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Blog :: 12-2014

How Will the City Rate Your Multi Family Property?

 

Starting January 1st, the city of Burlington will enact a new program to rate the condition of rental properties. The plan, outlined by April Burbank in the 12/22/14 edition of the Burlington Free Press, will seek to incentivize proper care and maintenance of the city’s stock of Multi-Family housing.

 

Properties will be ranked on a scale of 1-to-5 by code enforcement. Buildings with the greatest number of violations will be rated “1” and given one year before re-inspection. Properties with a ranking of “5” will be issued compliance certificates for five years.

Bill Ward, director of code enforcement, is supportive of the measure, “I would say most landlords are doing an excellent job. This is an opportunity to let that shine, but also put a little bit of a spotlight on the folks who are not doing so well.”

Please reach out to the LipVT team with any of your Landlord and Real Estate questions.

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    The Discussion Over Low Down Payment Mortgages

     

    Despite recent gains in many segments of the U.S. real estate market, prospective first-time homebuyers have continued to remain cautious and delay purchasing homes of their own.  Student debt, stagnant wages, and uncertainty about the economy are oft-cited contributing factors to the slow pace of growth in this vital piece of the larger economic puzzle. Last week the government, in a move hoping to prod these first-time buyers to action, outlined a plan to allow banks to offer mortgage poducts with down payments as low as 3%. Ron Lieber of the New York Times, in his 12/13/14 column, catches up with two couples who recently became homeowners using low down payment mortgages. 

    Would a low down payment mortgage product help to get you off the fence?

    Read the whole article here

    As always, the LipVT team is here to answer any questions you have about real estate.

     

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