Real Estate Information Archive

Are you thinking about ditching the rental and owning your own home in Albuquerque? An important component of becoming a homeowner is the down payment. When you want to buy a home, saving for a down payment is likely to be the biggest obstacle.

Down payments are the cash you put down when making a large purchase. You would need $35,000 in cash to buy a $350,000 house with a 10% down payment.

Ultimately, your mortgage lender will provide the rest of the money to buy the home, and you will repay your lender over time. Down payments are generally required by lenders, with a few exceptions, such as VA loans.

Putting down 20% is recommended if you're buying a house, but that can be a lot of money.

What can you do if you live paycheck to paycheck? While it may be possible, you may also need to change your routine.

Take the First Step

Although it might seem impossible to save money when you're barely making ends meet, make one first step towards your goal. Taking that small step is the best way to begin, even if it seems symbolic.

Start by opening a savings account that will be used exclusively for the down payment. It will accrue interest over time, which will help.

Create a Budget

It may be that you are living paycheck to paycheck, but that does not have to be the case.

When you look at what's going out versus what's coming in, you may find that you can still save some money even with your current income.

If you are not being honest with yourself about your income and spending, you might not realize how much you are spending on unnecessary items. Nevertheless, being honest is worthwhile.

Include in your budget the amount that you will set aside every week or month for your down payment.

Even small contributions do add up over time if you’re consistent and patient.

Many financial professionals recommend following the 50/30/20 rule when creating your budget. Rent, for example, would take up 50% of your income. A third of the budget goes toward lifestyle expenses such as eating out. Savings or debt repayment should account for the other 20%.

Cut Out Subscriptions

Regularly evaluating your subscription fees and cutting them out is one of the best things you can do for your finances. Despite the simple concept, the average person in the United States spends $237 a month on subscriptions. It's a lot of money that could be used somewhere else.

Go Over Every Bill Carefully

Because your income is relatively low in comparison to your expenses, you should go through every single bill and transaction carefully.

There are several reasons for this.

The first thing you need to do is make sure you aren't paying for mistakes. You may also be able to find cheaper options. It may be possible to negotiate a lower interest rate on your credit cards if you make on-time payments in the past, or you might be able to get discounted car insurance rates if you are a good driver.

If you know where to look and are willing to ask, you can save money on your bills.

Add Income

As a last step, add extra income to your life once your budget is in order. It can be done in so many ways. Perhaps you deliver groceries or work for a rideshare service when you are not working your full-time job.

Adding another source of income puts you that much closer to your down payment, regardless of what it is.

Your secondary income should go directly into your down payment savings account so you won't be tempted to spend it elsewhere.

As you can see, with a few adjustments in your life, you can find the money you need to save for a down payment on your next home in Albuquerque.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

616 LA VETA Drive NE, Albuquerque, NM 87108

Fantastic, 3 bedroom home now available with 2 spacious living areas, cozy fireplace and lots of natural light. Kitchen features stainless steel appliances, granite counters and all appliances stay! Modern bathrooms and updated kitchen make this home a gem. Beautiful hardwood floors and tile throughout. Large bedrooms. Front has lovely flagstone patio with rose bushes ready to bloom! Backyard is blank canvas for your dreams to become realized. Come see this home today, it wont last!

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Get your Morning Inspiration with the Sandi Pressley Team

Finding the home of your dreams in Albuquerque can be an amazing experience. You can fall head over heels for a home the second you step into the living room, and just fall more and more in love as you walk through the rest of it. This can make you overlook some major flaws that you wouldn’t have if you hadn’t been blinded by your love of the home. While the house might be perfect on the surface, it might not be the house for you. Here are some tips on picking a home that you’ll love and is right for you.

Shop Within Your Budget

Speak to your lender and get a price limit that you can comfortably afford based on your income and current debts. Then only look at homes that are within that price range. This will keep you from falling in love that would overextend you and put the bank’s investment at risk.

Work With a Real Estate Professional

When you look on the internet, you run the risk of finding a home way out of your league. You’re more than welcome to look online, just make sure to stay in your price range. If you look at homes that are more expensive than you can afford you’re going to fall in love with the extras and space you’ll find there. Share your wish list with a real estate professional and let them preview homes for you.

