Strategies For First Time Albuquerque Home Buyers
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.
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1 Bedrooms / 1 Bathrooms (1 full, 0 half) / 730 Square Feet
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