Thinking about a condo or townhome in Hanover, Lebanon, or nearby Upper Valley towns? You are not alone. First‑time buyers and downsizers often compare these options for the mix of convenience, budget, and location. In this guide, you will learn the key differences in ownership, fees, maintenance, financing, and resale, plus a local checklist to make a confident choice. Let’s dive in.
Condo vs townhome basics
Understanding the legal structure is step one. The building may look like a townhome, but the recorded documents determine whether it is a condominium or a fee‑simple property.
Ownership at a glance
- Condo: You own the interior of the unit and share ownership of common elements through an association. The Declaration or Master Deed and bylaws define your rights and obligations.
- Townhome (fee simple): You typically own the home and the land beneath it. Some townhome communities are legally condominiums, so always confirm the recorded ownership in county deeds.
- Governance: Condos are governed by an association with bylaws, voting, assessments, and use rules. Townhome HOAs, if present, may have more limited authority focused on shared areas and exterior standards.
Property lines and responsibilities
- Condos: Owners usually handle interior finishes and some in‑unit systems. The association typically covers roofs, exterior, landscaping, and shared areas as defined by the documents.
- Townhomes (fee simple): Owners are often responsible for exterior upkeep, roofs, and yards. Some HOAs still coordinate shared services like snow removal.
- Buyer takeaway: Two attached homes can carry very different costs and rules. Verify the legal form through the Grafton County Registry of Deeds before you write an offer.
Fees, budgets, and association health
Monthly dues are not created equal. What you pay and what you get vary by age of the community, services included, and reserve planning.
What dues often cover
- Condos often include exterior maintenance, snow and ice removal on shared drives, landscaping, building insurance on the structure, reserves for future projects, trash service, and sometimes heat or water.
- Townhome HOAs may charge lower dues when responsibilities are limited to shared services. If the HOA pools more services, dues can be higher.
- Both setups can levy special assessments for unexpected costs or capital shortfalls.
How to read the HOA’s financials
Request these documents and review them closely:
- Current operating budget and reserve fund status
- Income statements and balance sheets from the last 2 to 3 years
- Delinquency rate for owner dues
- History of fee increases and special assessments
- Insurance summary and master policy limits and deductibles
- Board meeting minutes from the last 12 months
Signs of a healthy association
- Adequate reserves for predictable replacements like roofing and paving
- Low delinquency, ideally under 10 percent
- Clear reporting, proactive planning, and transparent decision‑making
- Documented capital projects with identified funding sources
- Professional management for larger complexes or an engaged volunteer board for smaller ones
Local note: Many Upper Valley buyers prioritize walkability, campus proximity, and low‑maintenance living. Well‑managed communities near Dartmouth often see steady demand, but dues will vary based on services and building age.
Maintenance and day‑to‑day living
Think about how you want to spend your time and what level of control you want over your home’s exterior.
Who fixes what
- Condos: The association typically handles exterior, structural common elements, and shared systems. You handle interior surfaces, appliances, and sometimes in‑unit HVAC if it is not part of a central system.
- Townhomes (fee simple): You are responsible for the roof, siding, and yard unless the covenants assign certain tasks to the HOA.
- Shared systems: Ask whether heat and water are individually metered or centralized. Some converted buildings use central steam or hot water.
Age and building type considerations
- Older conversions near Hanover and Lebanon: These may have aging roofs, boilers, windows, or electrical that require capital planning. Reserve studies and recent project records are key.
- Newer townhouse developments: Often provide modern systems and layouts. Still verify HOA setup, quality of construction, and long‑term maintenance plans.
Financing and insurance differences
Your loan options can hinge on the property’s legal structure and the association’s financial condition.
Financing basics and project review
- Fee‑simple townhomes: Lenders often treat these like single‑family homes with standard underwriting.
- Condos: Lenders evaluate both your unit and the entire project. High delinquency, inadequate reserves, heavy investor ownership, or litigation can limit financing.
- Conventional loans (Fannie Mae and Freddie Mac): Follow project review guidelines for reserves, owner‑occupancy, and single‑entity ownership limits.
- FHA loans: Many condos need to be on the FHA‑approved list, though single‑unit approvals may be possible in some cases.
- VA loans: VA has its own condo approval standards and list.
- Practical tip: If you need FHA or VA financing, prioritize projects with current approvals or consult a lender who can advise on unit‑specific approvals.
Insurance you will need
- Condo owners: Usually carry an HO‑6 policy that covers the interior, personal property, and liability. The association maintains a master policy for the structure and common elements. Understand master policy deductibles and code upgrade coverage.
- Townhome owners (fee simple): Typically carry an HO‑3 or HO‑5 policy that covers the structure and land similar to a single‑family home.
- In New Hampshire, confirm coverage for flooding or sewer backup if relevant. Many homes rely on private wells and septic, so review any needed endorsements and local environmental considerations.