Shop for the Size You Need

Buying a home that’s too big is a common mistake buyers make. While you might think that buying a home with the most space with the money you have is a good idea, remember the operating costs of heating and cooling and the hassle of keeping all those rooms clean. Plan out how many rooms you’ll need and stick to a home with that many rooms.

Shop for Your Lifestyle

Consider your lifestyle. If you’re single and travel often, you probably don’t want a home with lots of land to maintain, you’d probably want a condo or something on a smaller lot in a gated community. If you have kids, you’ll probably want something in a nice neighborhood with lots of parks nearby.

Keep Your Commute in Mind

While they offer the most comforts and space, many of the newest homes are built on cheaper land that’s farther from city centers. Keep the commute to work in mind when you’re picking a home or neighborhood.

Remember You Have to Live in the House

A home can look absolutely perfect on the surface, but be completely impossible to function in. Is there space for a table to put your keys? Is there a place where the kids can drop their backpacks after school? Does your office have enough space to work in? Are there enough bathrooms for everyone to use during that morning rush?

Don’t Let a Home’s Look Fool You

Affordable homes are often older or need a little work. You can often turn a so-so home into the perfect home with some minor cosmetic updates. No home is perfect, so don’t worry about by ugly wallpaper or paint, as it can be easily changed. The right house for you might not be the biggest, prettiest, newest house on the block, but it should be the house that fits the many needs of your household. When comparing homes remember to keep your wish list, price range, number of bedrooms needed, space and amenities that are needed, in mind. Once you move in you’ll see that that the perfect home is the one that suits you and your needs best.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

616 LA VETA Drive NE, Albuquerque, NM 87108

Fantastic, 3 bedroom home now available with 2 spacious living areas, cozy fireplace and lots of natural light. Kitchen features stainless steel appliances, granite counters and all appliances stay! Modern bathrooms and updated kitchen make this home a gem. Beautiful hardwood floors and tile throughout. Large bedrooms. Front has lovely flagstone patio with rose bushes ready to bloom! Backyard is blank canvas for your dreams to become realized. Come see this home today, it wont last!

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Get your Morning Inspiration with the Sandi Pressley Team

When it comes to selling and buying real estate in Albuquerque, reputation is everything. You need to know that you can count on your Realtor to make the best deal and take care of your needs from start to finish. Thanks to the internet, we can read the esperiences of many of the people that have had the pleasure of buying and selling a home with Sandi Pressley and her team. They have been so kind as to share thier experiences working with us. Here are just a few of the reviews that show why Sandi and her team have been the top real estate agents in New Mexico for decades.

mang64on Zillow | 2 months ago

"This is the second time we have worked with Tori as our realtor. I can't recommend her enough. She was very responsive to our questions and requests, she explains what is happening in every step of the process, and is very easy to communicate with in general. Everything she or her team does is timely and efficient and they all work well together so everyone knows what is happening and the process is seamless."

zuser20161009171930614on Zillow | 2 months ago

"We can’t speak highly enough of Sandi! We loved our house and needed to find a realtor who could also be passionate about our house in a way we did. We contacted a couple of realtors and we were thrilled to choose her!!! Home selling and moving process were super stressful but Sandi made what could have been a difficult process as seamless as could be. Sandi really listened to our concerns. Her professionalism, knowledge, honesty, integrity and hard work ethics (literally she calls you back in few min even at night) are very much appreciated and respected. She is super delightful and FUN but detail oriented, honest, and natural with people making it the perfect fit for our home selling journey."

RobertSpeakeon Zillow | 5 months ago

"Sandi's team did an exceptional job of selling my property, from listing to closing. A special shout-out to Becca Moore who did the all-important job of finding the right buyer for my unusual property with 2 houses on it. She understood that it could be sold to both investors and homeowners and promoted it in both markets. Another shout-out to Althea Beecher, who worked out my buyer's allowances with the buyer's agent so that they were affordable for me. The entire process took 5 months, which was reasonable for an unusual property like mine. Thanks, Sandi and your great team!"

efaria71on Zillow | 5 months ago

"Tori is extremely knowledgeable in the current market and is always available for questions. She works rigorously to full-fill her clients needs and requirements. She is extremely kind and patient and will go the extra mile. Tori communicates well and is focused on detail. She is a professional in her field and is a master when it comes to closing the deal. It was a pleasure to work with Tori throughout the entire real estate purchase process. I highly recommend her services to anyone!"

