If you want to buy property, Maine is a great place to start! Not only is the Pine Tree State topographically beautiful and full of friendly people, it’s currently experiencing a perfect storm of affordability. Here are the tops reasons why you can’t afford NOT to buy property in Maine right this very second:
Currently, there are over 8,000 residential homes available for purchase in Maine. Many more are anticipated to enter the market in the spring. Lenders and local banks alike are competing to offer homebuyers the best terms and interest rates on their mortgages. Maine also offers unique opportunities to income-qualified applicants through loan programs financed by the Maine State Housing Association. So, whether homebuyers are looking to buy coastal property, land in the country, or a home along the piers, Maine is the best place to buy for the lowest price.
Mainers are keeping their jobs! High job security is just another reason why Maine is the place to buy property. Maine’s unemployment rate averages about 4.7%, which is below the national average of 5.5%. Unemployment in the state is also at its lowest since 2001; according to the State Labor Commissioner, the number of unemployed Mainers dropped by over 11,200 in 2015.
Low Cost of Heating
According to a recent bulletin put out by the Governor’s Energy Office, also known as the GEO, the average price for No. 2 heating oil is only $1.74 a gallon. This is the lowest average price on record and the cost is still dropping. For anyone looking to buy property, Maine is quickly becoming a favorite. Because of the low cost of heating, even Maine’s tough winters just can’t seem to keep homeowners away.
If you buy property, Maine will give you up to 50% off your taxes; if your property is timberland, that is. The Maine Tree Growth Tax Law offers property owners major tax credits for as little as an annual $10 an acre.
If you went to college in Maine, you should buy property in the state as well! The Educational Opportunity Tax Credit offers assistance to Maine property owners who are still paying back their student loans.
So what are you waiting for? The time is right to buy property in Maine! Don't know where to start? Contact us for a free consultation today.