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Essential Tasks for New Homeowners in Albuquerque

by Sandi Pressley

Becoming a homeowner is a significant milestone, and in a city like Albuquerque, it comes with its own set of unique opportunities and challenges. Here's a guide to help you navigate the waters of homeownership.

Financial Planning and Budgeting

The first step in your homeownership journey should be a thorough financial assessment. Understanding your financial landscape is crucial to managing your new home without stress. This includes setting up a budget that accounts for all the expenses of homeownership, including mortgage payments, property taxes, insurance, maintenance, and any homeowners association (HOA) fees. It's also wise to explore homeownership assistance programs available in Albuquerque, which can offer financial aid or favorable loan terms.

Home Inspection and Maintenance

Before settling in, ensure that your home is in the best possible condition. Hire a professional to conduct a detailed home inspection to uncover any potential issues. Once you've moved in, regular maintenance is key to preserving your home's value and functionality. Pay special attention to weatherproofing, heating, and cooling systems.

Insurance and Security

Homeowner's insurance is not just a safety net; it's a necessity. In Albuquerque, having the right insurance coverage is essential. Additionally, consider investing in a home security system to protect your property and provide peace of mind.

Utilities and Services

Setting up utilities is one of the first tasks you'll need to tackle. Albuquerque offers a variety of service providers, so take the time to research the best options for your needs. Don't forget to also look into waste management and recycling services provided by the city.

Community Integration

Albuquerque is known for its friendly communities and neighborhood associations. Engage with your neighbors, join local groups, and participate in community events. This will not only help you settle in but also keep you informed about local developments and initiatives.

Personalization and Home Improvement

One of the joys of homeownership is making the space your own. Whether it's landscaping your yard in a water-wise manner suitable for Albuquerque's arid climate or decorating your interior with local art, personalizing your home can be a fulfilling experience. Consider sustainable and eco-friendly options that are both good for the environment and potentially cost-saving.

Documentation and Record-Keeping

Keep all your important documents, such as deeds, warranties, and insurance policies, organized and accessible. This will be invaluable for future reference, especially if you decide to make any legal changes or sell your home.

Long-Term Considerations

Think about the future and how your needs might change. Whether it's planning for a growing family or eventual retirement, consider how your home can adapt to your changing lifestyle. Also, keep an eye on the real estate market in Albuquerque, as it can affect your home's value and your equity.

Owning a home in Albuquerque is an adventure filled with potential. By following this comprehensive guide, you'll be well-prepared to tackle the responsibilities of homeownership and enjoy the rewards it brings. Welcome to your new home in Albuquerque!

HOT ALBUQUERQUE LISTING OF THE WEEK

6205 Whiteman Drive NW, Albuquerque, NM 87120

Sweeping views of Sandia mountains! Impeccably maintained custom home featuring grand entry w/wood vigas, corbels & lighted nichos. Spectacular 19ft Kiva gas fireplace & soaring ceilings in living room. Pella windows, sliding doors. Skylights. Fresh paint. Tankless Waterdrop R/O filter sys, water softener, recirc pump. Loft; office on main; secondary bdrs w/views; one w/walk-in closet. Gorgeous kitchen w/granite, under cab lighting, lg pantry w/pull out shelves, deep SS sink, bkfst bar & nook. Primary suite features balcony w/mtn views, lg walk-in closet, sep shower & garden tub & double sink granite vanity. Backyard oasis, lush grass, trees, roses, lilacs, rosemary; hot tub & covered patio. 2CG w/storage & wkshp area. Excellent location close to parks, schools, shopping!!

LEARN MORE!

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!

Preparing Yourself to Buy a New Home in Albuquerque

by Sandi Pressley

Embarking on the journey of buying a new home in Albuquerque can be both exhilarating and daunting. Albuquerque, with its unique blend of cultural heritage and modern living, offers a variety of residential options to suit any preference. Whether you're drawn to the historic adobe homes or the contemporary new builds, preparation is key to navigating the real estate landscape of this vibrant city.

Understanding the Albuquerque Market

Before diving into the home-buying process, it's crucial to understand the local market. Albuquerque's real estate market can vary significantly by neighborhood, with factors such as proximity to good schools, local amenities, and public transportation affecting property values. Researching the market trends and familiarizing yourself with the different areas can help you make an informed decision when selecting your future home.

