Buying a vacation home can be an easy process if you have the right team in place and know what to expect.
Starting to look...
When you first start looking, you probably won't know exactly what you want.
We can talk about:
- Pros and cons of homes vs condos
- Value - history value swings of each
- What does that condo fee cover?
- What is the difference between a condo and a PUD?
- Different associations and their amenities
- Any neighborhood restrictions that might impact you
- Did you know some areas don't allow rentals
- Some neighborhoods are on private roads which means financing restrictions
- Condos with on-site rentals require special financing
If you are looking in an area that's in high demand, you might not be able to come up every time a new listing comes on the market. In that case, I'm happy to see properties for you, take pictures and video, and determine if it's worth a trip up for you.
We Found It!
When you find the right place, we'll put an offer together that gets you the property for the best price. We'll look at:
- Neighborhood comparable sales
- Market trends
- Seller motivation
- Your motivation and goals
In New Hampshire, we use the Purchase and Sale agreement right away. This one document covers all aspects of the purchase. It outlines:
- Price and terms
- Clear title
- Inspections (general home, septic, radon, water, etc)
- Due diligence (review of covenants, association rules, budgets, condo docs, etc)
I will put you in touch with the area's most trusted home inspectors so you can feel good about your purchase. NH does not have Title 5, so it's important to get your septic system inspected.
If you are going to finance the purchase, I'll connect you with some great lenders who will guide you through that portion of the transaction.
Title and Closing
You (or the bank if you are financing) will hire a title company to make sure there are no title issues and handle the closing paperwork for you. The title company will coordinate the closing.
Here are some typical closing costs:
Home inspection $350-$450
Septic inspection $250-$450
Water tests $85-$200
Radon air test $100
Title Work $350
NH has a transfer stamp of $15 per thousand that is split between buyer and seller.
If you purchase a $200,000 property, the total tax would be $3,000 so buyer and seller would each pay $1500.