Real Estate Information Archive

There is a range of emotions that can arise from inheriting a house. Perhaps you feel sad because you have lost someone close to you. Knowing what to do next and the financial impact can also be overwhelming. A house is also a very valuable asset, so it can be exciting as well.

How should you proceed if you inherit a house in Albuquerque?

In this situation, you essentially have three options. Sell it, move into it, or rent it.

Concepts to Consider

You will first need to consider your legal and financial obligations when inheriting a house. A loan, for example, might be owed. Inheriting property may also incur tax responsibilities, such as capital gains and federal estate taxes.

It's not a federal inheritance tax if you inherit a home, but some states have them. In most situations, inheriting property does not automatically result in a tax liability.

An asset, such as a house, can generate capital gains taxes. If you sell the house, you may have to pay capital gains taxes. There are tax implications when a home's fair market value is less than its sale price when it is inherited.

You may be eligible for an exclusion if you keep the home.

Is There Currently a Mortgage?

Having a house that's already paid for means fewer financial considerations.

A property with an open mortgage can be assumed, which means you take over the payments as an heir and pay off the debt based on the original terms of the mortgage.

Reverse mortgages and some other loans become due at the time of the borrower's death or the sale of the property. In such a case, as the heir, you would be required to sell the home and settle the remaining debt if a reverse mortgage is open.

Did You Inherit a House with Your Siblings?

Having several siblings or family members inherit the same house is common and complicating. Therefore, multiple opinions could play a role in the decision on what to do with the property.

A buyout may be an option if there are multiple stakeholders. For whatever reason, one sibling can purchase the other sibling's home if they want to keep the house.

The simplest thing to do is to sell the home and split the profit. The home can also be rented out and the profits split.

You may need to file a lawsuit for partition if you cannot agree on what to do. In this case, the court will order the sale of the home. Due to the legal fees and time involved, you'll receive less than you would have without this step.

Can You Move into the House?

You might want to move into an inherited home if there are no complicating factors or if the people who share ownership agree to it. Again, if there is an outstanding mortgage, you'll need to determine whether or not taking on that debt makes financial sense.

Not only do you have to consider the mortgage payment, but property taxes as well as any other costs associated with owning a home.

Selling your current home and moving in without taking on debt may be possible if you have no obligations.

In order to sell the home you inherited, you have to pay for any needed repairs as well as real estate agent fees and closing costs.

Again, if you fall into a particular tax bracket, you'll have to pay capital gains on the difference between the fair market value of the property when you inherited it and what you sold it for.

When inheriting a home, many things come into play, from whether or not the home is currently debt-free to how many people share it with you. Make sure you research all financial implications before making any decisions.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

917 AVENIDA ESTRELLITA NE, Albuquerque, NM 87110

Nostalgia for the past! Original charm in this 3BDR/2BA mid-century modern style home! ROOF 2021! Refrigerated air, tankless water heater, skylights, updated kitchen, updated windows! Open living/dining room features hardwood floors and a wood fireplace plus a large family room with built-ins! Light, bright & open kitchen. Large utility room with storage cabs. Secondary bath features a walk-in jetted bath! Huge covered patio & open deck for entertaining! Large lot with newly landscaped front yard! Backyard with mature trees, shrubs, and storage shed! Carport/Breeze Way w/storage! Customize your updates to your style! Great location close to Altura Park, UNM, Nob Hill, shopping and restaurants!REQUEST MORE INFORMATION

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

Owning a home in Albuquerque can give you and your family financial freedom. By paying a mortgage, you are purchasing a permanent asset. Making renovations and repairs will allow you to make the space your own. However, the cost of household repairs can become a significant investment if you fail to maintain the property. 

Often, people underestimate how much upkeep their home will require over time. You should check your home for inconsistencies monthly. Even though it may seem like overkill, catching a problem in your home before it settles can save you a great deal of money. Home maintenance is part of the deal when you buy a home, and it will help ensure its value increases over time. 

When looking for problems in your house, knowing what to look for and where to look is essential. There are quite a few areas of the house that are frequently overlooked, resulting in severe damage and expensive construction. Our list below outlines 5 common household repair issues you may overlook. 

Gutters 

Gutters are relatively hard to see, which makes them an easy spot to miss. Most likely you won't notice your gutters are going bad until they're at their most decomposed. You should check your gutters at least twice a year. You may want to check them more or less often depending on the type of foliage in your area and the weather patterns. Desert residents, such as here in Albuquerque, might go about a year between gutter cleanings, as opposed to those living in heavily wooded areas or areas prone to snow might want to check their gutters multiple times throughout the year. 