Financial Preparation

A solid financial foundation is essential when preparing to buy a home. Start by reviewing your finances to determine how much you can afford to spend on a new home. It's advisable to get pre-approved for a mortgage, which not only gives you an idea of your budget but also strengthens your position when making an offer.

The Importance of a Good Real Estate Agent

Finding a knowledgeable real estate agent who specializes in the Albuquerque area can be a game-changer. A good agent will understand your needs, guide you through the home-buying process, and negotiate on your behalf. They can provide access to listings that may not be widely available and offer valuable insights into the local market. Sandi Pressley and her team have been helping people buy thier first homes in Albuquerque for decades. They have the knowledge and experience you need to find the perfect home.

Home Buying Checklist

Creating a checklist can be incredibly helpful to keep track of all the steps involved in the home-buying process. From determining your budget and estimating monthly expenses to planning for moving and familiarizing yourself with closing costs, a checklist ensures you don't overlook any important details.

Exploring Down Payment Assistance Programs

Albuquerque offers various down payment assistance programs and grants, especially for first-time homebuyers. These programs can provide financial support and make the dream of homeownership more attainable. It's worth exploring these options early in the process to understand the qualifications and benefits they may offer.

Evaluating Your Long-Term Needs

When searching for a new home, consider your long-term needs. Think about the size of the home, the potential for future growth, and how the property will fit your lifestyle in the years to come. Planning for future home maintenance and the associated costs is also an important aspect of long-term homeownership.

Closing the Deal

Once you've found the perfect home, it's time to make an offer and move towards closing the deal. Understanding the closing process, including the associated costs and legal requirements, is crucial. Working closely with your real estate agent can help ensure a smooth transaction.

Buying a new home in Albuquerque is a significant milestone that requires thorough preparation and informed decision-making. By understanding the market, securing your finances, and working with the right professionals, you can confidently navigate the path to homeownership in this enchanting Southwestern city.

For more detailed steps and considerations, check out our blog articles and explore our website. Better yet, feel free to call us at 505-263-2173. We look forward to helping you on your journey to home ownership in Albuquerque.

HOT ALBUQUERQUE LISTING OF THE WEEK

11421 Pine Top Lane NE, Albuquerque, NM 87111
 
Incredible opportunity in Tanoan is ready for new owners! This complete remodel is a gem. The chef's kitchen highlights quartz countertops, 5-burner gas range, wine fridge and gorgeous lighting. Relax in the living room with a glass garage-door that turns your living space into flexible indoor/outdoor space. Upstairs showcases 2 bedrooms with a Jack & Jill custom bath and a spacious Primary Suite with an INCREDIBLY designed spa-like bathroom complete with large walk-in closet. Other features include a custom dog-washing station, Tesla Charger, Tankless Water Heater, Epoxy Garage Floors, New Carpet, New Light Fixtures, Custom Front Door, and Refrigerated Air (2022). All of this and less than a mile from the Tanoan Country Club. Don't miss it!

 

Learn More!

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!

Advice for First Time Home Buyers in Albuquerque

by Sandi Pressley

Embarking on the journey of purchasing your first home is a significant milestone that comes with a mix of excitement and apprehension. Albuquerque's real estate market presents unique opportunities and challenges for first-time home buyers. Here's an extended guide to help you navigate this important life decision with greater ease and understanding:

Deep Dive into Your Finances

A thorough assessment of your financial health is the first step in the home-buying process. Understand your credit score's impact on loan opportunities, calculate your debt-to-income ratio, and determine how much you can realistically afford for a down payment without compromising other financial goals.

Mortgage Pre-Approval

Securing pre-approval for a mortgage not only clarifies your budget but also strengthens your position in negotiations with sellers. It demonstrates your commitment and financial readiness to make such a significant purchase.

Comprehensive Market Research

Albuquerque boasts a variety of neighborhoods, each with its own character and price range. Investigate current market trends, average property values, and future development plans to find a community that aligns with your lifestyle preferences and financial constraints.

Account for All Ownership Costs

The purchase price is just the beginning. Factor in ongoing expenses such as property taxes, homeowners insurance, HOA fees if applicable, maintenance costs, and potential renovations or upgrades.

Enlist a Local Real Estate Expert

Partner with a real estate agent who specializes in the Albuquerque area. Their expertise will be invaluable in guiding you through listings, viewings, and the nuances of local real estate regulations. Sandi Pressley and her team have been helping people in Albuquerque find their first home for decades.