Karen Ungaron Facebook | a year ago

"We had the pleasure of working with Sandi and her team to sell our home in Albuquerque. We interviewed four top realtors and she won our confidence hands down. We are so happy we did so as she has never disappointed us. She created a beautiful photo presentation online and gave us a slick brochure to pass out. Sandi and her team pay very close attention to detail and presented us with a weekly report of viewings. We were always in the loop of the current status and plan, and never had to wonder what was going on. Her "dream team" is knowledgeable, eficient, thorough and very tenacious. They encountered a long list of obstacles over an extended escrow period, and overcame each one of them. It is easy to see why Sandi has been Number 1 for many years."

Contact us today to start your own extraordinary experience buying or selling a home in Albuquerque!

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

6500 PONDEROSA Avenue NE, Albuquerque, NM 87110

Gorgeous backyard featuring a POOL and large deck for lots of outdoor living space for relaxing weekends, swimming, gardening, summer BBQs, and entertaining family & friends! Traditional Mossman home 4BDR/3BA tri-level featuring hardwood floors, built-in bookcase, wood burning fireplace, formal dining & living room plus a separate family room overlooking the deck and backyard! Light, bright & open kitchen has nostalgia charm, well kept with lots of cabinets, Quartz countertops and sunny bkfst nook. Updated baths! Updated evaporative cooler, sliding door & some windows! New carpet! Beautiful backyard oasis with grass, trees & shrubs! Great location close to schools, parks, parks, shopping, Whole Foods, transportation, and easy access to Uptown and Downtown!!!

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Get your Morning Inspiration with the Sandi Pressley Team

Whether you're looking for the perfect entry level home or want to step into the perfect mid-priced home, these HOT new Albuquerque listings are ready for you to move in.  Our homes sell fast, so act now to see these fantatic listings!

Feel free to contact Sandi Pressley and her team at 505-263-2173 to get more information and schedule a viewing of these fine homes. You can also check out all of our listings on our Featured Listings page.

6500 PONDEROSA Avenue NE, Albuquerque, NM 87110

Gorgeous backyard featuring a POOL and large deck for lots of outdoor living space for relaxing weekends, swimming, gardening, summer BBQs, and entertaining family & friends! Traditional Mossman home 4BDR/3BA tri-level featuring hardwood floors, built-in bookcase, wood burning fireplace, formal dining & living room plus a separate family room overlooking the deck and backyard! Light, bright & open kitchen has nostalgia charm, well kept with lots of cabinets, Quartz countertops and sunny bkfst nook. Updated baths! Updated evaporative cooler, sliding door & some windows! New carpet! Beautiful backyard oasis with grass, trees & shrubs! Great location close to schools, parks, parks, shopping, Whole Foods, transportation, and easy access to Uptown and Downtown!!!

Learn More!

1129 WALKER Drive NE, Albuquerque, NM

Darling and updated!! Fantastic NE location!! Newer electrical, plumbing, insulation, sheetrock, floors, cabinets, fixtures, appliances, furnace/combo unit, refrigerated air, windows, water heater, stucco and metal roof! Basically a cute newer house! Backyard access with the Tandem garage. Huge fenced yard for kids or animals. nothing needs to be done to this house to move in. Easy maintenance, lock and leave.

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Overpaying for a home is an issue Albuquerque home buyers are experiencing right now. Markets across the city and country are incredibly hot. Housing supply is low, and demand is high. In many cases, buyers find themselves in bidding wars when they attempt to buy a house.

You are more likely to overpay for a house if you are involved in a bidding war.

You'll spend more on everything if you overpay for a house, including the down payment, closing costs, and the interest you pay over the years.

How do you know if you may be overpaying? You must pay attention to the following red flags and signs when making a decision, regardless of your emotions.

The Listing Price Is Different From Comps in the Area

It's a possible red flag if the listing price of the home you're interested in is out of line with the sales of comparable properties in the area.

Perhaps the seller priced their home according to the values of neighboring houses rather than based on what they're selling for.

