I may buy a vacation condo in the Gilford,NH or North Conway, NH for vacation/rental.Any ideas?

Question

Does it make financial sense? Anyone own in either area and have suggestions?

Answer 1

I used to live in Kennebunkport, ME. We used to go to North Conway for shopping. But besides that, we found that tourist/rental business is far a few between up there. Even when Bush senior was pres., my husband was the general manager of a nice seaport inn and it went belly up during the best of times along with many other inns at that time. So if you're looking for vacation for your own pleasure it's one thing. But to count on a rental you'd really have to find out more about the local economy and who would be renting and what the average salary of people who work up there get and where is the biggest employer in the area and the unemployment rate (which we found was high compared to the rest of the northeast). Based on my personal experience it would be difficult to find good paying rentals.