Resale and market fit in the Upper Valley
Your lifestyle and timeline will shape the best fit. So will the way local buyers shop near Dartmouth.
Who tends to choose what
- Dartmouth‑area professionals and medical center staff: Often value condos and townhomes close to campus and services for convenience.
- Downsizers: Frequently prefer condos for reduced maintenance and predictable services.
- First‑time buyers: May appreciate the lower entry price of some condos, but should weigh monthly dues and restrictions.
- Investors: Some condo markets attract renters near the college. Higher investor concentration can affect financing and HOA rules.
What helps resale locally
- Proximity to Dartmouth, downtown Lebanon or Hanover, transit, and services
- Adequate parking and clear parking rights
- Clear, reasonable pet and rental policies
- Documented maintenance of building systems and a sensible reserve plan
- Awareness of floodplain and septic considerations when applicable
For current pricing, inventory, and days on market in Grafton County, lean on up‑to‑date local MLS data and recent market reports from the New Hampshire Association of REALTORS.
Local due diligence checklist
Use this list to confirm the details that matter before you commit.
Documents to request
- Declaration, Bylaws, Articles, and Rules and Regulations
- Current operating budget and most recent financial statements
- Reserve study or a written reserve fund statement
- Certificate of insurance and the master policy
- Board meeting minutes from the last 12 months
- Any pending litigation and the history of assessments
- Owner delinquency report if available
- FHA and VA approval status if you plan to use those loans
- Architectural and design standards if you intend exterior changes
- Rental policy and short‑term rental rules
Physical items to verify
- Condition and age of roofs, siding, driveways, and sidewalks
- Whether heat and hot water are centralized, and system age and maintenance
- Fire safety systems and inspection status
- Parking rights and snow removal arrangements
- Storage areas, basement or attic access, and mailbox locations
- For townhomes, lot lines, easements, and responsibility for retaining walls and yard care
Questions to ask the HOA or manager
- What do dues include and what are the current amounts?
- What is the reserve fund balance and funding plan?
- What capital projects are planned in the next 1 to 5 years and how will they be paid for?
- Are there rental caps, age restrictions, or pet policies?
- Are there any pending insurance claims or legal disputes?
Local records to check
- Grafton County Registry of Deeds for the legal description and ownership form
- Town Assessor or Tax Collector in Hanover, Lebanon, Lyme, Enfield, or Canaan for property tax history
- Town or Regional Planning and Zoning for any planned developments or zoning changes
- New Hampshire Department of Environmental Services for well, septic, and floodplain resources
Quick scenarios to guide your choice
- First‑time buyer on a tight budget: Consider fee‑simple townhomes for broader financing options or prioritize condo projects with conventional or FHA/VA approvals. Confirm dues and any upcoming assessments.
- Downsizer seeking low maintenance near amenities: A well‑managed condo with strong reserves and clear policies can deliver a lock‑and‑leave lifestyle near Hanover or Lebanon services.
- Buyer who wants control and outdoor space: A fee‑simple townhome can offer attached living with more autonomy over the exterior and yard.
What to ask at a showing
- How much are the dues and what do they include?
- When was the last special assessment and why?
- Who handles roof, siding, and snow removal?
- Are there rental or pet restrictions?
- What are the parking rights and guest parking rules?
- How old are the shared systems and what projects are planned?
Next steps
Choosing between a condo and a townhome in Grafton County comes down to your lifestyle, financing plan, and appetite for maintenance. With the right due diligence, you can find a home that fits how you live today and supports your goals tomorrow. If you want a clear path from first tour to confident closing, connect with a local guide who knows the Dartmouth area inside and out. Reach out to Carter Auch for thoughtful, locally grounded advice and next steps.
FAQs
What is the legal difference between a condo and a townhome in Grafton County?
- A condo owner typically owns the interior of the unit and shares common elements through an association, while a fee‑simple townhome owner usually owns the structure and the land; verify the recorded form of ownership in county deeds.
Do HOA dues for Upper Valley condos usually include heat and water?
- It depends on the project; many condo dues cover exterior items and some include heat or water, so confirm inclusions in the budget, bylaws, and master policy.
Can I use an FHA or VA loan to buy a condo near Dartmouth?
- Possibly, but the condo project often needs FHA or VA approval or a unit‑specific review; speak with a lender early and prioritize approved communities when possible.
What insurance policies apply to condos versus townhomes in New Hampshire?
- Condo owners usually carry an HO‑6 walls‑in policy since the association insures the building, while fee‑simple townhome owners typically carry an HO‑3 or HO‑5 policy covering the structure and land.
How do special assessments work in condo or townhome associations?
- Associations can levy special assessments to cover unexpected costs or capital shortfalls; review financials and meeting minutes to understand past and planned projects.
Where can I confirm property lines and ownership details in the Upper Valley?
- Check the Grafton County Registry of Deeds for recorded documents, and consult town assessor records and local planning or zoning offices for additional property data.
