Real Estate Information Archive

When remodeling your kitchen in Albuquerque, the new cabinetry will likely be one of the most costly expenses.

Kitchen cabinets represent a significant part of a renovation, typically making up around 40% of the total budget. Two major factors influencing the cost of cabinets are their quality and construction.

Though cabinets are a long-term investment, how can you still save money when purchasing these essential fixtures?

Do Your Research

The first step to saving money on kitchen cabinets is to do your research and determine which features and construction elements are essential versus those you can live without.

For example, start by learning about the materials used to make cabinets. Particleboard is inexpensive but fragile, and does not hold up well to moisture, while more durable options like plywood may cost more upfront but last longer.

Medium-density fiberboard is often preferred because it strikes a balance between cost and performance. Compared to solid wood, it actually performs better. Medium-density fiberboard is very water-resistant and can easily withstand changes in humidity and temperature.

Though solid wood cabinets are beautiful, their high cost and sensitivity to environmental conditions make them impractical for some kitchens. For instance, fluctuations in temperature and moisture can ruin solid wood cabinets if not properly regulated.

Get Custom Doors and Pre-Made Boxes

Custom cabinet doors and inexpensive premade cabinet boxes offer a creative solution to get the high-end look of custom cabinets on a budget. By pairing custom doors with affordable cabinet boxes from IKEA or Home Depot, you can achieve the outward appearance of high-end custom cabinets for a fraction of the cost.

Premade cabinet doors can also be dressed up with unique hardware to feel more custom without the price tag. This flexible approach allows you to customize your cabinet look according to your style and budget.

Factory-made cabinets and less expensive pre-made options usually have built-in rails and are constructed from either particleboard with a veneer or medium-density fiberboard. When selecting cabinets, limit unnecessary extras like spice racks and pullouts, as too many custom additions or in-stock options with accessories can increase costs.

Get Unfinished Cabinets

If you choose unfinished cabinets, you will save money upfront, but you will still need to paint or stain them yourself later. Staining may be a DIY project, but painting likely requires hiring a professional. Calculate the cost of finishing to determine if the upfront savings are worth the extra work.

Use Open Shelving

If you want new cabinets but have a limited budget, consider open shelving instead of upper cabinets. This trendy look can save thousands of dollars yet still appears stylish and clean. Going without upper cabinets allows you to splurge on other kitchen upgrades while sticking to your budget.

Open shelving is not only more affordable but also keeps your kitchen feeling brighter and more spacious. This open design is especially effective in smaller, enclosed kitchens where too many upper cabinets can create a cramped ambiance.

HOT ALBUQUERQUE LISTING OF THE WEEK

1056 Contabella Lane, Bernalillo, NM 87004

Gorgeous home nestled in the gated community of Portella Bellisimo on large, approximately .33 acre lot. Seller spent approximately 45K in upgrades! This 3 year young, very gently lived in gem features an open & bright floorplan with 4 spacious bedrooms all with walk in closets, of which includes 2 primary suites, ideal for in-laws, guests, etc.; PLUS a study/office. Raised ceilings; high end 20'' porcelain tile flooring; double sliding doors w/sidelight panels; high end lighting; tankless water heater; & more! Fine appointments grace the Chef's kitchen including beautiful quartz countertops & glass tile backsplash; high end SS appliances; walk-in pantry; & eat at bar that opens to adjacent dining & great room.

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!

Bringing a pet into your Albuquerque home is a big decision that requires thoughtful preparation. While pets can bring great joy, they may damage carpets, furniture, and upholstery during training. However, with some knowledge and planning, you can welcome a pet while keeping your home intact. Invest in this new family member by learning how to balance their needs and your belongings.

House training

The most critical way to protect your home is by properly training your pet. While time-consuming, training is vital for household harmony. If you lack the time, consider hiring a professional trainer. Housebreak pets early to prevent carpet stains. Accidents happen, but pet carpet cleaners can quickly remove stains and odors.