Prepare for Bidding Wars

With a competitive housing market, it's essential to be decisive and prepared to make strong offers. Discuss strategies with your agent to stand out among multiple bids without overextending your budget.

Rigorous Home Inspection

A comprehensive home inspection can reveal hidden issues that could lead to costly repairs down the line. Consider additional inspections for pests, radon, or structural integrity if suggested by the initial findings.

Strategic Negotiation

Work with your agent to understand the seller's motivations and craft an offer that addresses those while remaining within your budget. Be prepared to negotiate terms beyond price, such as closing dates or contingencies.

Evaluate Resale Potential

While it may be early to think about selling, understanding factors that affect resale value—such as location, school districts, and property condition—can ensure your investment remains sound over time.

Embrace Patience in Your Search

The right home might not appear immediately. Stay patient and avoid rushing into a decision that doesn't check most of your boxes or feels financially uncomfortable.

Explore Financing Options

Familiarize yourself with different types of mortgages and lenders available in Albuquerque. From conventional loans to government-backed options like FHA or VA loans, choose the one that best suits your needs.

Closing Process Understanding

Be aware of what the closing process entails—title searches, insurance policies, closing costs—and set aside funds for these final steps.

Homeownership Education

Take advantage of homeownership classes or workshops offered by local organizations. These resources can provide valuable insights into the buying process and long-term financial planning for homeownership.

By taking these extended tips into account, you'll be better equipped to approach the Albuquerque housing market with confidence and make well-informed decisions as you step into the realm of homeownership.

HOT ALBUQUERQUE LISTING OF THE WEEK

6837 Mountain Hawk Loop NE, Rio Rancho, NM 87144
Welcome to this wonderful home in the Sundoro South community. Big open floor plan, vaulted ceilings, three way fireplace. Kitchen offers stainless appliances, eat in bar, ample cabinets and countertops for food prep. Kitchen flows nicely into the dining room and great room. Through the sliding doors, find yourself in the best backyard party ever! Covered patio, plus the built-in BBQ grill, two smokers and a disc cooker. Great place to enjoy our NM weather. Back inside, Split primary suite, separate shower, garden tub, dual vanities and walk in closet. 2 more good sized bedrooms that share a bathroom. There is an additional flex space that could be used as an office, hobby room or home school. Beautiful Park just down the street, easy access to I-40.

Beautiful 'Move in Ready' Home situated in the quaint community of Mountain Hawk! With 5 bedrooms/2.5 bathrooms, this home is ideal for large &/or extended families, hobbyist, etc! Featuring efficient floorplan with 2 living areas; easy care tile & Mohawk laminate flooring thru-out; gourmet kitchen w/granite countertops; upgraded cabinetry; pantry; overlooking dining & family room. Privately situated on main floor, the primary suite is a true retreat w/spa like en suite. Upper level boasts a spacious loft plus 4 more bedrooms & full bath w/dbl vanity. Low maint' front & back yards w/covered & open flagstone patio, weed barrier, decorative rock/mulch, privacy fence, raised garden beds, security side gate, shed & more. Close to local amenities with easy commute to Santa Fe or Albuquerque.

Learn More!

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!

 

Tips for First Time Home Buyers in Albuquerque

by Sandi Pressley

Buying a home in Albuquerque is a big decision, especially if it's your first time. There are many factors to consider, such as location, budget, financing, inspection, and negotiation. If you're looking for some tips to help you navigate the process of buying your first home in Albuquerque, you've come to the right place. Here are some of the most important things to keep in mind as you embark on this exciting journey.

1. Do your research.

Before you start looking for homes, you should have a clear idea of what you want and what you can afford. You can use online tools to search for homes that match your criteria, such as size, style, features, and price range. You can also browse through local listings and compare different neighborhoods and communities. You should also research the market trends and the average home prices in Albuquerque to get a sense of what to expect.

2. Get pre-approved.

One of the first steps to buying a home is getting pre-approved for a mortgage. This means that a lender will check your credit history, income, assets, and debts and determine how much they are willing to lend you. Getting pre-approved will help you narrow down your options and show sellers that you are serious and ready to buy. It will also give you an edge over other buyers who may not have this advantage.

3. Hire a real estate agent. B

uying a home can be overwhelming and complicated, especially if you're new to the process. That's why it's advisable to hire a professional real estate agent who can guide you through every step and represent your best interests. A good agent will help you find the right home for your needs, negotiate the best deal, handle the paperwork, and resolve any issues that may arise along the way. Sandi Pressley and her team have been helping people find thier ideal home for decades and can do the same for you.

