A Complete Guide to Buying New Hampshire Real Estate
There’s just something special about owning your own property. Even more so when it’s located in the beautiful state of New Hampshire. Whether you live in a luxury Bedford estate, own a vacation home in Wolfeboro, or rental property in Moultonborough, owning New Hampshire real estate, with its beautiful mountain vistas and lush, verdant landscape, is a great feeling!
When you own your own home, you have a sense of security and control. Gone is the landlord telling you what colors you can paint the walls, or whether it’s okay to put up pictures.
Or, perhaps you’re looking for an investment. Repairing older properties, or renting a well-maintained one, is a great way to generate some extra income.
Either way, home ownership comes with a sense of pride.
That said, if you’ve never purchased a property before, it can be a little intimidating to get started. But there’s no need to fear. Below is everything you need to know before getting into the New Hampshire real estate market.
Why You Should Look into New Hampshire Real Estate
For folks who have always been renters, purchasing property can seem like more trouble than its worth. Not only is there an added responsibility with home ownership, but there’s also a perceived lack of mobility.
Additionally, for folks looking for an investment, there is often a fear of another housing crash. These are legitimate concerns. That said, given all of the benefits of property ownership, the benefits often greatly outweigh the costs.
Owning Your Own Home
Most people who buy a home use it as their primary residence. As mentioned earlier, property ownership gives homeowners more control over where they live.
One of the main arguments that young renters make against home ownership is a lack of flexibility. They fear being tied to a single location. They fail to realize that renting is not as flexible as it may seem. Most renters are in a lease for at least one year, and that year is extended only on the good will of their landlord. Moving before that lease is up could lead to a significant financial penalty, and the landlord may decide to stop renting or sell the property at the end of the lease term.
And owning a home is still one of the most important ways to build wealth. Owning New Hampshire real estate is a personal investment. If your home gains value, you can use the money earned when you sell your home to purchase your next home, pay for your kids education, or finance your retirement.
By contrast, if the property you’re renting gains in value, it typically increases the rent you have to pay. There’s generally a limited up-side for renters.
Owning Investment Property
Owning a home can be a great personal investment, but you may be interested in getting into New Hampshire real estate as a more aggressive investment.
There are at least two ways to turn a residential property into an income-producing property.
Many people choose to rent out their properties. You can rent to long-term tenants, or short-term tenants like local university students or those who spend their summers in the area, or really short-term tenants, like vacationers who spend a week or less. In the New Hampshire real estate market, this is a particularly attractive option.
Another approach to creating income out of residential property is “flipping” a home. With this strategy, investors buy a home that is in need of updates and repairs, make those adjustments, then sell the home at a higher price (“flipping” it).
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