So, you’ve bought a rental property in the great state of New Hampshire! The mountains, lakes, and fresh air make it a great place to invest, but now you're wondering if you should manage it yourself or hire someone to do the heavy lifting. Sure, the idea of saving on management fees sounds appealing, but is self-managing all it’s cracked up to be? Spoiler alert: managing tenants is nothing like managing your Netflix queue. Let’s dive into the pros and cons of DIY property management, New Hampshire-style.
Pros of Self-Managing Your Rental Property
1. Direct Control Over Operations
No one knows your property quite like you do. By managing it yourself, you get to call all the shots, from deciding which tenants to approve to what color to paint the bathroom (hint: go neutral). Want to allow dogs but not cats? Your choice! Plus, you’ll be there to personally address tenant concerns like why the Wi-Fi keeps going out during snowstorms—because New Hampshire, right?
2. Cost Savings
Ah, saving money. The New Hampshire dream is a lot easier when you’re not handing over 10-12% of your monthly rent to a property manager. Self-managing means keeping more of your hard-earned cash—maybe enough to finally take that ski trip to Mount Washington. That said, remember, the savings come at the cost of your time and effort, so consider this before buying those extra lift tickets.
3. Building Relationships with Tenants
Managing your own property means you’re in direct contact with your tenants. Want to know who’s living in your house? You’ll know them on a first-name basis (maybe even their favorite type of pizza). New Hampshire renters tend to be pretty friendly folks, and by managing yourself, you can build long-term relationships. Plus, happy tenants are more likely to stick around, meaning fewer vacancies and turnover costs.
4. Learning Experience
There’s no better way to learn about the ins and outs of the rental business than by jumping in headfirst. You'll become a mini-expert in everything from lease agreements to unclogging toilets at 3 a.m. during a snowstorm. Did we mention the snow? You’ll also learn a ton about local landlord-tenant laws in New Hampshire—something that could save your bacon when things don’t go as planned.
Cons of Self-Managing Your Rental Property
1. Time-Consuming
Owning a rental property sounds simple—until you're getting calls at 10 p.m. because the pilot light went out or a moose wandered into the backyard (hey, it’s New Hampshire; stranger things have happened). Self-managing means you're on call 24/7, 365 days a year, whether you're on a beach in Florida or dealing with two feet of snow. So unless you enjoy waking up in the middle of the night to a leaky faucet crisis, be prepared for some time management gymnastics.
2. Legal Liability
New Hampshire has its own set of landlord-tenant laws, and they can get complicated fast. Missing one small detail on your lease or mishandling an eviction could leave you in legal hot water—and not the relaxing kind. Keeping up with all the legal paperwork and compliance? That’s on you. One missed detail, and your tenant’s lawyer will be sharpening their pencil faster than you can say, “But I thought the lease covered that!”
3. Limited Resources for Tenant Screening
Property management companies have advanced screening tools to help find top-notch tenants (i.e., the ones who won’t secretly turn your basement into a rave space). As a self-manager, you might not have access to the same resources, which means you could be relying on gut feelings. And while your gut might be great at choosing the best lobster roll, it might not be as reliable for tenant selection.
4. Stressful and Emotionally Draining
Handling tenant complaints, rent disputes, and the occasional angry email can be emotionally exhausting. Ever tried to remain calm while someone blames you for a power outage during a Nor’easter? Good luck with that. Self-managing means wearing multiple hats: landlord, mediator, repair technician, and therapist. And let’s be honest, wearing that many hats can get a little exhausting—especially in the middle of February when the snow is piling up and all you want is a break.
5. Lack of Expertise
Professional property managers are experts for a reason. They have years of experience dealing with everything from maintenance nightmares to tenants who “forgot” to pay rent… again. Unless you’ve got a degree in property management from the University of Hard Knocks, there’s a chance you could miss something important—something that could cost you big down the line.
So, should you self-manage your rental property in New Hampshire? If you love the idea of saving money and being in control, it might be for you. But if the thought of navigating tenant conflicts, fixing furnaces during a January deep freeze, and staying on top of legal obligations makes you break out in a cold sweat (even in summer), you might want to leave it to the pros.
At Lot 202, we specialize in making property ownership as stress-free as possible. Let us handle the late-night calls, snow removal, and legal paperwork while you enjoy everything New Hampshire has to offer. After all, wouldn’t you rather be skiing?
Call us today for a free consultation!
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