The services of an experienced real estate agent, like Sandi Pressley and her team, who understands the current market can be very helpful in this situation.

There is more to a house than its value. In addition to considering the community and school district, there are many other things to consider. Ideally, your realtor should already be aware of these factors and will be able to negotiate on your behalf.

Homes in the same neighborhood should have similar prices. Although there may be differences based on factors like size, the features should be similar enough that you can use comparables as a guide.

Online Estimates Are Lower

Over the past few years, online valuation tools have become much more accurate.

You could be in danger of overpaying if you find online tools that value a home lower than the list price.

Keep in mind that everything needs to be viewed in context, so if the kitchen has been recently renovated, then the home could have a bit more value.

The Listing Price is Similar to Homes No Longer on the Market

This red flag can take a little more research to figure out but if you’re looking at a home with comps similar to sellers who have taken theirs off the market, keep this in mind.

Homes that have been removed from the market will be available to an agent. If the asking price on these unsold homes is similar to what you’re looking at, it could be overpriced.

It’s Been on the Market for a Long Time

If a home has been on the market a long time, you could be at risk of overpaying. A home that’s priced too high doesn’t get showings or interest and then doesn’t get offers. You need to think carefully about why other people might be passing on the home.

Of course, if you’re in the situation where you’re in a bidding war, it can be different. You might be at risk of overpaying simply because you’re caught up in the emotion and the competitive element. If you’re going well beyond your budget simply because you end up in a bidding war, it’s probably time to take a step back and reassess.

No matter the value of a home, if you pay more than what you can comfortably afford, then you’ve ultimately overpaid.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

7113 NAPOLEON Road NE, Rio Rancho, NM 87144

Welcome to this beautiful Twilight home in the heart of highly desirable Lomas Encantadas! This 3-bedroom, 2-bath gem has so much to offer. Enjoy the Chef's Kitchen with upgraded Kitchen-Aid appliances plus a gourmet Wolf gas range and convection oven and beautiful granite. The backyard oasis has incredible mountain views, a fire pit, and extended covered patio with custom pull-down shades. A NEW Tankless Water Heater (2022), refrigerated air, tile roof and xeriscaping keep this one low maintenance! Relax in your oversized master suite, cozy up by the gas fireplace, or just enjoy the views. This one is ready for you!

Learn More!

 easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Get your Morning Inspiration with the Sandi Pressley Team

Whether you're looking for the perfect entry level home or want to upgrade your lifestyle, these HOT new listings are ready for you to move in.  So make sure to act fast as they are sure to sell quickly!

Feel free to contact Sandi Pressley and her team at 505-263-2173 to get more information and schedule a viewing of these fine homes. You can also check out all of our listings on our Featured Listings page.

3015 SOUTHERN Boulevard SE, Rio Rancho, NM 87124

Immaculately clean like-new JEWELBOX! Must see to believe! Hurry before its gone! NEW since 2020: Roof, skylights, flooring, baseboards, paint, exterior and interior doors, windows, water heater, ceiling fans, light fixtures, garbage disposal. New stove being installed 3/29: stainless appliances. Comes with washer and dryer. 2 beds, 1 bath, 2 car garage with outdoor patio. Wheelchair accessible, near shopping, restaurants, hospitals, and local services. A quiet respite in the heart of the city: make it yours today!

Learn More!

6924 DUSTY Drive NE, Rio Rancho, NM 87144

Welcome to prestigious Lomas Encantadas! Enjoy the best of both worlds with this special home: like-new Hakes Brothers construction (built 2020) with the personal upgrades of a single owner. OWNED Solar Panels....Custom backyard with low-maintenance turf and GORGEOUS mountain views....water softener....reverse osmosis in kitchen...BRAND NEW upgraded laminate flooring THROUGHOUT (NO carpet!!)...CAT 5 home office wired...WOW! Enjoy 3 bedrooms plus an oversized office/bonus room, a Chef's Delight kitchen, and open floorplan all while being convenient to all of your daily needs (grocery stores, restaurants, etc.). Plus, the master bath feels spa-like with custom stone work and separate garden tub and shower. Come see this one today!

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Most first time home buyers are in their early 30's when they decide to buy. That's a young age to make such a huge financial decision. Of course, it's also a stressful decision no matter how old you are.