Roofs & Chimneys

Unaddressed defects in roofs and chimneys can lead to expensive problems. At least once a year, you should have a professional check the condition of your roof. The best time to get a professional opinion is in the spring. Since the fall and winter weather is often the worst, you can tell if your roof has a leak or any structural problems. When inspecting your roof yourself, head into your attic space to check for signs of mold or mildew. 

Every year, chimneys should be inspected before use. If you don't feel confident that you know what you're doing, enlist a professional to inspect your chimney for you. When your chimney flue cracks, it can lead to the build-up of toxic chemicals and smoke inside your house, resulting in serious damage to both your home and your health. 

Leaking Faucets 

Leaving a leaky faucet unattended can cost up to thousands of dollars. Leaking faucets deteriorate your sink and waterline because of the extra wear and tear they cause. You will need to replace the entire sink and faucet unit sooner than you would have if you did not treat it. Your utility bill will also rise if your faucet leaks because water consumption still counts. Whenever you notice a leaking faucet, get it fixed as soon as possible. 

Foundational Cracks

Your house can suffer from foundational cracks. Cracks become worse over time, costing more to fix if left untreated. Moisture can also seep into foundational cracks, allowing mold to grow. You shouldn't try to fix foundational cracks on your own unless you are a professional. You should consult a professional who has experience dealing with all degrees of foundational cracks, and work with them to resolve your issue. Even though you may have to pay up front to fix the damages, you'll save a lot if you deal with the issue sooner rather than later. 

Rodents or Pests

Although it may seem hard to believe, household owners often ignore rodents or pests in their homes. Oftentimes it's through no real fault of their own, however, as rodents and pests can find their way into the foundation, walls, roofs, and basements of homes. For instance, termites are hard to find until it's too late because their main source of food is within your walls. Think about having an inspection once a year to ensure there hasn't been an outbreak. 

There are ways to check your home for rodents and pests and we suggest doing so even if you feel your home couldn't possibly be housing them. Look for the destruction of your insulation, baseboards, or drywall. If you hear random noises in your walls or attic, it's typically a rodent or family of pets. It's important to contact a professional exterminator right away if you suspect your home has become inhabited by rodents or pests. 

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

917 AVENIDA ESTRELLITA NE, Albuquerque, NM 87110

Nostalgia for the past! Original charm in this 3BDR/2BA mid-century modern style home! ROOF 2021! Refrigerated air, tankless water heater, skylights, updated kitchen, updated windows! Open living/dining room features hardwood floors and a wood fireplace plus a large family room with built-ins! Light, bright & open kitchen. Large utility room with storage cabs. Secondary bath features a walk-in jetted bath! Huge covered patio & open deck for entertaining! Large lot with newly landscaped front yard! Backyard with mature trees, shrubs, and storage shed! Carport/Breeze Way w/storage! Customize your updates to your style! Great location close to Altura Park, UNM, Nob Hill, shopping and restaurants!REQUEST MORE INFORMATION

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

We’ve all heard the stories. An overcharging contractor, a subcontractor who did shoddy work, or a contractor who disappeared altogether. There are unfortunately an almost infinite number of bad apples in the Albuquerque construction and home improvement industries. In order to gain your business, they promise the world, but then run off with your money. These scams target many unsuspecting homeowners every year.

The question is, how can you avoid being taken advantage of by these crooked contractors?

Read reviews and do your research

Reviews of contractors are easier to find now than ever before. Searching online yields a wealth of information, and you should take advantage of it. Choosing the first contractor in Albuquerque you find can be tempting. Reading reviews and doing your research can save you both time and money. You could end up saving thousands of dollars and avoid a lot of headaches by spending a few minutes reading online. 

Get multiple estimates, and don't be cheap

You should only hire a qualified contractor if you plan to do home improvement work. It's important to get multiple estimates and research different contractors before selecting one. The first contractor you find or someone who offers low prices may seem appealing.

In the long run, these choices can end up costing you more, as inferior workmanship and low-quality materials can lead to expensive repairs. To make an informed decision about which contractor is right for your project, make sure you get multiple bids and research your options before choosing one. 

Do background checks

A thorough background check is essential for large projects. There are a variety of important pieces of information that can be revealed by a background check, including whether the individual has any outstanding debts or legal issues. Furthermore, they can provide information about the quality of their previous work, including complaints from customers and previous employment. Often, background checks reveal things that weren't revealed in reviews, so they are an important part of the research process, particularly if you are hiring someone for a large or expensive project.

Insist on a written contract

A written contract is essential when dealing with any type of contractor. In many cases, contractors claim that they don't normally do things that way, so they don't have to provide a written contract. However, regardless of the words that a contractor uses, it is crucial to have a written contract detailing the terms and conditions of your job.

