Renting or buying property in the lakes region

[cautionersx]

Hi everyone. My husband and I have grown up in this area and are now living in a rental in downtown Laconia. We would like to get out of downtown (our neighbors are intolerable) but stay in the Gilford/Laconia area for work. However, we are finding that to rent a decent apartment around here seems almost impossible for less than $1000/month. Therefore we looked at buying. All the houses seem to be $300,000+. I already knew the lakes region is a difficult place for young people to start out due to a lack of work and high cost of living. Nearly all the people our age that we know have left because of this. It's looking like the only place we could afford to purchase would be a mobile home which is fine with us if it's a nice neighborhood. But then all the nice mobile home parks are for 55+! I am starting to feel like the lakes region is only designed for rich or retired people.

Does anyone have advice? I love it here but feel like our only options are million dollar homes or crappy apartments in the slums. And if it sounds like we are inexperienced spring chickens it's because we are. Thanks!

[winnipiseogee]

You are right - it is rather hard for young families to make it work here. My suggestion is that you look beyond Gilford/Laconia. When we were deciding where to settle we looked at those locations as well. Gilford for some reason has REALLY expensive starter homes. Laconia has ridiculously high property taxes. We decided on Meredith. There are a number of nice homes here for below $200k. My younger brother was able to get his first home (a 2bd 1 bath ranch) for $130k!!!). It needed a little work but was a great home.

I know Moultonboro is a bit remote but you can even better values there.

Best of luck!!!

[Patiently Watching]

You might look at Wolfeboro & Tuftonboro...
Both are very nice towns, which are part of the Governor Wentworth Regional School District. It seems that you could get into an apartment rental for less than $1000 and there are some very nice homes available for $160k and up.

[IslandRadio]

Welcome to the forum! I see you are a very new poster. So, have fun here!

Anyway, I took a quick look on LakesRegionRealEstate.com just to see what's out there.

Now, I didn't actually go and look at any physical houses, but I found a whole lot of single family, detached home listings (in Laconia) that could be had in the $150,000 price range. Condos were less. Mobile homes a LOT less, but I'd go with detached single family if you can swing it.

So, if you have 20% down, your mortgage payment will be under $600/month. Figure $250/month for taxes and something for homeowner's insurance, and you're probably at about the same level you're at now with rent, but you get the mortgage interest deduction and of course you actually own something!

Is the down payment an issue? It often is with first time buyers and I was no exception when I bought my first house. Put 10% down, and there was maybe $100 left in every bank account combined!

[BroadHopper]

Belmont NH, south of Laconia is pretty reasonable with an easy commute on 106. Or go across the Mosquito Bridge into Sanbornton. A bit of a commute but plenty of homes. You can even try the Newfound Lake area of Bristol.

Think outside the box!

[ishoot308]

Not sure what your exact criteria is but there is currently 44 homes for sale in Gilford alone that are under $300,000.00

http://nneren.com/listings/?t[]=648&Town_State[]=Gilford+NH&List+Price[max]=275000&s=-Date+Listed

I'm sure if you expanded that list to include Laconia and Alton you would find hundreds.

Good luck in your search!

Dan

[RLW]

cautionersx, I just noticed that you are fairly new to posting on the forum and glad you have joined us. Have fun and enjoy the Winni Forum while making many new friends.

I'm sure you find some very good suggestions to you request. There is a great bunch of people here on the forum just waiting to help. I wish you luck in your house/apartment hunting.

[Dad sold the C * C]

Having just gone through this recently, I would highly recommend getting a Realator. We did not have a "buyer's" realator because it was not our first house and I knew exactly what I was looking for. In hindsight I wish I did concidering the time and extra Lawyer cost I put into it.

They are going to know the area and have a better idea of what may be on the market soon and what Banks are looking for. Something to keep in mind is, a bit of a commute is not always a bad thing, but if you can control the direction or difficulty of the commute that makes life better

Happy hunting

[BroadHopper]

There are a few 'zombies' out there i.e. Abandoned properties that are yet to be foreclosed by the bank. If you find one chances are the heat was turned off and the pipes have froze resulting considerable damage. The local LEO's will inform the town and the town will turn off the water supply.

I know one lake front property, appraised well over 2 mill that became an abandoned property with considerable water damage. A local builder stepped in and had to negotiate with the lien holder as well as the town for back taxes and utility fees. The town forego past debts. and the bank did not want to be saddled with a house with considerable damage. The builder's final settlement was $600,000. He figured about $50,000 in damage not including his time. Not bad negotiating. I wouldn't want to pay the taxes!