How can you reduce the stress of buying a home for the first time? Here's a few things to consider.

How Much Home Can You Afford?

First you need to decide how much of a home you can afford before you start looking for a home. You can use an online mortgage calculator to find out the maximum amount you can afford to pay on a mortgage. This will be based on the price of the home after the down payment for a 30 year mortgage.

An even better way to pin down how much you can afford is to work with a loan officer to help you come up with an amount. They have more detailed access to information such as how much the bank can loan you and what the interest rate will be.

What Can't You Live Without In a Home?

Before the home search begins, you need to sit down and figure out what really matters to you in a home. And not just in the home itself, but the location. Also consider what would make you miserable. Then put it all down in a list of items that are non-negotiable.

After you start looking at homes, then you should take another look at your list and adjust it as you know more about the homes that are available.

Use an Experienced Local Real Estate Agent

A real estate agent can make all the difference when buying a home. Try to get a referral from friends or relatives who live in the area you want to move to. If that's not an option, you can check agent reviews online for local real estate agents.

A good real estate agent knows the Albuquerque area and listens to your needs. In many cases, a great agent will have repeat clients over the years. Look for an agent who has reviews that reflect this. They will also be able to connect you to loan officer and real estate attorneys, along with other needed professionals. Sandi Pressley and her team have decades of experience helping fitst-time home buyers realize their dream of owning a home.

Compare Prices

You should look at homes in the area that are comparable to get an idea of what they're selling for.

You can easily compare homes in the area you plan to move to using tools such as our Advanced Home Search feature.

Ask Your Real Estate Agent About Closing Costs

Closing costs can vary widely. These costs usually include hiring an attorney to look over the buyer seller agreement, along with a home appraiser to inspect the home before the sale. A good real estate agent will be happy to help you determine closing costs.

Being a first time home buyer may seem daunting, but it's something you can accomplish successfully with the right planning and information.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

7 RICHY Place, Tijeras, NM 87059

Peace & Quiet in Tijeras! This Single-Owner Home is ready for a new owner. New Roof 2019....soaring ceilings with tons of light...2 living areas.....and a beautiful, wooded 1/2 acre is yours to enjoy. 2-car garage features a separate workshop/hobby/storage area. Relax in the sunroom or the deck while watching the wildlife. Come see this one today!

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Choosing a home for sale in Albuquerque may involve seeing some listings marketed with the term "as-is." When a home is sold as-is, it's appealing to sellers because they don't have to spend time or money fixing certain things. This is an effective option for those who wish to sell quickly.

Albuquerque home buyers will usually find the homes cheaper than similar properties.

Buying a home as-is can have its perks, particularly in today's competitive housing market, but you also need to understand what it means.

What Does As-Is Mean?

Sellers who list their homes as-is make no repairs before closing. There are no guarantees that everything will work or even be in good condition. A seller's disclosure is also not required.

It is your responsibility as the buyer to fix a major issue you find in a property advertised as being as-is.

Disclosure requirements for an as-is seller still apply. This includes information about conditions such as lead paint.

A home described as "as-is" doesn't necessarily mean it's damaged beyond repair. Even if there are minor issues, a home may still be listed as-is.

The seller might be in debt, or they might be in a rush and not have time to wait for contractors to finish even cosmetic repairs.

What Factors Should You Consider Before Buying An As-Is House?

A few things need to be considered when purchasing something as-is.

There is a possibility that the house isn't livable in its current state. Perhaps you are willing to make the necessary repairs, but will your lender approve?

The livability of a property is a requirement for many types of loans. Such criteria are known as minimum property requirements (MPRs). An appraiser will assess a property to determine if it meets the MPRs.

Conventional loans aren't guaranteed or insured by the federal government. Fannie Mae and Freddie Mac also require many conventional loans to meet their requirements. Fannie Mae and Freddie Mac standards allow for the purchase of homes with only minor defects. Structure issues must be the result of normal wear and tear, but the house still needs to be safe.

An as-is property could still be eligible for a conforming loan even if it has plumbing leaks, interior wall damage, or missing light fixtures, for example.

MPRs are stricter for government-backed loans, such as a VA loan.