Pets that are happy and content are also less inclined to eliminate where they shouldn't. If your pet is normally well-behaved but has begun soiling areas inside the home or outside the litter box, this change in behavior may indicate stress or illness. Examine if there have been any alterations to your pet's routine or other symptoms of poor health. Consulting a veterinarian can help address abnormal behaviors like inappropriate elimination.

Cat scratch fever

When adopting a cat, it's important to understand their natural instinct to scratch surfaces in order to maintain their claws. While some cats are declawed to prevent damage, many animal welfare groups consider this practice inhumane. The most humane and effective approach is providing scratching posts, mats, or other approved surfaces that allow cats to satisfy their scratching needs. Observing your new cat's preferences will allow you to provide the scratching tools they like best, protecting your home furnishings while keeping your cat healthy and content.

To stop your cat from scratching furniture, reward them when they scratch appropriate surfaces. Scolding after the fact is ineffective, so monitor your cat closely until they reliably scratch only where allowed. Cats prefer rough, challenging surfaces that keep their claws healthy, not soft ones they can easily shred.

Dog destruction

Just like cats need to scratch, many dogs have a strong instinct to chew, dig, or otherwise destroy things. Keep your dog satisfied and your home (and shoes!) undamaged by always having plenty of dog toys available. Many chew toys are built to withstand serious chewing and will last a while. Be sure to replace them as your dog ruins them, or your dog may start chewing on other objects instead.

Another very effective way to protect your home is to keep your dog well-exercised. Depending on the breed, some dogs, particularly those with high energy levels or high intelligence, need mental and physical stimulation to prevent destructive behavior. Regularly exercise your dog as much as possible. With luck, a tired, content dog will have less desire to release pent-up energy on your home. Importantly, research breed traits before adopting. If you have limited time for exercise, consider breeds compatible with your lifestyle. Some dogs need more activity or space and may act out if their needs aren't met. Know your dog's requirements to ensure a happy home for both of you.

HOT ALBUQUERQUE LISTING OF THE WEEK

12101 San Antonio Drive NE, Albuquerque, NM 87122

Welcome to your oasis in the heart of North Albuquerque Acres! This custom Helmick home has been recently updated to become sheer perfection. Greeted with gorgeous Sandstone floors, the foyer opens to a great room with soaring custom chandelier and oversized kiva fireplace. Hand-carved vigas, beams w/ corbels, plaster walls, and high-end quartz counters are just some of the endless amenities in this Pueblo-style home. The chef's kitchen has been recently updated with quartz and new finishes. Enjoy the dual-pantries, oversized island and gas cooktop along with a double-oven. ALL bathrooms have been renovated, including the spa-like primary bath with GORGEOUS marble shower and soaking tub. Featuring 5 bedrooms, ALL downstairs, plus an exercise room, there is room for everyone.

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!

Are you looking for the perfect place to retire? Check out what Albuquerque has to offer!

Albuquerque offers many benefits for retirees over 55 seeking an ideal retirement destination. Noted by experts as one of the best places to retire in the country, Albuquerque provides low bus fares, excellent healthcare, and services to help retirees enjoy life to the fullest. With its affordable transportation, top-notch medical care, and amenities tailored to retirees, it's clear why Albuquerque is a highly desirable place to retire.

Livability.com rated Albuquerque at #7 for the Best Places to Retire. They stated that “Albuquerque is one of the healthiest cities in the country with a high number of medical facilities, lots of exercise options and affordable housing." Add to that a dry climate and low cost of living, along with great recreation choices, and you can see what draws people over 55 to the area.

Here are some of the top towns in the Albuquerque area to retire according to Niche.com. Click the name to read the full review.

Sandia Heights
#1 Best Places to Retire in New Mexico

Boasting breathtaking views and a peaceful suburban atmosphere, Sandia Heights is a top community in New Mexico with a population of 3,205. Residents enjoy the area's plentiful parks, pleasant neighbors, and stunning sunsets. As one reviewer raves, "I have thoroughly enjoyed living in this part of Albuquerque, out of all the varying neighborhoods. It is a peaceful, quiet neighborhood, that is full of pleasant people. Aside from the lovely residents, the view is completely breathtaking! The sunsets are especially beautiful."

