Retirement and Tax Breaks in Franklin County

As most of you know the Home Buyers Tax Credit program has been continued. You can read most of the details in the recent blog: Buy a Smith Mountain Lake Home, Get a Tax Break! With current homeowners now being eligible for a tax credit of up to $6,500, many are asking for details on the expanded program and what it means for them. It seems to be almost custom made for those who are ready to retire or downsize their home!


You can buy a lot of house for $800,000, but not everyone wants a lot of house to take care of! There is a whole generation of Baby Boomers who are just starting out on the road of retirement! On the top of their list is buying a retirement home. The new repeat buyer tax credit can be applied to a home that is smaller and even less expensive than your current home. There are many types of homes that qualify, if you want a condo or cottage on the lake, no problem! If you prefer to live on the lake in a houseboat, you are covered there as well! As long as it is a primary residence, you can buy the right sized home to fit your retirement plans!

Another benefit for retirees is the wider pool of buyers that will be looking for homes. Many of those ready to retire owned homes that were considered a few steps beyond what most first time homeowner would consider. These homes are now in demand for repeat buyers who are ready to take on the next level of home ownership! With the new program, you can sell your city home and buy a smaller home in the country and still qualify!

You can use the tax credit towards your home or you can use it as a down payment on that new sailboat! Whatever you choose to use it for, don’t miss out on this opportunity! You can take advantage of this program through April 30th, 2010 and will need to close by June 30th, 2010. Smith Mountain Lake is a wonderful place to retire! Golf courses, fishing, sailing, hiking; these are just a few of the things you can enjoy in Franklin County!

There is so much to do in Franklin County, Virginia; come for a visit, if you like it then move here!! If you want to see what kind of homes are available in the area call Vicki Millehan! She is your local real estate expert and long time resident of Smith Mountain Lake!!