Real Estate Information Archive

The decision to buy a home in Albuquerque is a significant one, and the choice between a fixer-upper and a move-in-ready home can be particularly challenging. While the latter offers convenience, the former can be a smart investment that pays off in the long run. Here's an extended look at why a fixer-upper might be the better choice for you.

1. Financial Benefits

One of the most compelling reasons to consider a fixer-upper is the financial advantage. These properties are typically priced lower than move-in-ready homes, especially in competitive markets. This lower initial investment can translate into substantial savings, allowing you to allocate funds towards renovations that not only improve the home but also increase its value over time.

2. Customization Opportunities

A fixer-upper is essentially a blank canvas. It provides you with the unique opportunity to tailor your home to your personal tastes and needs. Whether it's an open-plan kitchen, a home office, or an eco-friendly living space, you have the freedom to design and create a home that truly reflects who you are.

3. Potential for Profit

For those looking to make a profit, fixer-uppers offer great potential. With strategic renovations, you can significantly enhance the property's value. This could be particularly beneficial if you decide to sell in the future, as the increase in value could result in a healthy return on your investment.

4. Reduced Competition

Fixer-uppers tend to attract fewer buyers, which means you're likely to face less competition when making an offer. This can be a huge advantage in a seller's market, where move-in-ready homes might incite bidding wars. A fixer-upper can provide a more straightforward path to homeownership.

5. Personal Satisfaction

There's a unique sense of accomplishment that comes with transforming a fixer-upper into your dream home. The process can be challenging, but it's also incredibly rewarding. You'll have the chance to learn new skills, make a space your own, and take pride in the tangible results of your hard work.

6. Access to Better Neighborhoods

Sometimes, the only way to afford a home in a desirable neighborhood is to buy a fixer-upper. This option can open doors to areas with better schools, amenities, and overall quality of life that might otherwise be out of reach financially.

7. Lower Property Taxes

Initially, fixer-uppers are often assessed at a lower value, which means you could benefit from lower property taxes until the home is reassessed after improvements are made. This can add to the financial benefits of choosing a fixer-upper.

8. Control Over Improvements

When you buy a move-in-ready home, you're paying a premium for the previous owner's choices in improvements and finishes. With a fixer-upper, you control where and how to spend your renovation budget, ensuring that every dollar goes towards creating value for you.

9. Eco-Friendly Living

Renovating a fixer-upper allows you to implement eco-friendly features that can reduce your carbon footprint and save on energy costs. From solar panels to high-efficiency appliances, you can make choices that benefit both the environment and your wallet.

10. Financing Options

Specialized loan programs exist that can help finance both the purchase of a fixer-upper and the subsequent renovations. These loans can simplify the process by combining the costs into a single mortgage, making the dream of renovating a fixer-upper more accessible.

While buying a fixer-upper in Albuquerque may require more upfront work and a willingness to tackle renovations, the benefits can be substantial. From financial savings to customization and potential profit, a fixer-upper offers opportunities that move-in-ready homes simply cannot match. If you're prepared for the challenges and excited about the possibilities, a fixer-upper could be the perfect choice for your next home.

For those considering this path, it's essential to conduct thorough inspections, understand the full scope of necessary renovations, and have a realistic budget in place. With careful planning and a clear vision, your fixer-upper can become the home of your dreams and a smart financial investment.

HOT ALBUQUERQUE LISTING OF THE WEEK

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.

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Purchasing your first home in Albuquerque is an exciting milestone, and you'll likely want to personalize the space to make it truly your own. Renovating your home can be a rewarding experience if you approach the process with careful planning and forethought.

For new homeowners looking to renovate, here are five tips to help transform your property into the home of your dreams, whether you're planning minor upgrades or a major overhaul.

1. Create a Budget and Stick to It

To start any renovation project, the first step is to establish a realistic budget by thoroughly evaluating your finances and creating a detailed breakdown of expected costs.

When planning a budget, consider factors such as materials, labor, and any potential unforeseen expenses. A well-thought-out budget not only helps prioritize goals, but also ensures that you don't overspend or compromise the quality of work.

