cabin on leased land... any insight?

Submitted by Hextall2727 t3_zlvixv in newhampshire

I'm considering buying some property in the colebrook or Pittsburg areas. I've seen several properties with small cabins that seem perfect for what I want... But they are on leased land. I'm a little unsure what this entails. I assume a yearly cost, but also could I have the lease stopped and is lose the cabin and equity? Anybody have any experience with this type of property in NH?

Edit: Thanks for the comments. The lesson is find out about the particulars of the lease (years remaining, compensation if lease ended) and go from there. and that people are very averse about buying into leased property. The one I'm interested is likely on timber company's property.

5

Comments

You must log in or register to comment.

AnythingToAvoidWork t1_j07vbkp wrote

Never buy property on leased land. You can google the pros and cons.

23

YouAreHardtoImagine t1_j07jtxw wrote

Wouldn’t touch. Land can change through sale/inheritance, etc., and fees/what currently is allowed and whatnot could change. Own your own land.

13

Crazy_Hick_in_NH t1_j090qa3 wrote

But do you ever really own it even when you own it? I mean annual taxes based on the myth of valuation. This isn’t a NH problem…it’s a US of A problem.

2

KIRKDAAGG t1_j09gn7n wrote

Exactly if you don't pay your yearly taxes the town will auction off. Your basically leasing from the government on any property you own.

2

gman2391 t1_j07hf3q wrote

You'd have to see the terms of the lease but I think those are typically set up so that they have to pay you fair market value for the building if they decide to terminate the lease. Probably on state or paper/timber company land. Lots of camps up there are on leased land. Personally, I'd rather own the land but some of the best locations are leased land

8

SkipAd54321 t1_j08hlwe wrote

Land leases are usually for 99 years. So just find out how far in the lease it is. At the end of the lease be prepared to leave

7

rudyattitudedee t1_j0i64ye wrote

There are plenty of instances from history where the owner decides to sell or loses the property and people lose out suddenly. If it’s a primary residence it’s a scary prospect.

1