Buying a Vacation Home in New Hampshire: A Guide

Author: Scott MacFarland | Realtor & Team Leader | Northern Properties Realty Group

New Hampshire is a fantastic place to own a second home. From the White Mountains, a Bustling Lakes Region & a Beautiful Seacoast, there are plenty of areas and options to consider.

Buying a second home can be a lot of fun, but it can also be overwhelming at times. Here are some tips to consider when venturing out to find your perfect vacation property.

1. Create a Personal Strategy for Acquiring a Second Home
   • What’s your acquisition vehicle going to be?
     • Cash
     • Conventional Financing
     • HELOC on your existing Home
     • Brokerage Account Line of Credit
2. Understand Your Options & Get Pre-Approved
   • If you plan on renting out your second home, make sure your lender understands this so that you’re applying for the right financing
3. Set Your Budget
   • Now that you have your acquisition strategy nailed down, it’s time to set your max budget
4. Link up with a Qualified Realtor & Set your Search
   • It’s always a Good idea to hire a Buyer Agent in this case. Select someone who knows the area, listens to your wants & needs, and openly communicates regularly with you
   • Realtors will also help you understand local ordinances, laws & HOA rules when it comes to vacation homes, especially if you’re thinking about renting the home
5. View Homes with your Realtor and Make Offers
   • It’s still a seller’s market & it may take you a few tries before nailing down your second home
   • Lean on your Realtor to help you draft and submit the best offer that you possibly can
6. Under Agreement
   • Perform your due diligence on the property, town & area
   • Keep on top of requests for information from your lender to ensure a smooth & timely transaction
7. Closing
   • Make sure you switch all utilities over to your name prior to closing
   • Confirm with your lender and title company final numbers for closing
   • Make sure you bring your ID and the correct amount of money needed to close to the closing
8. Day 1 of Ownership
   • Get your internet up and running right away
   • Install new door locks on the property
   • Consider adding security cameras/features
   • Start the process of getting your property approved as a Short-Term Rental with the local municipality/HOA

For all of your New Hampshire Real Estate needs, including buying a vacation property, reach out to Scott and his team!