[PaugusBayFireFighter]

There's a 4 bedroom house on my street in Laconia (Christmas Island area) that's been on the market for some time. He was at 239K but it's reduced. Beach access across the street. The house is turn key. Great rental options too.

[cautionersx]

Originally Posted by IslandRadio

Welcome to the forum! I see you are a very new poster. So, have fun here!

Anyway, I took a quick look on LakesRegionRealEstate.com just to see what's out there.

Now, I didn't actually go and look at any physical houses, but I found a whole lot of single family, detached home listings (in Laconia) that could be had in the $150,000 price range. Condos were less. Mobile homes a LOT less, but I'd go with detached single family if you can swing it.

So, if you have 20% down, your mortgage payment will be under $600/month. Figure $250/month for taxes and something for homeowner's insurance, and you're probably at about the same level you're at now with rent, but you get the mortgage interest deduction and of course you actually own something!

Is the down payment an issue? It often is with first time buyers and I was no exception when I bought my first house. Put 10% down, and there was maybe $100 left in every bank account combined!

Wow!! That is brave. Or crazy!

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[nhd]

There are options for first time homebuyers out there. I have had several buyers take advantage of the RD loans (rural development). These loans are for 100% financing and a credit score needs to be above 640. If you would names of some mortgage people who could help you please pm me. I also love working with buyers (and sellers!).

Nancy DePorter
Keller Williams Lakes & Mountains
Islands are my speciality!

[TiltonBB]

I am sure that there are many options for houses and other people have pointed out some places that you could look.

If you think cash flow would be a problem when you purchase a home remember that all of your interest and real estate taxes will be deductible. You can rough out your 2014 tax liability, figuring your new taxable income after calculating these deductions. If it looks like you will get a substantial refund then you can change your tax status with your employer so that your witholding is reduced and your take home pay goes up immediately. For many people that immediate cash flow is more helpful than letting the government hold your money all year and then getting a large refund.

Also, I have bought and sold many properties and never used an attorney for anything but the closing. I prefer an attorney to a title company because they have more legal training and a lot more to lose if there is anything wrong with the deal. The lawyer and the lender have a lot on the line if anything about the purchase or financing is not correct so it is in their best interest to make sure a transaction is perfect before the closing. The fee is usually comparable to a title company but you get the added advantage of an attorney looking at all of the paperwork.

These are just my thoughts, I am sure there are many people that have different opinions.

[IslandRadio]

Originally Posted by cautionersx

Wow!! That is brave. Or crazy!

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Probably a little of both! I was 24 years old, no kids and actually not even married yet. My future wife and I bought the house together before we were married.

But, we both worked at medium-paying jobs (not high income by any stretch of the imagination), and it didn't take but about a week and there was some money in the bank again for food, gas and other necessary expenses

By the way, the house we bought was - literally - uninhabitable. Many of the interior ceilings had fallen in due to serious leaks in the roof. The heating system was completely non-functional. The walls were covered with that 1970s thin paneling, and had buckled in places because it was put up wrong. There was candy-striped carpet in the living room. THIS PLACE WAS BAD!! Many people really did think we were crazy. But it was 1800 sq ft, had 2 acres of land and was well off the road, and the PRICE was RIGHT!

Kids change the landscape for sure, but double income no kids (AKA, DINK) is a good time to do stuff like that.

[wifi]

My lakefront house was and still is way below prime in appearance. In order to purchase it, the bank would only take 1/3, the owners took 1/3 back in a 2nd, and I had to come up with the another 1/3, which I didn't have. So I had to borrow some from family. After decades and decades and.... almost have it paid off. Then I can work on making it a place I can invite friends to.

Bottom line, it could be a long hard tow, but if you get what you want now, it will be worth it in the long run

[kauriel]

Are you willing to consider Weirs Beach area? We bought our condo there for under 100k a few years ago and some of the condos in our area rent for about $800/month. It looks like there's a 2bedroom at nearby Meredith Bridge currently on craigslist for $800/month and there might be more available in the fall after summer vacation rental season ends.

[Misha888]

Originally Posted by BroadHopper

Belmont NH, south of Laconia is pretty reasonable with an easy commute on 106. Or go across the Mosquito Bridge into Sanbornton. A bit of a commute but plenty of homes. You can even try the Newfound Lake area of Bristol.

Think outside the box!

Taxes are higher there than they are in Gilford.

I look at real estate constantly. There are some reasonable condos for sale all around Gilford and Laconia if you're looking for a starter home. Though condo's can be tricky to finance, ask your loan officer what the criteria is.

Good luck in your search.

[First Mate]

There is a Fannie Mae fixer in Gunstock Acres for $125K. http://nneren.com/listing/4337602/23...ford-nh-03246/