4. Make a smart offer.

Once you find the home of your dreams, you'll need to make an offer that reflects its value and your budget. Your agent will help you determine a fair and competitive offer based on the market conditions, the condition of the home, and the seller's motivation. You'll also need to decide on other terms and contingencies, such as closing date, earnest money deposit, inspection period, and appraisal contingency. Your offer should be clear, concise, and attractive to the seller.

5. Have the home inspected.

After your offer is accepted, you'll need to have the home inspected by a qualified professional. A home inspection is a thorough examination of the physical structure and systems of the home, such as plumbing, electrical, heating, cooling, roofing, foundation, and more. The inspector will identify any defects or issues that may affect the safety or value of the home. You'll receive a detailed report with photos and recommendations for repairs or improvements. You can use this report to negotiate with the seller or back out of the deal if there are major problems.

6. Close the deal.

The final step to buying your first home in Albuquerque is closing the deal. This is when you sign all the necessary documents, pay the closing costs, and get the keys to your new home. The closing process can take anywhere from a few days to a few weeks depending on various factors. You'll need to work closely with your agent, lender, title company, and escrow company to ensure everything goes smoothly and on time.

Congratulations! You've just bought your first home in Albuquerque! Now it's time to celebrate and enjoy your new place.

HOT ALBUQUERQUE LISTING OF THE WEEK

4812 Longs Peak Road NE, Rio Rancho, NM 87144
Welcome to this wonderful home in the Sundoro South community. Big open floor plan, vaulted ceilings, three way fireplace. Kitchen offers stainless appliances, eat in bar, ample cabinets and countertops for food prep. Kitchen flows nicely into the dining room and great room. Through the sliding doors, find yourself in the best backyard party ever! Covered patio, plus the built-in BBQ grill, two smokers and a disc cooker. Great place to enjoy our NM weather. Back inside, Split primary suite, separate shower, garden tub, dual vanities and walk in closet. 2 more good sized bedrooms that share a bathroom. There is an additional flex space that could be used as an office, hobby room or home school. Beautiful Park just down the street, easy access to I-40.

Save time & money over new construction on this turn-key, less than 2 year old home! Like-new kitchen w/sparkling white quartz counters, tile backsplash, stainless appliances & on-trend light gray cabinets w/crystal glass pulls. Wood-look plank tile in kitchen & baths, carpet in living & bedrooms. Living/dining/kitchen combo for open-floorpan comfort. Big walled backyard ready for your creative vision. Landscaped front yard with drip system for low-maintenance yard care. Light & bright primary suite with double sinks, big shower, and huge walk-in closet. 2 spacious spare bedrooms, full spare bath, and two car garage. Smart home alarm system, refrigerated air and low-e windows for energy efficiency and the utmost comfort; even on the coldest winter nights & the hottest summer afternoons.

Learn More!

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!

 

What Are All the Costs of Buying a Home in Albuquerque?

by Sandi Pressley

If you’re a first-time homebuyer in Albuquerque, you’re no doubt already aware that buying a home involves more than just a mortgage payment. There are other costs included in the process of buying a home. It's important to be aware of those costs in advance so that you can make the best decisions during the process. 

Here's a helpful overview of what costs to expect when buying a home in Albuquerque.

1. Closing Costs

Closing on a mortgage is the last step in the process, often overlooked by homebuyers in terms of cost. At this stage, the loan is approved, the inspection is completed, and you are on the verge of receiving the keys to your new home.

When you complete your purchase, you will have a closing meeting where you will sign all the necessary paperwork and make payments for various costs.

The costs associated with purchasing a home encompass various elements. These include mortgage interest payments, taxes and insurance escrow payments, legal fees, lender application fees, recording fees, and title insurance.

Closing costs can average between 3-4% of the price of the home.

2. Property Taxes

When you own a home in Albuquerque, you pay property taxes. The bank doesn’t determine these. Instead, the county of Bernalillo does.

The county of Bernalillo's average effective property tax rate is 1.18% of the assessed value of your home. So for a home that costs $205,500, you would pay $2,419 per year.

3. HOA or Condo Fees

Homeowners in homeowners' associations or condo associations are required to pay a monthly or quarterly fee. This fee is used to cover various neighborhood services, including garbage collection.

