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What to Know About HOAs in Albuquerque

by Sandi Pressley

If you plan to buy a home in Albuquerque, you should know about homeowner's associations. These are groups that control what you can or can't do with your home in a particular neighborhood. There are quite a few HOA neighborhoods in Albuquerque, so there's a chance that you will find a home that you like in one of these neighborhoods.

Before you buy any home in a HOA neighborhood, you should research all you can about that particular HOA association. HOA's can be a good thing, as they can make life easier and benefit the neighborhood, if they are run properly. But we've all hear the stories of the badly run HOA with the power-hungry troublemakers who just want to make life difficult.

What can you do to make sure that a particular HOA is right for your lifestyle in Albuquerque?

What is an HOA?

First of all, let's define what an HOA does. Simply put, it sets rules that are hopefully designed to make life in that neighborhood more pleasant for residents. It enforces those rules through various measures.

For example, an HOA may ban parking on the street. It will issue a warning, then a fee for those who violate that rule.

Residents pay a fee that funds the operation of the HOA and goes toward community repairs.

All of this may seem restrictive, but it can be a good thing for residents if operated correctly. An HOA can improve the quality of life in the community and make living there more enjoyable.

But an HOA is not for everyone, and not every HOA is managed well. So you should research as much as you can about any HOA before moving into the neighborhood.

Here are some things you should find out about any HOA.

1. What are the rules?

Knowing the rules of an HOA in advance can save you a lot of headaches in the future. You should also find out what the penalties are for breaking those rules.

Here are some common things to think about:

  1. Does the association allow a satellite dish?
  2. Can you have pets? If so are there any restrictions?
  3. Am I allowed to change the color of my home?
  4. Can I display a flag or other such decorations?
  5. Am I allowed to have a camper or other commercial vehicle parked in my yard?
  6. Is it possible to have a fence installed?

Some HOAs may not allow some or all of these things. Decide in advance what you plan for your home and make sure it aligns with the rules of the HOA. If not, then weigh that into your decision to buy that home.

2. Can you rent your property?

If you plan to buy an investment property to rent out, this is a huge question. HOAs can restrict or outright ban renting out your home.

3. How are changes/decisions made in the neighborhood?

Changes and decisions in an HOA can be made in various ways. And this will affect your lifestyle. You should find out how rules are made and changed.

4. Verify that the home you are going to purchase is currently in compliance.

It is possible to buy a home in an HOA and then discover that the house is already breaking the rules. That means that you will have to make changes immediately or risk being fined or otherwise reprimanded.

5. Learn about the fees.

How much more will you be paying to live in the neighborhood? You should find out:

  • How do the costs compare to other communities?
  • What is the process required to increase fees?
  • How big is the reserve fund of the HOA?
  • When was the last time the fees increased? What about the time before that?
  • What do your dues cover? Are there extra fees?
  • How do special assessments work? How much do they tend to cost and how often do they occur?

There are more things you should know about an HOA before you move in. We can help you determine if an HOA fits your needs when buying your next home in Albuquerque.

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!

1004 El Paseo Street NW, Rio Rancho, NM 87144  $215,000

4 Bedrooms / 3 Bathrooms (2 full, 1 half) / 2053 Square Feet

Camino Crossing! 4BDR/2.5BA/2CG. Light, bright & open! REFRIGERATED AIR & SOLAR PANELS! Huge great room opens for entertaining to the kitchen with breakfast nook, pantry, gas stove, tile flooring, granite countertops & beautiful cabinetry! Large secondary bedrooms and laundry room upstairs for convenience. Master suite features a garden tub, separate shower, dual sink vanity & walk-in closet! Gardener? Enjoy the established outdoor garden with fruit trees of Apple, Peach, Nectarine, Fig, Plum, Pear, Asian Pear, Jasmine among lots of other vegetables!!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

The Best Neighborhoods to Buy a Home in Albuquerque

by Sandi Pressley

If you plan to buy a home in Albuquerque, no doubt you would appreciate some insight into the many fine neighborhoods here. Niche.com is a website that rates, among other things, the best neighborhoods to buy a home in Albuquerque. These ratings are based on a wide range of criteria, including the quality of local schools, crime rates, housing trends, employment statistics, and access to amenities. Here are some of the top neighborhoods in Albuquerque according to Niche.com.

Nob Hill
#1 Best Neighborhoods to Live in Albuquerque
#1 Best Neighborhoods for Young Professionals in Albuquerque
#1 Best Neighborhoods to Raise a Family in Albuquerque

Nob Hill has an overall rating of A+, with "A" grades for being good for families, nightlife, diversity, outdoor activities, and commute time. The 36 schools in Nob Hill also received above average scores. One resident had this to say about life in Nob Hill: "I love it! Wonderful community with wonderful food, events, local music and more. Cost of living in houses is much cheaper and more realistic than the many condos and luxury studios in the area.
 
Median Home Value
$261,673
 
 
Eastside
#2 Best Neighborhoods to Live in Albuquerque
#2 Best Neighborhoods to Raise a Family in Albuquerque
#2 Most Diverse Neighborhoods in Albuquerque
With an overall grade of A, Eastside gets high marks for being family friendly, outdoor activities, health & fitness, diversity, nightlife, and commute time. There are 71 public schools in Eastside, most of which have an above average rating. One happy resident appreciated the "Rich diversity and multicultural background, amazing food, and scenic sunsets and mountain trails."
 
Median Home Value
$226,445
 
 
Balloon Fiesta
#3 Best Neighborhoods to Live in Albuquerque
#1 Most Diverse Neighborhoods in Albuquerque
#3 Best Neighborhoods for Young Professionals in Albuquerque
 
Balloon Fiesta received an overall rating of A-, with A grades being given to its nightlife, outdoor activities, health & fitness, and commute. There are 61 top rated schools in Balloon Fiesta, most receiving above average scores. One reviewer comments that "There definitely is a lot more space between the neighbors and with the properties. I would live here again, the air is clean and is smells like roasted chile in the fall which is great."
 
Median Home Value
$181,341
 
 
Westside
#4 Best Neighborhoods to Live in Albuquerque
#3 Best Neighborhoods to Raise a Family in Albuquerque
#3 Most Diverse Neighborhoods in Albuquerque
 
Westside also gets an A- grade overall, with strong marks given for being family friendly, diversity, and outdoor activities. The 49 public schools also received high marks, with 7 receiving "A" grades. High praise for living in Westside comes from one reviewer who said: "I have lived here for about 2 years now and there is absolutely ZERO complaints in this neighborhood. I have always felt so comfortable with everyone I come into contact with. The amount of parks, facilities, and schools nearby make it that much more awesome. I always recommend family and friends to search for homes on the west side."
 
Median Home Value
$188,985
 

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

 

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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