Search Homes For Sale in Sandia Heights

Corrales
#1 Best Places to Live in Sandoval County
#4 Best Places to Retire in New Mexico
#4 Best Suburbs to Live in New Mexico

With breathtaking views and a peaceful suburban vibe, Sandia Heights is a top New Mexico community of 3,337. Residents savor the ample parks, friendly neighbors, and stunning sunsets. As one happy resident exclaims, "We have now lived here 40 years and love it. I call it a little oasis a between Albuquerque and Rio Rancho. Much has changed over the years. The big cities have grown up to us, so we now are close to many more restaurants and stores. There people here are wonderful and many are very community minded."

Search Homes For Sale in Corrales

Placitas
#9 Best Places to Retire in New Mexico
#19 Best Suburbs to Live in New Mexico

Search Homes For Sale in Placitas

Are you thinking about spending your retirement years in beautiful Albuquerque? if so, make sure you rely on the experience of the Sandi Pressley Team to help find the perfect home to make your dream a reality.

HOT ALBUQUERQUE LISTING OF THE WEEK

12101 San Antonio Drive NE, Albuquerque, NM 87122

Welcome to your oasis in the heart of North Albuquerque Acres! This custom Helmick home has been recently updated to become sheer perfection. Greeted with gorgeous Sandstone floors, the foyer opens to a great room with soaring custom chandelier and oversized kiva fireplace. Hand-carved vigas, beams w/ corbels, plaster walls, and high-end quartz counters are just some of the endless amenities in this Pueblo-style home. The chef's kitchen has been recently updated with quartz and new finishes. Enjoy the dual-pantries, oversized island and gas cooktop along with a double-oven. ALL bathrooms have been renovated, including the spa-like primary bath with GORGEOUS marble shower and soaking tub. Featuring 5 bedrooms, ALL downstairs, plus an exercise room, there is room for everyone.

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!

Homeowners in Albuquerque who want to sell their house should focus on several key things to make their home more appealing to buyers. To help ensure the marketability of a home, it is important that the home has an appealing aesthetic appearance and is in good repair.

Staging a Home for Marketability

When it comes to a home's interior, most sellers already know that an attractive, well-staged house will sell faster than one that just meets basic expectations. Statistics confirm this: staged Albuquerue homes and those with exceptional interior and exterior care sell quicker than average houses. This underscores the value of home staging.

Staging a home's interior is the process of enhancing and polishing its appearance to resemble a stylish magazine layout. It typically involves creating an elegant atmosphere by removing personal belongings and clutter, replacing some furnishings, and decorating with accessories for a polished look.

When staging the exterior of a home, owners can enhance curb appeal without a major financial investment. Simple improvements like planting flowers, trimming bushes, and freshening up the paint often cost just a few hundred dollars and some sweat equity, but make the yard and house exterior look more beautiful and inviting.

Improving the Home’s Exterior for a Sale

Many homeowners focus on the interior when trying to sell their home, but buyers pay equal attention to the exterior. A home's curb appeal and exterior aesthetics create the all-important first impression for potential buyers. An attractive, well-maintained exterior signals that the homeowner has cared for the whole property, not just the decorating details inside, making it more appealing to purchase.

Many homeowners have created outdoor living spaces to enhance their yards, reflecting a popular home trend. With some general clean-up, simple landscaping, patio furniture, and designated areas for relaxation, a yard can become an appealing extension of the home's living space. Well-designed outdoor areas allow potential buyers to envision entertaining, dining, or simply unwinding in the comfort of the backyard.

Basic Exterior Improvements and Maintenance

When designing an appealing outdoor living space to attract home buyers, it's wise to implement high-quality pest control. Homeowners should schedule annual pest control service to prevent infestations that could deter potential buyers. An outdoor area visibly overrun by insects can discourage home sales.