The fees of an HOA can fluctuate due to potential increases or assessments for large projects, resulting in unpredictable costs.

4. Insurance

Homeowners insurance is a requirement for obtaining a mortgage loan. Typically, the premiums are already included in your monthly mortgage payment and are paid from your escrow account. This is similar to how property taxes are handled in many cases.

Premiums for homeowners insurance can increase each year, and it's important to note that standard policies usually often do not provide coverage for acts of God. Therefore, it is advisable to obtain additional insurance specifically for natural disasters.

5. Utilities

The cost of your utilities can be as much as your property taxes. In Albuquerque, the average monthly electric bill for residential customers is $144/month.

6. Appliances

When purchasing new construction or some used homes, it is important to note that appliances may not be included. This means that you will need to budget and plan accordingly to purchase these necessary items for your home.

When purchasing a new home, it is important to consider the appliances that may need to be purchased. While the seller may leave behind the dishwasher, refrigerator, stove, and possibly the microwave, it is not guaranteed. Therefore, it is advisable to budget for the purchase of a washer and dryer at the very least.

7. Landscaping

Managing your landscaping requires both time and investment in lawn equipment. However, there will inevitably be tasks that you cannot handle alone, such as removing hanging tree limbs or dead trees.

Hiring a professional for regular lawn care services transitions the expense from an occasional occurrence to a recurring monthly cost.

8. Maintenance

When you own a home, you take on the responsibility of all the maintenance tasks, which is a significant change from being a renter.

From the plumbing to the electrical wiring, a home is filled with numerous systems that require regular maintenance, occasional repairs, and, in some cases, replacement.

When purchasing an older house, it is important to consider the potential increase in maintenance costs compared to new construction. This includes maintaining the electrical system, HVAC system, roof, and plumbing.

All things considered, buying your first home in Albuquerque is the best decision you can make for your future. Making sure you have all the costs involved lined up will help make your dream a reality.

HOT ALBUQUERQUE LISTING OF THE WEEK

6412 Kalgan Road NE, Rio Rancho, NM 87144

Welcome home to this incredible Kim Brooks beauty! Enter the foyer to see soaring ceilings and a fabulous floorplan (4th bedroom large enough to be used as a living area or bedroom). This beauty features a gas, diamond-plaster kiva fireplace, porcelain tile, wood-laminate floors, and incredible custom finishes including hand skip troweled walls and lighted niches. Gourmet kitchen includes gas range, SS appliances, and a long bar for all your seating needs! Enjoy the natural light pouring in through the skylights, and relax in the oversized master suite complete with en suite showcasing a separate garden tub, dual copper sinks, and tons of closet space. Outdoor space is an oasis on a 1/2 acre complete with mountain views, RV front-to-back drive, gas stub-out, desert landscaping & MORE!

Learn More!

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

Saving for a Down Payment While Renting

by Sandi Pressley

Many people are discouraged and disheartened by the rise in rent prices throughout the U.S.

Since 2019, the median rent for one-bedroom and two-bedroom units has increased by 13% and 16%, respectively.

Right now, one-bedroom rentals are at an all-time high.

The high rental prices in Albuquerque coincide with an overheated housing market. There have been record-setting home prices due to demand, inflation, and reduced home construction. Rental prices are rising because potential homebuyers are priced out of the market, requiring them to stay in the rental market.

As a renter in Albuquerque, it can seem impossible to save for a down payment when so much of your income goes toward rent. Homeownership feels unattainable for a large portion of the population.

It’s decidedly not an easy issue to work your way out of, but it is possible.

Figure Out What You Need

Start by crunching the numbers. It will be easier to achieve your goals if you have a concrete number for the down payment you need. If you don’t have a plan in mind or a set number to work toward, you’re going to feel scattered, and it will be much harder to get out of the rent cycle.

The down payment will depend on the type of loan you hope to get and where you plan to buy.

There are mortgages with a down payment as low as 3%, giving you opportunities to save up in a shorter period of time. You may have to pay for private mortgage insurance if you don’t put down 20%, however.

You have to think about other costs that you’ll need upfront money for to buy a home. These costs include closing fees and the costs of moving.

Open a Dedicated Down Payment Savings Account

After you've researched your mortgage options and figured out which one you'd like to end up getting, you can create a savings account. You will only use this account for your down payment.

So that you do not spend the money in it, it should be liquid and separate from anything else.

Deal with Debt

In order to save more money for a down payment, you must find ways to cut costs. One way to do that is to reduce your debt.