The written contract provides you with peace of mind by describing exactly what services and materials the contractor will provide, as well as giving you legal recourse in case something goes wrong. When a contractor balks at signing a written contract, this should raise a red flag and you should look for someone who can meet your needs and requirements. A well-written contract cannot be understated, so no matter how persuasive a contractor seems, insist on one!

Never pay a contractor by the hour

It is usually best not to pay contractors by the hour. There are several drawbacks to this approach that can ultimately result in unnecessary costs and frustrations for both parties. To begin with, contractors are incentivized to work more hours than are required by paying by the hour. You may be nickeled and dimed with extra requests and delays in order to get paid more money, even if doing so makes little sense from an operational standpoint. Paying by the hour can also lead to budget overruns and frustrations due to unforeseen costs.

Pay with a credit card

Paying for contractor services with a credit card is always the best option. You will have an added measure of protection in case the work is not completed as planned, or if the quality is not satisfactory. Credit card payments can be disputed with your credit card company if there are problems. By contrast, if you pay cash or write a check, you have no recourse if the job is not done correctly. 

Don't pay the full amount until the job is done

It is not uncommon for contractors to request full payment up front and then fail to deliver. As the work is being completed, it is wise to pay in installments and inspect the work before paying the full balance. By doing this, you will have a chance to address any problems that may arise during the work process. Additionally, by paying in installments during the course of the project, you can ensure that you are getting high-quality work for your money and help prevent any unscrupulous contractors from taking advantage of you. 

The best way to avoid getting ripped off by a crooked contractor is to do your homework. Get references, check them out, and ask lots of questions. Also, be sure to get everything in writing, including a detailed estimate of all costs. By following these simple tips, you can protect yourself from becoming a victim of contractor fraud.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

7408 KRISTA Drive NE, Albuquerque, NM 87109

Come and view this beautiful corner lot in the NE Heights! Home has 4 bedrooms (possible 6), + 2 remodeled bathrooms. There so many updates on this home including: NEW roof and skylight on front patio (2020), Exterior painted (2020), Interior painted (2021), NEW kitchen flooring (2022), NEW wood laminate flooring (2022), NEW dishwasher (2022), NEW stove (2021), NEW fixtures (2021), NEW bedroom carpet (2021), Both bathrooms were remodeled in 2018! This home will not last long - schedule an appointment 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.

Get your Morning Inspiration with the Sandi Pressley Team

Are you in the market for your first home, or looking to upgrade? These latest listings are just what you've been waiting for! But don't wait too long, as they's sure to sell fast in this hot Albuquerque real estate market!

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.

Come home to your oasis! Clean, immaculate, and lovingly cared for. Three comfortable bedrooms, 2 baths in a beautiful easy-care community. Enjoy the green grass park, gazebo, and community pool to cool you off in summer. A completely private and secure flagstone, adobe-walled patio accessed by a lovely concrete-stamped breezeway. Plenty of New Mexican charm, and upgrades galore! Relax knowing the townhome comes with MANY updates: kitchen, TPO roof, refrigerated air, windows, wood flooring, and bathrooms. TONS of storage in this family home. Convenient location near the center of town. 10 minutes to the zoo, botanic gardens, UNM, CNM, theaters, and old town! Must see to believe!

Learn More!

9628 ENTRADA VISTA Avenue NW, Albuquerque, NM 87120

Beautiful 3BDR/3BA/2CG DR Horton Build Green NM-Silver home in Prima Entrada! Lots of living space in the great room! Large loft/recreation area & laundry room located upstairs for convenience! Light, bright & open kitchen features a walk-in pantry, breakfast nook and bar, tile flooring & gas range! Refrigerated air & tankless water heater! Private master suite features his & her walk-in closets, raised dual sink vanity and garden tub! Landscaped front and backyard! Views! Enjoy the outdoor living space with your morning coffee under the gazebo and relax and entertain family & friends for Summer BBQs!! Close to the Petroglyphs, easy access to I-40 for KAFB, Alb International Sunport, UNM, 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.

The Spring home selling season is well underway in Albuquerque, and homes are selling fast. With reduced interest rates and reduced inventory, now is an ideal time to sell your home.

If you do decide to put your home for sale on the Albuquerque market, one of the first things you should look at is your home's curb appeal. After all, first impressions are critical when selling a home. 

Fixing up your home's curb appeal is also a great way to stay busy and healthy. It's a task that will also pay off when you sell your home and get a higher price for it.

Here are a few simple and affordable ways to boost your home's curb appeal:

Take care of your lawn

Your front yard is probably the most obvious part of your home's curb appeal. If you have a grass lawn, make sure it's mowed regularly and any debris is removed. And make sure to keep it watered and fertilized to prevent brown spots.