In addition, clearing the yard of debris may be crucial to deter infestations. Most homebuyers avoid properties needing major repairs upon move-in. Maintaining the yard throughout the sales process is advised.

Improving the home's exterior aesthetics can be achieved through small upgrades like planting shrubs and mulching at the entryway, repairing walkways, and painting or replacing the front door if needed. While they may seem minor, these inexpensive curb appeal enhancements can significantly improve the overall look and first impression of the home.

The bottom line when it comes to selling a home in Albuquerque is that first impressions make all the difference. The Sandi Pressley Team has decades of experience when it comes to selling homes in Albuquqerque. We can help you make your home more appealing to Albuquerque home buyers. Contact us today!

HOT ALBUQUERQUE LISTING OF THE WEEK

1272 La Fonda Street, Bernalillo, NM 87004

Awesome DR Horton 3BDR/3BA/2CG home with lots of living space featuring a huge great room, open kitchen & dining area with patio accessplus loft!! Covered porch! Tile Roof! Refrigerated Air! Large secondary bedrooms with walk-closets. Primary suite features a walk-in closet w/built-in shelving,dual sink vanity, separate shower & garden tub! Landscaped front yard, garden area in the backyard, ready to make your own outdoor living space! Greatlocation close to shopping, neighborhood parks, schools, Bosque trails & Rio Grande, and quick access to the Rail Runner in Bernalillo and to I-25 to Santa Fe!!

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!

Purchasing or selling a home in Albuquerque is a major financial decision involving various parties and risks. To ensure the real estate transaction goes smoothly, hire an experienced title company. They can conduct title searches, resolve title issues, and provide insurance for extra protection. Your real estate agent can also help negotiate a fair price based on market research and property values. However, there are compelling reasons to use a title company when buying or selling a home. Their services include title searches to confirm ownership, resolving any property title problems, and offering insurance for added security during the transaction.

Title Search Assistance

Conducting a title search prior to home purchase can reveal liens or other encumbrances that could cost you money later. Title companies will disclose any liens, preventing unwelcome surprises down the road. It's not uncommon for old liens to surface on a title report, as sellers are often unaware of them. Performing due diligence with a title search helps home buyers avoid inherited debt that could have been avoided.

Title Insurance

Title insurance is an important part of real estate transactions. It can cover legal costs and damages if someone claims ownership of your home after closing. Fortunately, title companies can help resolve any issues with your policy to ensure all claims are covered. Both buyers and lenders benefit from title insurance because it protects against financial losses stemming from undiscovered title defects after the sale. Getting title insurance safeguards your investment with an extra layer of security.

Smooth Closing

To smoothly close a real estate deal, hire a professional title company. They can facilitate the closing process by coordinating all relevant parties - realtors, lenders, attorneys - organizing documentation, reducing delays, and expediting the closing.

Breach of Contract

As with any form of transaction, there are situations where breaches may occur in the initial contract. With this in mind, you should consult a real title company when buying or selling your home, as they can offer assistance with contracts when you initiate a property purchase. This contract will hold every party accountable for completing each transaction aspect. Any party that fails to adhere to the sections of a contract may be liable for possible litigation.

To close your real estate transactions with confidence, contact a reputable title company now. They can manage the entire process from start to finish, whether you are buying or selling a property.

HOT ALBUQUERQUE LISTING OF THE WEEK

1272 La Fonda Street, Bernalillo, NM 87004

Awesome DR Horton 3BDR/3BA/2CG home with lots of living space featuring a huge great room, open kitchen & dining area with patio accessplus loft!! Covered porch! Tile Roof! Refrigerated Air! Large secondary bedrooms with walk-closets. Primary suite features a walk-in closet w/built-in shelving,dual sink vanity, separate shower & garden tub! Landscaped front yard, garden area in the backyard, ready to make your own outdoor living space! Greatlocation close to shopping, neighborhood parks, schools, Bosque trails & Rio Grande, and quick access to the Rail Runner in Bernalillo and to I-25 to Santa Fe!!

