Is this idea for owning a second home on Winnipesaukee crazy?

[Biggd]

Originally Posted by MAXUM

Taxes in Meredith have been creeping up no doubt about that.

That's because values are creeping back up after being down for so long. That's a good thing if you're looking to sell but bad if you're looking to buy. I bought my place almost 3 years ago and it's value/assessment has increased along with the tax bill but I still think it's much cheaper than many of the surrounding towns.

[MAXUM]

Originally Posted by Biggd

That's because values are creeping back up after being down for so long. That's a good thing if you're looking to sell but bad if you're looking to buy. I bought my place almost 3 years ago and it's value/assessment has increased along with the tax bill but I still think it's much cheaper than many of the surrounding towns.

Well with assessments creeping up the tax rate should go in the opposite direction however that hasn't been happening.

[Descant]

Originally Posted by MAXUM

Well with assessments creeping up the tax rate should go in the opposite direction however that hasn't been happening.

Right. The market changes much faster than the assessments. Most towns also show a relationship of assessment to market value e.g. +3% or 98% or something similar, don't they? In any event, market values change rapidly and assessments are only done every so often and then recalculated a few years later. They are used for two different purposes, so a 1:1 comparison is probably faulty.

[AC2717]

you are not buying the house, you are creating and setting up the memories which are priceless, and also developing a family atmosphere for the whole family

- from a 36 year old that has owned his place for 11 years

[sky's]

since moving up here from southern New Hampshire nearly 20 years ago ive always been amazed what people will pay to live on this lake. just recently i no of a couple who paid 1.5 house is nice but needs updating, but nothing crazy and yes there on top of there neighbors. all i can say is "thanks for paying my property taxes"

[Biggd]

Originally Posted by AC2717

you are not buying the house, you are creating and setting up the memories which are priceless, and also developing a family atmosphere for the whole family

- from a 36 year old that has owned his place for 11 years

You're still a pup. Hopefully something doesn't come your way that throws a wrench in your plans. I owned my first place in Alton Bay at 24 years old then I got married, built a new home and had 3 kids so I couldn't afford 2 homes at the time. One had to go and it was the vacation home. It took me quite a while to get back. The memories are wonderful but at 63 I have quite a few that are higher on the list than the times spent at the lake.

[JasonG]

Lots of info here.
I am taking this away from it.

1. Lots of work.
2. Expect the unexpected. Unforeseen expenses, bad renters.
3. You will likely NOT cover all expenses. So you need to be able to afford some of this.
4. Do it and be happy in the end

[JasonG]

What are the ideal areas to get the small place for under 200k on the water from Paugus Bay to Meredith?

I often see small cottages in clusters going up the road on Paugus bay toward the weirs. I am sure they are condos of some kind. These are perfect.

Any any experience with what % down you need to put for a second home mortgage and other bank expectations?

Any input is appreciated.