers for a $200,000 home in the Burlington Vermont Area. Assume your taxes are about 1.2% of the purchase price -$2,400/year & your insurance is about 0.5% of your purchase price (about $600/year). This may be a bit low, but you will see the difference clearly in the example. An FHA loan with the minimum 3.5% down at 4.75% for a 30 year fixed mortgage, PITI would be $1,446 per month.If rates went up to 5.75%, your PITI would be $1,567 per month.
That’s over $121 per month savings. That means you can purchase about $24,000 more house for about the same payment!
If you’ve been a renter in the Burlington area you know that the rental market is competitive. Rental applications can make you feel as though you are applying to College. Even stellar credit doesn’t guarantee you’ll get in the door. The high cost of renting in the area is not in your imagination either. Based on “Out of Reach 2013,” a report released by National Low Income Housing Coalition and the Vermont Affordable Housing Coalition Vermont is the 15th most expensive state in the country for renters.
Perhaps this is why in the first Quarter of 2013 sales of multi-family homes jumped 27% across Chittenden, Franklin and Grand Isle counties. A 43% surge in multi-family sales in Chittenden County lead the way. This comes as no surprise to those who watch the Market. Burlington boosts a vacancy rate of 1.5% while the rest of the country averages 7.4%!
The good news here is that the Burlington area is a fantastic place to invest in a rental property. Though multi-family inventory is a little low there is still something out there for every type of investor. For traditional investor our listings in Burlington at 369 S. Winooski and 392 St. Paul may fit the bill. For those looking for a great owner occupied situation our listing at 203 Main St. , Essex could work nicely.
Curious about the inventory? See all multi-family listings in the Burlington Area.
Please call us at 802- 863-9100 with any questions you may have!