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!

Are you ready to have a ton of Supervowl fun this weekend? Albuquerque is host to a number of Superbowl parties, as well as a circus! Check out these events below and have a great time in Albuquerque his weekend!

Super Bowl LVIII Watch Party

Sun, Feb 11, 10:30 PM – Mon, Feb 12, 3:30 AM
9800 Montgomery Blvd NE UNIT 7, Albuquerque, NM

Come join us to watch Super Bowl LVIII on our 70” full bar surround sound and multiple view points on all our TVs. BYOFD (Bring Your Own Favorite Dish). Additional Game Day Appetizers will be provided. Family-Friendly and Pet-Friendly event.

Super Bowl Party

Sun, Feb 11, 4:00 – 8:30 PM
Solo Club Inc
2500 Candelaria Rd NE, Albuquerque, NM

The doors will open at 3:30 and there's no door fee! Watch on a new 75" TV and two other TVs around. We will be serving Sloppy Joe's. You can get one Sloppy Joe and a bag of chips for $3 or two sloppy Joe's and chips for $5. Sounds pretty good to me. You are also welcome to bring any type of finger food. There is a bar, so no outside beverages of any kind. There may be prizes. Dress with your favorite team colors, as a cheerleader, or any mascot outfit. So come on out for an affordable and fun time. The Solo Club is a privet singles club for folks 21 and over, membership information provided upon request.

Revel's Super Sunday Tailgate

Sun, Feb 11, 1 PM
Perico's Taco's & Burritos at Revel Entertainment Center
4720 Alexander Blvd NE, Albuquerque, NM

Revel Entertainment presents Revel's Super Sunday Tailgate on Sunday, February 11 2024 at 1:00pm, Revel Entertainment, Albuquerque, NM.

Jordan World Circus

Sat, Feb 10, 11:30 AM – 1:00 PM
Tingley Coliseum
300 San Pedro Dr NE, Albuquerque, NM

Appearing Indoors, Outdoors or Under Our Big Top!

The JORDAN WORLD CIRCUS, one of North America’s premier traveling circuses, is owned and produced by Jody and Melanie Jordan of Las Vegas, Nevada. Hailing from a long background of aerialists and circus performers, Jordan brings a unique talent to the circus management field.

His exciting two hour shows are presented on annual tours from coast to coast and border to border by local Shrine Centers and Clubs, police and fire associations, civic clubs and organizations, merchant associations, local presenters and venues, and fairs, festivals, parks and the like.

HOT ALBUQUERQUE LISTING OF THE WEEK

19 Matterhorn Drive, Cedar Crest, NM 87008

This is your opportunity to make this one your own creative vision. Enjoy country living while still having the convenience of 12 minutes to Downtown. NEW well, NEW 200 amp electrical box and wiring, In-phase 8Q Plus solar and alternate energy hookups battery and propane generator ready if needed. Backup reservoir tank and pump 2500 gallons in case of blackout and cloudy days with no electricity. With fruit trees and gardens, wrap-around sprinkler system, top 1/3 acre nature trail and views for days, this is incredible outdoor living. Inside features 4 BR on main, upper level and downstairs showcases a separate apartment or in-law unit with 2 bedrooms, bathroom and kitchenette. HUGE fireplace, Oversized living room and playroom PLUS Mini-Split System Cooling ready for hookup and included.REQUEST MORE INFORMATION

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!

Appliances play an essential role in our daily lives. When they break down, it can cause major disruption and expense. While professional repairs are often costly and time-consuming to schedule, many common appliance issues can be fixed by homeowners themselves in just minutes. With a bit of knowledge and elbow grease, Albuquerque homeowners can perform simple repairs on five common problems. More complex issues should be left to appliance repair experts.

Replace the Thermostat in The Dryer

If your dryer fails to heat up, the thermostat is likely faulty since these commonly malfunction. Replacing the thermostat yourself with a new one purchased for under $80 at a hardware store will save substantially on repairs, typically around $180. Consult your dryer manual to find the thermostat and buy the right replacement model.

