WOLFEBORO, N.H. – Like a lot of Massachusetts residents, Gov. Mitt Romney prefers New Hampshire in the summertime.

He spends as many summer weekends as he can at his 11-acre Lake Winnipesaukee estate, which boasts more than 700 feet of waterfront, a six-bedroom mansion, stable, guest quarters and a boathouse, which at 2,700 square feet is bigger than most people’s homes.

By all accounts, the Romneys are good neighbors – amiable and low key. And Wolfeboro, an old resort town where locals take pride in not fussing over wealthy and celebrity residents, seems to suit Romney, a Republican who made a fortune as a venture capitalist before becoming governor in 2003. Except for the Massachusetts state trooper discreetly shadowing him, he’s just another millionaire browsing the hardware store or eating soft-serve ice cream.

That won’t be the case if Romney, whose term expires next year, follows through on signs he will run for president in 2008 – and wins.

“Just wait. It will be a massive change,” says Donald Fiske, head selectman in Kennebunkport, Maine, which was President George H.W. Bush’s summer White House 1989-92. “I would say to Wolfeboro, you don’t really know what the possibilities are of how your town will be affected.”

Wolfeboro, population 6,500, has hosted its share of the rich and famous: Monaco’s Prince Rainier and Princess Grace, Drew Barrymore, Madame Chiang Kai-shek, and members of the Black & Decker and Marriott hotel clans all have (or had) connections to the area. Former Republican Sen. Bob Dole vacationed in Wolfeboro in 1993. Three years later he lost the New Hampshire primary to Pat Buchanan, though he went on to win the GOP nomination.

But veterans of “Kennebushport,” 76 miles to the northeast, say no amount of Hollywood exposure can prepare a town for the crush of security around a summer White House.

George Herbert Walker Bush, known as ’41’ around Kennebunkport, has spent nearly every summer of his life at his family’s oceanfront property there. But the easy familiarity with the boy who played in the summer baseball league was a distant memory by the time he became president, said Fiske, 64.

“Everything ground to a halt if he was going to play golf or if he was on the move to the airport,” Fiske said. He remembers the scene: helicopters overhead, Coast Guard cutters offshore, Secret Service snipers watching the town square, media vans everywhere. Locals got used to checklists and traffic stops. Lobstermen, tired of having their boats searched, stopped throwing traps in a cove near Bush’s home.

Tourism and businesses benefited, but Kennebunkport also was targeted by activist groups, and it took more than a year for the federal government to reimburse the town for police overtime costs, Fiske said.

He said Kennebunkport gets a reminder of those days whenever ’43,’ President George W. Bush, pays a visit.

“The town goes into a lockdown form of protectiveness when 43’s around,” Fiske said. “That is where Wolfeboro will see the major difference. It’s going to be the protective walls that are necessary to be around the president of the United States.”

The next president won’t be sworn in until January 2009, so Wolfeboro officials aren’t losing any sleep yet.

“I push it aside, thinking, well, ‘I’ll wait ’til it happens,”‘ said Selectwoman Shirley Ganem. “It would be exciting but it would also be a strain – bittersweet.”

Police Chief Brian Black said he’ll be in touch with Kennebunkport police if Romney becomes a serious candidate.

If he decides to run for president, Romney’s Wolfeboro compound would give him a second home in the state with the first-in-the nation presidential primary.

Wolfeboro also is a GOP town: registered Republicans outnumber registered Democrats by a ratio of more than 2-to-1. Democrat John Kerry won New Hampshire in last year’s general election, but President Bush won Wolfeboro, 2,343-1,798.

“He’s a very nice, amiable fellow,” said Gordon Hunt, owner of the hardware store where Romney occasionally shops.

Romney earned some gratitude two years ago when he and two of his sons raced to the rescue of six people whose boat sank in the lake. That same summer Massachusetts State Police marked a 250-foot security border in the water around Romney’s property. The markers were removed after people complained to New Hampshire authorities.

“The goodwill was a little bit strained,” Ganem said.