Do a balance transfer if you have a credit card balance with a high interest rate. You can transfer the expensive debt to a card with a zero-percent interest period.

If buying a house is your goal, try not to add any more debt during this time.

To qualify to get a mortgage, you’ll have to meet the debt-to-income requirement.

Find Ways to Cut Back

If you're paying a lot in rent, there's not much you can do unless you're willing to move unless you're willing to give things up.

It will be necessary for you to find other ways to reduce your costs. By skipping meals out, ordering food from home, or looking through your subscriptions, you might be able to save some money.

Think About Moving

We mentioned moving above, and you may not be willing or able to do it, but if you can, cutting down on what you’re paying for rent is one of the best ways to have more money to put toward a down payment.

It might be possible for you to renegotiate your lease with your landlord if you cannot move to a smaller or less expensive home, or you might get a roommate. If you can move, along with getting a smaller place, another option is to move outside of the center city area, if you live there currently. Typically, the further out you move from the central area of Albuquerque, the lower the rent.

Explore Assistance Programs

Finally, many mortgage lenders have programs and loans for first-time homebuyers that cover part or all of a down payment. There are also grants, which require you to complete a homebuyer education course before you get the financial assistance.

If you work in certain fields, like as a first responder or teacher, homebuying assistance programs are often available.

A lot of lenders are looking to reach out to underserved communities to help them make homeownership a reality, so make sure to explore everything that’s out there.

HOT ALBUQUERQUE LISTING OF THE WEEK

510 Loma Linda Court NE
Rio Rancho, NM 87124

1520 VISTA DE COLINAS Drive SE, Rio Rancho, NM 87124

Corner lot, BEAUTIFUL one story home with a desirable floor place & lots of living space w/beautiful upgrades! Great room features a wall of windows, decorative ledges & a gas fireplace! Gather, cook & entertain in the gourmet kitchen featuring a wide island/bar with sink, 42''cabinets w/crown molding, granite countertops, large pantry & bkfst nook w/French doors to the backyard patio! Spacious master suite features his & her vanities, garden tub, separate shower, tile flooring and a large walk-in closet. Secondary bdrs on a private wing feature a Jack-N-Jill bath w/walk-in tub & shower. Utility room has cabs, sink & storage closet. Covered patio, easy care rock landscape, trees, turf and walled for privacy; a perfect place to enjoy outdoor living and the best of NM weather!

Learn More!

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

Strategies For First Time Albuquerque Home Buyers

by Sandi Pressley

Is this the year you decide to buy your first home in Albuquerque? What are some simple strategies to keep in mind when looking for your first home? Here are some points to consider when buying your first home in Albuquerque.

Location, Location, Location

There's a reason that this is such a main point in finding a home. You can change a building, but it's harder change a neighborhood. That's why doing your research on neighborhoods in Albuquerque is so important. Don't just look at crime rates. Look at amenities that you use frequently and commute times. 

Buying a less expensive home in a desirable neighborhood is a good strategy that will pay off later, as it will appreciate in value. If you buy a more expensive home, the less expensive homes in that neighborhood will suppress its value. 

Don’t Go For Your Forever Home

Remember that this is your first home. You will no doubt buy other homes later in life. So this home doesn't need to be your "forever home." A first home should serve as a stepping stone that leads to better homes down the road. You should try to buy and sell two or three homes over the course of your life, building equity as you go. Buying a forever home now will skip over this progression. And really, are you thinking about living 60 years in this home? This world changes rapidly, and people tend to move more often. You have no idea what the future will bring. So, buy a home that fits your current needs.

Buy in Moderation

Stay away from spending all your money on your first home and becoming "house rich, cash poor." If you spend all your money up front, then this doesn't leave any room for you to improve the home and puts you at risk if you need to make any immediate repairs.

Keeping your feelings in check will help you make a wiser decision when chosing how much to spend on your first home. You don't need to spend the limit of your mortgage, and you don't need to buy an expensive home just because you love it. That love dies quickly when you're cash strapped.

Again, think of this home as a stepping stone toward your future "forever home", one where you are more financially secure.

Buying a Home in the Country

The Albuquerque area certainly has some beautiful countryside. You may be tempted to buy your first home in the country thinking that you can get more house for the money. If that's what matters most to you, then that's the way to go.

