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

garysanfran · 05-24-2017, 09:15 AM

My family has been doing it for years. July 4th through Labor Day. We enjoy the place during the spring and fall and make quite a bit of $ during the summer to pay the bills. We have managed the rental process ourselves and now use Bayside Rentals with great success. If Meredith would lower its tax rate, I might give up the rental process.

jbolty · 05-24-2017, 09:42 AM

My friends have a cabin in Wonalancet that they built as an investment and a getaway from the hustle and bustle of Moultonboro. They rent it 3-4 times a year and get enough to pay the taxes and pocket a little. It's a lot of work getting it ready, cleaning and making sure everything is working. They use Home Away for the advertising

Biggd · 05-24-2017, 09:42 AM

Quote:

Originally Posted by garysanfran

My family has been doing it for years. July 4th through Labor Day. We enjoy the place during the spring and fall and make quite a bit of $ during the summer to pay the bills. We have managed the rental process ourselves and now use Bayside Rentals with great success. If Meredith would lower its tax rate, I might give up the rental process.

Compared to some of the surrounding towns, Meredith's taxes are reasonable. My house is in Meredith and that's the reason I bought there.

MAXUM · 05-25-2017, 06:21 PM

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

Biggd · 05-25-2017, 08:06 PM

Quote:

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 · 05-25-2017, 09:50 PM

Quote:

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 · 05-26-2017, 12:01 AM

Quote:

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 · 05-26-2017, 09:36 AM

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 · 05-26-2017, 09:44 AM

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 · 05-26-2017, 12:54 PM

Quote:

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 · 05-26-2017, 09:10 PM

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 · 05-26-2017, 09:12 PM

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.

05-24-2017, 09:15 AM	#1
garysanfran Senior Member Join Date: Jul 2009 Location: San Francisco/Meredith Posts: 1,581 Thanks: 679 Thanked 684 Times in 350 Posts	Renting out your home... My family has been doing it for years. July 4th through Labor Day. We enjoy the place during the spring and fall and make quite a bit of $ during the summer to pay the bills. We have managed the rental process ourselves and now use Bayside Rentals with great success. If Meredith would lower its tax rate, I might give up the rental process. __________________ Gary ~~~~_/) ~~~ ~~~~~~~~

05-26-2017, 09:36 AM	#8
AC2717 Senior Member Join Date: Apr 2007 Location: Maynard, MA & Paugus Bay Posts: 2,585 Thanks: 756 Thanked 356 Times in 268 Posts	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 __________________ Capt. of the "No Worries"

05-26-2017, 09:12 PM	#12
JasonG Senior Member Join Date: May 2006 Posts: 310 Thanks: 48 Thanked 45 Times in 33 Posts	So here is the NEXT QUESTION... 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.

05-24-2017, 09:42 AM	#2
jbolty Senior Member Join Date: Jun 2015 Posts: 672 Thanks: 323 Thanked 257 Times in 153 Posts	My friends have a cabin in Wonalancet that they built as an investment and a getaway from the hustle and bustle of Moultonboro. They rent it 3-4 times a year and get enough to pay the taxes and pocket a little. It's a lot of work getting it ready, cleaning and making sure everything is working. They use Home Away for the advertising

05-25-2017, 06:21 PM	#4
MAXUM Senior Member Join Date: Apr 2004 Location: Kuna ID Posts: 2,755 Thanks: 246 Thanked 1,942 Times in 802 Posts	Taxes in Meredith have been creeping up no doubt about that.

05-26-2017, 09:44 AM	#9
sky's Senior Member Join Date: Jan 2010 Posts: 281 Thanks: 68 Thanked 80 Times in 56 Posts	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"

05-26-2017, 09:10 PM	#11
JasonG Senior Member Join Date: May 2006 Posts: 310 Thanks: 48 Thanked 45 Times in 33 Posts	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