Getting a Home Inspection

Inspections are required when buying a house as-is. They help you understand what the issues are so that you can budget accordingly.

An inspection is not an appraisal and usually isn’t required.

The value of a property is determined by an appraisal, which is usually required by a lender. You may decide to have a home inspection done.

Partial As-Is Homes

An as-is sale of a home doesn't mean the whole thing is for sale as-is. A seller might list a property as-is but only reference certain parts of it. A shed or garage, as well as a pool that has broken, are usually partial as-is features.

When the seller says "as-is", you must ask exactly what they mean.

Required Disclosures

Finally, when you buy an as-is home, you do not waive your right to disclosures. State and federal guidelines and regulations determine what sellers have to tell you about the property.

If a seller doesn’t let you know about a known problem required in your state, you may be able to sue for the repair costs or damages.

The only federal disclosure requirement currently is for lead paint. If you’re buying a home built before 1978, the seller has to tell you if it’s ever had lead paint.

Finally, working with a great agent can be an important asset if you’re thinking about buying a home as-is. A good agent understands local New Mexico and Albuquerque disclosure laws and can help you understand the specific implications of buying as-is in your situation.

Sandi Pressley and her team can help you feel more confident in your decision or decide when it’s best not to buy.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

7 RICHY Place, Tijeras, NM 87059

Peace & Quiet in Tijeras! This Single-Owner Home is ready for a new owner. New Roof 2019....soaring ceilings with tons of light...2 living areas.....and a beautiful, wooded 1/2 acre is yours to enjoy. 2-car garage features a separate workshop/hobby/storage area. Relax in the sunroom or the deck while watching the wildlife. Come see this one today!

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

If you’re planning to buy a home in Albuquerque, you will no doubt have to decide between getting a 15 or a 30-year mortgage. It can be a tough decision, especially since you’re having to think about where you’ll be in your life that far in the future.

Here are some of the pros and cons of each:

The Pros and Cons of a 15-Year Mortgage

A 15-year mortgage fixes your monthly payment and interest rate for the life of your loan, as is the case with the 30-year mortgage. It’s an alternative to the 30-year mortgage, which is the more conventional option. With a 15-year mortgage, you can save a lot of money over the long-term if you’re willing to deal with the potential downsides.

The pros:

• A 15-year mortgage is cheaper in the long-run than a 30-year mortgage. The cost of a mortgage is based on the annual interest rate, and you’re only borrowing money for half as long with this option.
• Short-term loans are cheaper and are viewed as less risky by a lot of lenders, so they may offer a lower interest rate. Sometimes the rate difference can be anywhere from a quarter-point to an entire point when compared to a 30-year option.
• The Federal Housing Administration charges lower mortgage insurance premiums on 15-year loans.
• Some financial analysts and planners feel like a 15-year mortgage is a form of forced savings. Basically, you’re investing in a house instead of something like the stock market, but that house is likely to go up in value or appreciate.

The cons:

• You’re going to have a higher monthly payment when compared to a 30-year mortgage because you’re paying off your entire loan in half the time. You may not be able to afford this.
• If your aim is to get a 15-year mortgage, you may ultimately be able to afford less house because of the payments.
• If you’re making a higher house payment each month, you’re going to have less liquidity and cash reserves and less money to put toward savings or other investments.

Pros and Cons of a 30-Year Mortgage

The pros:

• Your monthly payments are lower. This is essentially the biggest upside of a 30-year mortgage. You may have more flexibility in your budget with lower payments simply because you’re stretching your payments out over a longer period.
• You have some flexibility in how you repay a 30-year loan. For example, if the opportunity arises, you can pay more, but you don’t have to.
• You may qualify for a more expensive home, so your home may grow more with your needs over time.
• Tax laws let you deduct mortgage interest from your taxes. When you first get a home loan, most of your payments go toward interest, so that can be a substantial deduction.
• Since the payments are smaller, it’s easier to qualify for a 30-year mortgage.
• You have more money each month to put toward other goals, including saving and investing.

The cons:

• Lenders tend to charge a higher interest rate on 30-year mortgages because they’re spreading their risk of you not repaying over a longer period of time.
• You’re going to pay much more in interest over the life of your loan.
• With a 30-year loan, you’re building equity in your home at a much slower pace.
• With a 30-year loan, you’re putting yourself more at risk of borrowing more than you can really afford.

