If it is time now to fulfill your American dream and own a home, what should you know before starting this process? New Hampshire is a beautiful state that can offer many beautiful homes. For buying your house there, you will probably need a guide and some simple tips to follow. What do first-time home buyers in New Hampshire need to know in advance and where to look for a house? After all, how to transport all your household belongings safely to a new home? A lot of questions need to be answered but start on time with preparation. Buying a house for the first time is a fun, exciting, and stressful task – all at the same time.
New Hampshire real estate trends
Before starting house hunting in New Hampshire, you should explore its real estate market.
- The average home price in New Hampshire is $400k. But the market is hot, and prices are going up every month by 1.6% in almost every city.
- On average, homes are on market for 38 days.
- The hottest market is in and around Manchester.
- In 2022, the number of home sellers is bigger, and the number will continue to grow.
Best places in NH for first-home buyers
Of course, the real estate market trends depend on the city. Cities are different and they offer different home types and prices.
Choose a location where you want to live, it is the first step and one of the most important ones. Which part of New Hampshire to choose? Where are the best places in NH to buy a home for the first time? Here is the list of some places to consider as your future home.
A suburb of Manchester with an average home price of 330,000. It is a small suburb where many families with kids live. 94% of people own a home, instead of renting, which is a green flag. It is a very safe place with a low crime rate, and schools are great, that is why a lot of families are here.
Homes here are affordable, with an average price of $274k. It is a small town, and many young professionals live here. For first-time home buyers in New Hampshire, this is a place to consider because this place is safe and affordable.
If you are looking for a more rural place, Dunbarton can be your home. The average home price is $370k. Because it is peaceful and quiet, families and retirees tend to live here. There are not a lot of people in their 20s.
A totally opposite town from Dunbarton is Hanover. It has amazing nightlife, restaurants, bars, and coffee shops. This town offers residents a dense suburban feel. Because it is a vibrant and popular place, the average home price is the highest on our list, $565k. If you want to live here, there are benefits of being a first homebuyer that can help you save money.
Another interesting Manchester suburb is Bedford. It is more populated than Brookline and home prices are higher. The average prices are around $410k. It is a suburb in NH with the best schools about 30% of residents are younger than 30.
Tips for first-time home buyers in New Hampshire
What should you know when buying a house? There are plenty of first-time homebuyers in New Hampshire and that is a good sign for you. Before you start with house hunting, have some things in mind.
Budgeting, brokers, and tax benefits
Know your financial situation. To save money when buying a home you need to start on time and know that there are additional costs when buying a house. Down payment, closing costs, and move-in expenses. Decide how big a home can you afford and choose the location. Because the main factor of home prices (besides the size) is a location. Check if first-time home buyers in New Hampshire have some tax benefits and use them. Hire a real estate agent from New Hampshire because they already know this market and have a developed network. You will find a home faster this way and a realtor will help you with paperwork as well.
Consider moving expenses on time
How to transport all your household items after buying a home in New Hampshire? This may be a big problem if you have a lot of furniture, appliances, electronics, and clothes. But it should not be if you have the right professional help by your side. A moving company that is experienced and reliable such as Michael Brooks Moving can handle this process with ease. Research movers, contact a few of them and choose one that fits your needs and budget.
Home inspection, loans, and fees
Get a preapproval letter because home sellers won’t show you a home without written proof of mortgage preapproval. Check your credit score and choose a bank where you will take a loan. Qualify for a loan and before starting to look for a home, apply for a mortgage. Also, compare mortgage rates and fees. Stick to your budget. Pay for a home inspection and don’t buy a home in NH if the house is not inspected by a professional. Negotiate with the seller to get a better price. It is always better to save more money if you can.
Furnish and decorate your new home
The most exciting part of being first-time home buyers in New Hampshire is decorating and furnishing your new NH house. Make a small paradise where you can enjoy and relax after a long day. Invite your friends and family to a housewarming party and have fun together.
Lisa Roberts has been engaged in writing blog articles for the last 7 years. Although she started off her career in the moving industry, her experience brought diversification to the content topics she covers. Today, her range of topics spans from moving across the globe to everyday lifestyle tips, marketing, real-estate news, etc. In her spare time, Lisa enjoys running, reading books and spending time with her dogs Lue and Sill. As a great lover of life, she finds something practical and useful in every experience, which contributes to her portfolio as well.