To save money without sacrificing quality, shop around for budget-friendly home items. For instance, many mattress stores in Albuquerque may offer affordable single mattresses that provide comfort and support, so you can sleep well without overspending.

2. Prioritize Any Repairs

Before diving into stylish upgrades, first address any necessary repairs or maintenance your new home requires. While an aesthetic makeover is tempting, focusing on function ensures your home's basic needs are met.

Addressing plumbing, roofing, and electrical issues early on will prevent minor problems from escalating into major repairs later.

Focus first on making any necessary repairs so your home stays safe, usable, and structurally intact. With urgent issues resolved, you can then turn your attention to the more exciting interior design projects with confidence.

3. Focus on Energy Efficiency

With concerns over climate change and rising costs, incorporating energy efficiency into home renovations benefits the environment and saves on energy costs. For example, installing double-glazed windows and insulating walls makes homes more eco-friendly. When choosing energy suppliers, consider companies that prioritize green solutions.

4. Work With Trusted Tradespeople

Though you can complete some parts of the renovation yourself, you should hire experts for areas like electrical work, plumbing, and structural changes to ensure those complex tasks are handled properly.

Although it may seem like an unnecessary cost, hiring professionals to maintain your health, safety, and home is crucial for your well-being and your property's longevity.

5. Plan for Your Future Needs

As you plan home renovations, consider how your family's needs and lifestyle may evolve, and aim to build in flexibility that allows rooms to serve multiple functions or accommodate future additions to the family.

Thinking ahead can save you time and money in the long run, ensuring that your Albuquerque home remains functional and accommodating for years to come.

HOT ALBUQUERQUE LISTING OF THE WEEK

460 Michael Avenue SW, Los Lunas, NM 87031

Beautiful Hakes Brothers home in the much desired Legacy at Sierra Vista subdivision. 1907 SF with 4 bd, 2 ba., built in 2022. Owner has finished the backyard and spent $10k on a (custom) security door and side gates. In addition; raised the walls in the backyard for privacy. Home comes equipped with a kitchen stainless package + washer/dryer. Builder upgrades include: fireplace, instant hot, pot filler, rain shower and so much more! Call for a showing today!

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A renovation involves improving the appearance or functionality of a house. You can do it to repair damage caused by weather, natural disasters, or for aesthetic reasons. Whether you are planning on doing some major renovations like flooring or just simple repairs around your home, here are six things to keep in mind when undertaking a home renovation project:

Safety First

Renovation projects should be undertaken with safety in mind. There are many heavy materials and tools involved in this project. Therefore, you should make sure that you have enough space around your workspace so that you can move around quickly. Be sure to unplug all electrical appliances before starting work. Wear gloves and goggles when handling chemicals or using power tools. 

Plan Ahead of Time

A plan is the best way to ensure your renovation project runs smoothly. As such, you should take the time to create a detailed plan for each room of your home. This will help you avoid making costly mistakes and prevent frustration. In addition to having a plan, you must take time when renovating your home. This may seem like an obvious tip, but rushing through a project is one of the easiest ways to make mistakes and end up with a subpar result.

Hire a Professional Contractor

Despite the temptation to save money by doing the work yourself, this is one of the worst mistakes homeowners can make. Hiring a professional contractor will help ensure that your renovation project is completed with high-quality materials and craftsmanship. In addition, having a professional on hand means that you don’t have to worry about whether or not your home will be structurally sound after renovations.

Always Have a Backup Plan

Despite your best efforts, things will go wrong during a renovation project. A backup plan keeps your home safe and livable in case of an unexpected plumbing leak or an absent contractor. Maintaining a backup plan will help you avoid costly delays to your renovation project. In case your contractor fails, it's essential to have a backup plan. If you don’t, you could pay for substandard or even dangerous work to your home.

Make Sure You Meet Your Homeowner’s Insurance Requirements

Your home insurance policy may have specific requirements for the types of contractors you use and how much they are paid. You should check with your insurer to ensure that the contract meets their standards before it’s signed. If not, they might refuse to pay for any damage caused by the contractor or even deny coverage altogether.