Let there be light

Is your entryway looking a bit dark? You may just need to clean off the cobwebs and debris to make your entry look more bright and clean. If you need some additional light sources, hang some porch string lights or use solar powered lanterns to light up a walkway.

Embrace symmetry

Symmetry is an important part of design and creates focal points that are pleasing to look at. You can achieve this by placing matching wall lanterns or plants on either side of your front door. If you don’t have room at your entryway, you can do the same thing around your garage door.

Clean your gutters

Clean gutters both inside and out, clearing out any debris and really scrubbing the outsides until they look good as new (or as close to new as you can get them looking). You’ll be in awe at what a little elbow grease can do.

Power wash it off

Power washing your drive and walkways is a great way to improve your curb appeal. See if you can borrow a power washer if you don't have one. If local restrictions allow, you can rent one for an affordable price.

Fix it up

If you have the tools to do so, go around your home and find anything that needs a quick fix, such as ripped screens, burned out bulbs, or chipped paint. Even tiny flaws can stand out against an otherwise picturesque exterior, so it’s worth taking a day to fix them. 

Utilize outdoor furniture smartly

Too much outdoor furniture can clutter your home’s appearance, while too little can make it look scarce or neglected. Try to find a good balance somewhere in the middle, and be sure that all outdoor furniture you have is clean and in good condition. For small yards, think about putting in simple ceramic stools for seating and add some extra charm by setting up a small table with a pretty planter on the top.

You can boost your home's curb appeal in just a day or weekend if you plan ahead. 

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

7408 KRISTA Drive NE, Albuquerque, NM 87109

Come and view this beautiful corner lot in the NE Heights! Home has 4 bedrooms (possible 6), + 2 remodeled bathrooms. There so many updates on this home including: NEW roof and skylight on front patio (2020), Exterior painted (2020), Interior painted (2021), NEW kitchen flooring (2022), NEW wood laminate flooring (2022), NEW dishwasher (2022), NEW stove (2021), NEW fixtures (2021), NEW bedroom carpet (2021), Both bathrooms were remodeled in 2018! This home will not last long - schedule an appointment 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.

Get your Morning Inspiration with the Sandi Pressley Team

Still looking for the perfect way to say thanks to mom this Mother's Day weekend? Brunch is always a great way to spend quality time with mom. And of course, Albuquerque has plenty of outstanding restaurants where you can enjoy a lovely meal with her. Here are some of the best places to find Sunday brunch in Albuquerque.

Level 5

2000 Bellamah Ave NW, Albuquerque, NM 87104

Join us for Mother's Day Brunch, reservations required. Please call LEVEL 5 to book 505-318-3998. Our Level 5 rooftop restaurant and lounge team is proud to serve culturally alive, community-fused and environmentally sound cuisine that showcases local and regional ingredients. 

Slate Street Cafe

515 Slate Ave NW, Albuquerque, NM 87102

Hip eatery with an urban vibe features modern comfort cuisine along with an upstairs wine loft.

Seared Bistro Albuquerque

119 San Pasquale Ave SW, Albuquerque, NM 87104

Warm, white-tablecloth eatery offering American seafood & meat standards, plus a hearty wine list.

D.H. Lescombes Winery & Bistro

901 Rio Grande Blvd NW B-100, Albuquerque, NM 87104

Casual bistro with a sun-drenched patio features French country cuisine, local wine & live jazz. Our winemaking team collaborated with our chef and the Lescombes family to create an extensive, epicurean-style menu that easily pairs with our wines. 

Mimi's Cafe

4316 The 25 Way, Albuquerque, NM 87109

Casual chain restaurant serving French & American staples in a rustic-inspired setting.

Dave's Valley Grill

6601 4th St NW, Los Ranchos De Albuquerque, NM 87107

Easygoing American kitchen offering homestyle brunch, sandwiches & mains, plus beer & wine. Award-winning food: gourmet burgers, Artisan salads, delectable brunch items, craft beers, local-wines, mimosas, beef, chicken, fish and something for the kids.

Happy Mother's Day

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

7408 KRISTA Drive NE, Albuquerque, NM 87109

Come and view this beautiful corner lot in the NE Heights! Home has 4 bedrooms (possible 6), + 2 remodeled bathrooms. There so many updates on this home including: NEW roof and skylight on front patio (2020), Exterior painted (2020), Interior painted (2021), NEW kitchen flooring (2022), NEW wood laminate flooring (2022), NEW dishwasher (2022), NEW stove (2021), NEW fixtures (2021), NEW bedroom carpet (2021), Both bathrooms were remodeled in 2018! This home will not last long - schedule an appointment 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.

Get your Morning Inspiration with the Sandi Pressley Team