However, living close to or in the city will give you more lifestyle, career, and education choices. You may be getting rid of urban problems in the country, but country life has it's own unique set of issues that can crop up, like water quality, black outs, less convenience, and scarcity of services. And small town residents face the same issues as big city dwellers, such as rising food and fuel costs, rising taxes, and environmental challenges.

There are many factors to consider when buying your first home in Albuquerque. We are happy to help guide you through the process. 

Make sure to 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. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.

HOT HOME LISTING OF THE WEEK!

100 BROADWAY Boulevard NE, Albuquerque, NM 87102  $150,000

1 Bedrooms / 1 Bathrooms (1 full, 0 half) / 730 Square Feet

Urban Living at it's finest! Loft is located in the historic Classroom Building(built in 1935) of the old Albuquerque High School. Large west facing windows flood the loft with natural sunlight. Original wood floors. Kitchen Island, all appliances convey. Open floorplan, 14 foot ceilings, original chalkboard. Full bath. 3 Lockers for storage. Laundry and elevator in building.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

4 First Time Home Buyer Mistakes to Avoid

by Sandi Pressley

If this is the first time buying a home in Albuquerque, no doubt you already feel the pressure of making wise decisions. This, after all, is one of the most important financial decisions you've made so far in your life. But don't worry, many people have bought a home before you ever thought about it, so we have a good idea of what to do and not to do. Let's take a look at some of the mistakes that first time home buyers have made and what we can learn from them.

Not Preparing Their Finances

Being financially ready to buy a home is really the first step in the process of buying s a home in Albuquerque. This is a step that should take place long before you start looking.

Make sure your credit score is accurate and strong enough to secure a lower interest loan. You also need to have a steady income and save enough for a down payment that will make a dent in the mortgage. You should also try to save money for an emergency fund that will cover unexpected expenses.

Next, you need to choose a good lender ad get preapproved for a lender. Finding a good lender is not always about who has the lowest interest rates. You need to make sure they're the right fit in other areas as well and educate yourself about the mortgage process. The more you know, the better chance you'll have of making wise decisions regarding your mortgage.

Getting Carried Away With Emotions

Have you ever played poker? Then no doubt you're familiar with the term "poker face." It means that you keep your emotions in check and don't give away your hand to the other players.

Buying a home is not so different. You need to keep your emotions at bay so that you can keep a clear head during the process. remember that this is a business transaction.

You especially want to keep that poker face during a bidding war. You may let your love of the home you want to buy in Albuquerque get the better of you, and then you're making bad decisions that you'll regret later.

Not Account for the Full Cost of Owning a Home

Remember that the purchase price of the home is just part of the total cost of owning a home in Albuquerque. Closing costs can be an unexpected surprise for first time buyers. Make sure that you discuss all the costs with an experienced agent like Sandi Pressley and her team. They can help you get a full perspective of all the costs you can expect when buying a home so that you're not caught off guard at the end of the process.

Not Looking "Under the Hood"

Like buying a car, a home can look pretty on the outside, but behind the walls there may be issues. Home sellers will make their home look as desirable as possible to win over sellers. And that's fine. But did they take care of hidden problems? This is why having a home inspected that you're serious about buying is such an important step. The money you spend on a good home inspector will save you a lot of pain and money later.

Make sure to 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. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.

HOT HOME LISTING OF THE WEEK!

13501 Cedarbrook Avenue NE, Albuquerque, NM 87111  $525,000

4 Bedrooms / 3 Bathrooms (1 full, 2 half) / 3800 Square Feet

GORGEOUS Renovation in Peaceful Glenwood Hills! This turn-key home has it all! 3 Living Areas...3 Stone Fireplaces...Beautiful Beamed Ceilings....Tile & Stone floors throughout...Wet Bar...Atrium with tranquil water feature & goldfish pond...4 Bedrooms...Cedar Coat Closet...3 Car Garage...New Roof 2011...New Water Heaters 2017...New HVAC/Furnaces 2011. The amenities list is huge! Enjoy the oversized lot with both mountain & city views...backyard that's large enough to fit a pool...and additional gated parking for your travel trailer or toys.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

 

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Photo of The Sandi Pressley Team Real Estate
The Sandi Pressley Team
Coldwell Banker Legacy
10400 Academy Rd. NE Suite 100
Albuquerque NM 87111
505-980-2999
505-263-2173 / 505 293-3700
Fax: 505-212-0729

Quick links to this site are also SandiSells.net or SandiSellsHomes.com