Overall, you can see the pros and cons of each are significant. There’s no right answer as to which is the better option. It depends on your financial situation and your goals and priorities not only now, but into the future.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

4501 ATHERTON Way NW, Albuquerque, NM 87120

Exquisite custom Tuscan home-in the gated community of Oxbow North. Impeccable hand crafted cabinetry throughout, travertine tile with inlay, gourmet kitchen with Wolf Appliances and Sub-Zero Refrigerator. Commercial grade radiant heating system (plus central forced air).Two master suites, 3 custom fireplaces, tiled balcony with breathtaking views of the city and mountains. Surround sound in great room and loft area, 4 car tandem garage..and so much more. Enjoy your next memorable home.

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

A home inspection is a requirement of real estate transactions. Professional home inspectors examine properties and identify problems a potential buyer should consider. It is possible to visit a home inspection if you are a prospective buyer. In either case, you'll receive a report of the inspection's findings.

It can be devastating to buy a home in Albuquerque only to find that it has structural problems that aren't fixable or are extremely expensive to fix after you buy the home. An inspection can help you avoid that potential disaster. Before buying a home, make sure the property has been inspected. Any major problem you discover can be discussed with the seller.

Although the two are sometimes confused, an inspection is not the same as an appraisal. An appraisal estimates the value of your property. Appraisals do not identify specific problems, but mortgage companies normally require them. Inspections are not required, but they are important.

Buyers and sellers must also conduct inspections. An inspection by a buyer occurs after you've made an offer, but before closing. Depending on what you find, you might need to renegotiate. A seller's inspection occurs before a home is listed for sale. Sellers might choose to do this to ensure their home is in a good condition before putting it on the market.

What Do Inspectors Look For?

Home inspections cannot cover everything, and there are certain parts of a house that may require an additional inspection.

A home inspection involves assessing the mechanical systems and structural integrity of a home. Windows, doors, ceilings, and walls are all assessed. Inspectors take a close look at major appliances, check the heating and air system, and examine the plumbing and electrical systems. Inspections aren't there to determine if you're getting a good deal.

Inspectors aren't interested in cosmetic issues unless they are also safety concerns.

The Report

You may see that an inspector completes a report using a checklist, or they may include paragraphs outlining problems. Any inspection is likely to uncover some issues unless the house is brand new.

How Does an Inspection Affect the Sale of a Home?

Buyers and sellers may renegotiate or end a potential deal if an inspection reveals potential issues.

In the event that a potential buyer walks away due to the inspection, you will have to put your home back on the market. An under contract or pending home that returns to the MLS can be a red flag for some buyers.

Potential buyers might demand that the seller make necessary repairs as part of renegotiation. The seller may also issue a credit so the buyer can make the repairs by themselves.

Before agreeing to anything, a seller may hire their own experts to determine what the inspector found. Inspectors can make mistakes.

Hiring an Inspector

You should hire a good inspector when buying a home in Albuquerque. Choose an inspector who is certified by an organization such as the American Society of Home Inspectors or the International Association of Certified Home Inspectors. To become a member of these organizations, you must pass exams, complete continuing education, and follow an ethics code.

Also, you might consider interviewing an inspector, who can share more information about their experiences. There are inspectors with specific expertise. A historic home inspector, for example, may be more appropriate for a home in an area such as Albuquerque.

Also, you can ask for references from past clients.

Last but not least, expect to pay anywhere from $300 to upwards of $500 for an inspection. This is typically paid upon completion of the service, and is not included in your closing costs.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

2528 BOSQUE ENTRADA Trail NW, Albuquerque, NM 87120

Welcome home to a slice of country living in the city! This impeccable 3 bed | 2 bath home is located in the much desired Bosque Del Rio neighborhood. Home features: freshly painted interior with an open concept kitchen, newly painted kitchen cabinets and new hardware, SS appliances, Quartz countertops, new fixtures, plantation shutters and window seats, 2 refrigerated air units, open and spacious living room. Outside is beautifully landscaped with low maintenance plants, trees and flowers; very relaxing! The Bosque trails are walking distance - where you will enjoy New Mexico living at its finest. Schedule your showing today!

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.