Never Skimp on Materials

It makes sense to install the best materials in your home if you spend money on a contractor. This could result in a shoddy product that needs to be repaired or replaced sooner than expected. Ensure that the materials come with a warranty. After a contractor finishes a project, you may have to pay for repairs yourself if poor-quality products were used.

Renovating your Albuquerque home can be fun if you do it right. Success is planning, researching, and hiring a good contractor. If you do those things, you’ll be able to enjoy your home for years.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

324 PLAZA MUCHOMAS, Bernalillo, NM 87004

Welcome home to this prestigious ''gated-community'' located in the much desired Bosque Encantado. This community is situated west of the bosque and has mature trees, walking trails, is close to restaurants/stores and is only a 30 minute drive to both Santa Fe and the Albuquerque Airport. This exceptional energy efficient home is ''Eco built with IFC construction''; keeps cool in summer/heat in the winter. The specs of the home: 3 bd + 4th bedroom or office, 3 ba and a spacious 3 car garage. The home has luxurious cherry wood floors, accents and cabinetry, tile in the wet areas and carpet in the living areas. Stylish kitchen has a stainless package, granite and a private dining area. This home has too many exceptional features to list; come see for yourself. Schedule a showing 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.

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Buying a fixer-upper, if you buy the right one, can really be a great investment. If the right things are wrong with a house, it can become both your dream home, as well as earn a great deal of equity.

You don't need to be a DIY guru wither. Patience and time are all that's needed.

Here's how you can tell if that home you're looking at fixing up is worth it.

Evaluate the Price

A fixer-upper should be priced as such. Try not to fall in love too quickly with a home that “just needs a little TLC.” make sure you do your research and make sure the price is right for the work needed.

Also look at other homes in the neighborhood to see how much they sold for and how much work they've had and how fancy they are. you don't want to over-improve for the neighborhood, as this could affect the selling price in the future if you decide to sell.

Start Evaluating What Improvements Are Needed

An ideal fixer-upper is a home that offers a lot of opportunities for “instant equity." This means that if your turned around and sold the home right away, you would get your money back.

Some improvement tasks can be as simple as painting or landscaping, which you can accomplish with sweat equity.

Other tasks may require the work of professionals and cash to pay them. It’s those projects you want to carefully evaluate against the home’s price.

Which Hire-a-Pro Projects Add Instant Equity?

Some home improvement projects that require a pro stay at the top of the list of things that will be worth the cost instantly.

Based on data gleaned from the “Remodeling Impact Report” (RIR) from the National Association of REALTORS®’, if these three projects are on your fixer-upper’s list of must-haves, then you may have found your dream equity-builder:

• New roof
• Hardwood floors
• Insulation

While those three are pretty safe bets. Almost any project can be worth it with a fixer-upper if the price is right. For example, a complete kitchen renovation can cost $65,000 and recover only about $40,000 when you sell. But if the fixer-upper is discounted enough, think how amazing it would be to cook in a kitchen you designed yourself.

Evaluate Your Ability to Deal with Disruption

Whether you’re a DIY Jedi or content to let the pros handle the remodel, if your patience is shorter than your potential home’s to-do list, a fixer-upper may not be a good choice.

Renovating a bathroom alone can take two to three weeks. Add hardwood flooring, a new kitchen, and siding, and you’re looking at a whole summer’s worth of rehab.

When considering a fixer-upper, evaluate the limits of your emotional energy as well. Inevitable project pitfalls and delays can be wearing. Only if you have the time, patience, and emotional endurance for a fixer-upper will it be a good fit for you. And only you can determine that.

But if you can budget your time and money, and employ the right fixer-upper strategies, you might find yourself with a double reward: A home that’s worth far more than you paid, and the joy of knowing you helped get it there.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

26 BENDITA LOMA, Los Lunas, NM 87031

Country living retreat on 5 acres w/private drive, solar powered gates, pastures, 3 cov horse pens & turn out, fenced w/gorgeous mtn views! Incredibly maintained! Casual elegance abounds in this custom 4BDR/3BA/3CG home! Lots of natural light! Re-Stucco (2022), Refrig Air, Water Soft, Central Vac! Custom kitchen w/hickory cabs, double oven, 5 burner cooktop, large pantry & bkfst nook bay! Open plan family room w/cozy pellet stove, custom bar & wine rack, picture window w/mtn views! Private master suite w/patio access, dual sink vanity, jetted tub, sep shower, walk-in closet. Guest suite w/its own bath. Finished, insulated 3CG w/9ft garage door, attic w/ladder & utility sink. Relax & enjoy the views, entertain family & friends in the beautiful backyard, large covered patio & hot tub!