Clear the Drain in the Dishwasher

If your dishwasher is no longer draining, the drain is likely clogged. You can unclog it yourself in minutes using a shop vac. Simply disconnect the drain hose and insert the shop vac's hose into the drain opening. Run the shop vac for a few minutes to clear the clog, then reconnect the drain and try the dishwasher again. This quick fix can save you the cost and hassle of a professional repair.

Replace the Fan in the Freezer

If the freezer is not staying cold, the likely cause is a faulty freezer fan. The fan circulates cold air throughout the freezer, so if it fails, the cold air cannot reach all areas. Replacing the fan is an easy fix - a new one costs around $85 at your local hardware store. With just a screwdriver, you can replace the fan in minutes. Simply remove the cover, unscrew and disconnect the old fan, then install the new one.

Clean Coils in the Refrigerator

If the fridge is not staying as cool as it should, it’s probably because the coils are dirty. These are located under or behind the fridge, and are a collection place for a lot of debris, dust, and pet hair. When the dirt builds up, the coils end up freezing, rather than cooling what’s inside. To clean them, just unplug the fridge, slide it out and go around the back to where you can see the coils. You can use a vacuum, a duster, or a cloth and get them clean. Then just put your fridge back in place, plug it back in, and give it an hour to get back down to its normal temperature.

Unclog the Burner in the Gas Stove

If your gas stove won't light or emit a gas smell, don't panic. This minor issue is often an easy fix. First check that the electricity and gas supply are working. If they're fine, the burner is likely clogged. Shut off the gas, then scrub the burner head thoroughly with a small brush and cleanser to remove any debris. Once cleaned, turn the gas back on and ignite the burner. The stove should now light properly.

When to Call a Pro

Though you can make some repairs yourself without issue, certain fixes require calling in professional help.

Repair the Icemaker Broken on the Fridge

If your icemaker suddenly stops working but is still connected to the water supply, the issue is likely a faulty compressor, which can cost up to $300 to repair depending on the brand. Since replacing the compressor involves extensive work on the refrigerator itself, it's best to call a professional repair technician to properly diagnose and fix the issue. Attempting compressor repairs without expertise risks further damage and the possible need for a full refrigerator replacement, so don't try to DIY this repair.

Repair the Microwave

Microwaves are complex appliances that can be dangerous to repair yourself, so it's best to call a professional for any issue, no matter how minor it may seem. Attempting a DIY fix risks radiation leaks or other hazards, whereas experts have the knowledge and tools to safely diagnose and resolve any problem.

Take Care of Your Appliances

With simple fixes, you can often avoid costly repairs. Know when a do-it-yourself approach will suffice and when you need a professional to keep things running smoothly.

HOT ALBUQUERQUE LISTING OF THE WEEK

19 Matterhorn Drive, Cedar Crest, NM 87008

This is your opportunity to make this one your own creative vision. Enjoy country living while still having the convenience of 12 minutes to Downtown. NEW well, NEW 200 amp electrical box and wiring, In-phase 8Q Plus solar and alternate energy hookups battery and propane generator ready if needed. Backup reservoir tank and pump 2500 gallons in case of blackout and cloudy days with no electricity. With fruit trees and gardens, wrap-around sprinkler system, top 1/3 acre nature trail and views for days, this is incredible outdoor living. Inside features 4 BR on main, upper level and downstairs showcases a separate apartment or in-law unit with 2 bedrooms, bathroom and kitchenette. HUGE fireplace, Oversized living room and playroom PLUS Mini-Split System Cooling ready for hookup and included.REQUEST MORE INFORMATION

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!

Going through bankruptcy can be an emotionally difficult experience with lasting financial repercussions, including damage to your credit score and report. While bankruptcy eliminates or reduces debts, this relief comes at the cost of making it harder to obtain credit in the future.

