April 14, 2024
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Guide to Buying a Vacation Home in New Hampshire

New England is one of the loveliest and most tranquil places to buy a vacation home. Who isn’t charmed by the brick-laid towns, steepled churches, and expansive forests?

New Hampshire, in particular, is a wonderful place to buy a home for a summer retreat. You can go hiking and mountaineering, or you can lounge on the beaches and enjoy New England’s scenic coastline. There are small beach towns, like Hampton Beach, but there are also large cities in the same region, like Boston. New Hampshire offers a great mix of both nature and culture for summer residents.

Here’s a quick guide to buying a vacation home in The Granite State.

If you’re buying a vacation home in New Hampshire, there’s a good chance you’re currently living outside of the state. But you should choose a mortgage lender in New Hampshire rather than a lender that’s local to your area.

Lenders oftentimes don’t approve mortgages for properties that are going to be bought in a region with different laws or jurisdiction. These types of loans can create legal and financial complications, especially in the event of a foreclosure. Lenders are more likely to approve an out of-area loan if you’re going to be moving to that area for work. But they aren’t so willing to finance vacation homes in a far-removed place.

If one of your local lenders does approve the mortgage, they might require a very large down payment, or they might levy a very high mortgage rate. Both of these will make the mortgage more expensive for you, which could quite possibly affect which homes you’re able to afford. You don’t want to settle for a home you’re not crazy about.

Securing a good mortgage rate is essential if you want to buy a great home at an affordable price. Like we mentioned, it helps to get a mortgage loan from a lender in New Hampshire. Do some research on the local lenders and see which one offers the best mortgage rates in New Hampshire.

Your mortgage rate is also dependent on several other factors:

Take all these factors into account when you apply for a mortgage. It’s best to get pre-approved for a mortgage so you’ll know exactly what you can afford with your given rate, loan term, and fees.

New Hampshire has a few important environmental mandates that you may have to follow through on when you purchase your vacation home.

Before the days of gas heating, New Hampshire homes relied on oil tanks that were buried underground (sometimes underneath the basement of the home). These oil tanks are no longer used, but they still exist on some properties and they pose serious environmental hazards. These oil tanks must be decommissioned, which can cost the homeowner a considerable amount of money. If you’re buying a home with an oil tank that hasn’t been decommissioned, be sure to account for those costs when you’re budgeting.

You might also buy a home with an old well on the property (don’t you just love New England?). New Hampshire does not require you to test the well water for purity, but some home transactions will mandate this.

Make sure you get acquainted with the area in which you’re buying your home. Some home buyers get tunnel vision and fall head-over-heels over a particular house, but they forget to thoroughly examine the neighborhood. Make sure it’s a neighborhood you feel comfortable living in. If you prefer a vacation home that’s quieter, be sure to buy one in a rural area. If you’d rather be close to bars and restaurants, buy one in one of the pleasant New Hampshire towns. Take some time to get to know the area when you go and tour your prospective homes.

Also try and visit the area in summer, if that’s when you plan on vacationing. The vibe of New Hampshire towns can change significantly in the summer months.

Be prepared for an intimate closing session. In New Hampshire, all parties in a home transaction close at one table, where the title and keys are handed over. Be ready to travel to New Hampshire to finalize your vacation home purchase.

Whether you’re buying a summer vacation house, or if you plan on vacationing in the winter so you can go skiing, you’ll love having a vacation home in The Granite State. Just secure a good mortgage and be aware of local financial and cultural conditions. Happy home buying!

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