Land - Waterfront - And More
Investment Property: This refers to real estate property that is purchased with the intention of generating income or profit. It can include residential rental properties, commercial buildings, or land that can be developed for future sale or rental. These purchases can include a much more in depth and detailed purchase, due to local permitting laws, environmental considerations, and accurate cost estimating. If you are seeking to purchase property for investment purposes contact us. We have, and still do, own long term and short term rental properties in New England and in South Carolina.
Commercial Property: This refers to real estate properties that are used for business purposes, such as office buildings, retail stores, warehouses, or industrial facilities. These properties are typically owned or leased by businesses for their operations or as an investment. Selling or purchasing commercial property can have many levels and span the spectrum depending on the complexity.
Luxury Homes: You’ve scanned the real estate magazines, scoured the listings pics, watched all the residential real estate shows. And still, you’re not sure what counts as luxury real estate, exactly. Is it a property priced at $1 million-plus? A home with more than 3,500 square feet? A mansion made of marble and exotic woods with hand-blown glass windows and a diamond-paved driveway?
Mostly, it’s the money: Sales price is the main determinant of a luxury property. But there’s no one number. If you want a price tag, luxury properties according to some in real estate, typically cost over $2 million.
But some shy away from figures, preferring percentages: i.e., luxury properties are the top 10 percent of the listed homes in any given market. For example, some real estate companies require each of its listings to be twice the average sold price of local properties.
Luxury properties are high-end residential properties that offer exceptional quality, features, and amenities. Luxury homes often feature luxurious finishes, high-end appliances, spacious layouts, and extensive landscaping. They are typically located in desirable neighborhoods or exclusive communities. The Dolloff Team is experienced in the buying and selling of luxury homes.
Here is one of the most important things to remember when buying or selling a luxury home. Hire an EXPERIENCED agent, and ignore the "luxury" label on their business card. Some agents can get "certified" as luxury and have 1 year in real estate. Experience matters.
Land: Refers to undeveloped or vacant parcels of real estate without any structures or buildings. Land can be used for various purposes, including residential, commercial, agricultural, or recreational development. It often holds potential for future construction or investment opportunities. Purchasing land depends on the intended use. If someone was going to develop a golf course they would need land different than a marina, ski resort, or a 55+ residential community. We have assisted buyers in purchasing land for residential purposes.
Coastal and Waterfront Homes: These are residential properties located near bodies of water, such as oceans, lakes, or rivers. They typically offer scenic views, access to water-related activities, and a desirable lifestyle. Coastal and waterfront homes can range from small cottages to luxurious estates, depending on the location and market. Refer to the note below regarding waterfront site assessments.
Changes to the Waterfront Site Assessment
As of September 1, 2024, significant changes have been made to New Hampshire's waterfront septic system regulations. Governor Chris Sununu signed into law House Bill 1113, which shifts the responsibility for septic inspections from sellers to buyers during the transfer of waterfront properties. This blog post will walk you through the key aspects of the new law and what it means for both buyers and sellers of waterfront homes.
Key Changes Under House Bill 1113
Previously, sellers of waterfront properties were required to perform a septic site assessment before selling. However, the new law eliminates that requirement. Now, buyers are responsible for ensuring that a septic inspection is performed prior to the transfer of property. This change applies to any property with a septic system located within 250 feet of a water body such as lakes, rivers, or coastal waters.
What Does This Mean for Sellers?
Sellers no longer need to conduct a septic assessment. Instead, they must allow the buyer to perform the septic inspection. This makes the selling process simpler but still requires coordination with the buyer, particularly if the septic system is in need of repair.
What Does This Mean for Buyers?
Buyers are now responsible for arranging a septic inspection as part of their due diligence. This inspection must be performed by a licensed septic evaluator. The buyer can accept a recent septic inspection from the seller as long as it was conducted within 180 days of the transfer date.
If the inspection reveals that the septic system is failing, the system must be repaired or replaced within 180 days after the property transfer. Both parties can negotiate who will bear the costs for this.
Do All Buyers Need to Perform a Septic Inspection?
No. The new law only mandates inspections if any portion of the septic system is within 250 feet of the reference line, which includes high-water marks of lakes or ponds over 10 acres, coastal waters, or fourth-order or higher rivers.
Special Considerations for Older Septic Systems
If the property’s septic system was never approved by the New Hampshire Department of Environmental Services (NHDES) or was approved before September 1989, a licensed septic system designer must evaluate the system to determine its condition.
Why Was This Law Passed?
This legislative change was driven by concerns over environmental protection, particularly regarding water quality. Cyanobacteria outbreaks, which are harmful to aquatic ecosystems, are often worsened by phosphorus runoff from malfunctioning septic systems. The new law aims to ensure that septic systems near New Hampshire’s water bodies are functioning properly and not contributing to this problem.
For More Information
For any questions or more details on the new septic inspection requirements, contact the NH Department of Environment Subsurface Systems Bureau at 603-271-3501.
The Properties