Does that mean you can't buy a home after filing? No. Even though it's possible, buying a home in Albuquerque after bankruptcy will require careful planning, preparation, and patience.

How Long Until You Can Buy a Home?

One big question a lot of people have is how long after bankruptcy can they buy a home?

To get a mortgage, you must have discharged your bankruptcy. Discharging bankruptcy means a court has released you from legal responsibility for certain debts, preventing creditors from pursuing collection on the debts removed through the discharge.

A discharge of debts is one part of bankruptcy, but it does not signal the end of the bankruptcy process. However, lenders will want to see proof of discharge before approving you for a new home loan. Typically, a bankruptcy case is closed soon after the court grants the discharge.

What Does Your Credit Report Look Like?

After bankruptcy, monitor your credit report closely because filings may remain for up to 10 years. Despite misconceptions, you may qualify for a new mortgage before that time, so check your report for accuracy, especially regarding any discharged or repaid debts if you plan to apply.

After declaring bankruptcy, focus on rebuilding your credit by ensuring there is no outdated or inaccurate information on your credit report. To qualify for a mortgage after bankruptcy, you must demonstrate to lenders that you are financially prepared and not too much of a risk.

After your bankruptcy, your available credit will likely be limited. Begin rebuilding your credit by using a secured credit card or small installment loan. Make sure to make your monthly payments on time and in full.

The length of time a bankruptcy remains on your credit report depends on the chapter you file. A Chapter 7 bankruptcy typically stays on your credit report for up to 10 years after filing. A Chapter 13 bankruptcy, which involves a court-approved repayment plan, usually drops off your credit report after 7 years. Although a bankruptcy may still appear on your credit report, its impact diminishes over time as you rebuild your credit by making on-time payments and keeping credit balances low.

How Long Should You Wait?

After filing for bankruptcy, waiting at least two years before applying for a mortgage allows time to significantly rebuild your credit. With improved credit, you become more likely to qualify for a mortgage and secure better terms. Even a small reduction in your interest rate can substantially lower your monthly payments and total loan costs.

Government-Backed Loans

If you have declared bankruptcy in the past or have limited funds for a down payment, FHA or VA loans may be options to consider.

The FHA does not directly issue loans but provides insurance for loans made by private lenders to first-time homebuyers and buyers with lower credit scores, thereby reducing the lenders' risk.

There is a waiting period before the FHA will consider you for a mortgage after bankruptcy. Specifically, the FHA requires a 2-year waiting period after a Chapter 7 discharge, and a 1-year waiting period after a Chapter 13 discharge, provided you made your bankruptcy payments on time. If you want to buy a home while still in Chapter 13 bankruptcy, you'll need permission from the court to take on the new mortgage debt.

The Department of Veteran’s Affairs backs VA loans, which are available to certain veterans, service members, and some spouses. However, VA loans require a two-year waiting period after a Chapter 7 bankruptcy discharge, and borrowers must meet minimum credit score requirements.

In contrast, those considering a conventional loan may need to wait 24 to 48 months after a Chapter 7 discharge before qualifying. For a Chapter 13 bankruptcy, most lenders require a 24-month waiting period following discharge.

HOT ALBUQUERQUE LISTING OF THE WEEK

2904 El Tesoro Escondido NW, Albuquerque, NM 87120

LUXURIOUS yet AFFORDABLE home on the golf course with amazing mountain views! This is a true GEM! Enjoy stunning morning sunrises while you peacefully watch the geese & cranes soar above. Light & bright with high ceilings & clerestory windows. Too many upgrades to list: NEW: HVAC, stucco, windows, cordless lift blinds with remote controls, LVP flooring, electrical rewire with 200 volt service & a completely REMODELED KITCHEN with custom-made cabinets, butcher block counters, & new appliances! Marble counters & a modern vanity in the primary bath, solid granite counter and tub in spare bath. Two big bedrooms & a bonus/office/workout room. Wrought iron courtyard security door with ring doorbell. W/D included! Great location with easy access to I-40; lots of conveniences and shopping nearby.

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!