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

Everyone wants to renovate their homes. People in Albuquerque are now more inclined to do things themselves than ever before. All the remodeling is great for the economy, as well as for people's home equity. However, if homeowners take on tasks themselves without adequate training, problems can arise. It's easy to keep renovations on track if you know what to look out for.

Overestimating your skill

It looks easy to tile, doesn't it? It would be great if the whole bathroom was done, including the floors and walls. You don't need to take a class to do this, or even watch a few YouTube tutorials. You've seen it done on TV, and you're pretty good at picking things up, aren't you? That's a recipe for disaster, and, chances are, you'll either be calling a professional to come finish what you started, or to rip it out and start over.

How to avoid mistakes:

Start small. Prior to taking on the tough stuff, test your skills and patience.

Underestimating your budget

Nobody ever saves enough money for their renovations. There seems to be an increased likelihood of issues arising when your budget is tighter. The last thing you want is a problem that changes your entire plan last minute or makes you stop mid-renovation to make alternate plans or find more money.

How to avoid it:

A good rule of thumb is to set your budget amount and then add 20 percent, but the more novice you are, the more you may want to add.

Minimizing the timeline

Many Albuquerque homeowners underestimate the amount of time needed to make their own renovations. Most of the time, this is due to inexperience, but individual needs can also play a part in it. Just because you only have two weekends to completely tear down and renovate your kitchen before your in-laws arrive doesn't mean it's going to happen within that timeframe. Rather than a pretty finish, they're likely to find a mess and no functional kitchen to prepare a meal.

How to avoid it:

Make sure you do your research. Take the advice of professionals. Take a look at some blogs written by homeowners who have already done the DIY kitchen renovation thing and see what they have to say. Rather than dismissing them as amateurs, really listen to what they have to say. Learn from the mistakes and experiences of others so you can approach your renovation with an open mind and open eyes.

Swinging the hammer without a plan

Seeing demos on TV is fun, and they can be enjoyable as well. When you don't know what you're swinging at and have no plan for what you're going to do if an unexpected event occurs, it can be seriously damaging to your property.

"Work on older buildings can yield a lot of unforeseen events," said Architectural Digest. "Who knows what's behind that wall you're opening up? New construction is more controlled, but that doesn't always mean smooth sailing. Be prepared for the unexpected. We all hope and pray everything goes according to plan. Trust us: Nothing will."

How to avoid it:

The best way to ensure you don't do something crazy, such as compromising the entire structure of your home, is to hire a structural engineer to tell you exactly what's going on in the wall you want to take down.

Not asking for help

It's great to be independent, but when it comes to renovating, more is better. When you have suspicions, you need someone to confirm them, help with the heavy lifting, and provide feedback.

How to avoid it:

Get in touch with your friends, family, or that coworker who's self-proclaimed Queen of Reno. At the very least, having another person in the room will make the renovation go faster and give you someone else to talk to.

The best thing to keep in mind with renovations is that they are hard work and take time and planning. Dont go it alone, unless you've done them befor eand know what you're doing.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

10 PINON RIDGE Drive, Placitas, NM 87043

Amazing Hilltop Lot is setting for this Custom Santa Fe style home. Incredible mountain and sunset views. Bright light and open great room floor plan, gorgeous quality windows, with beautiful Saltillo tile floors throughout. High ceilings throughout accented with wood beams and tongue and groove. Dream kitchen with beautiful granite countertops custom cabinets and 2 huge walk-in pantries, kitchen island, & bright sunny breakfast nook. Water is stored in a 1200 gallon tank and is on a water fill system. Water delivered to fill tank by East Mountain water for $150 a month. Exquisite owner suite privately situated from other bedrooms w/Kiva style fireplace and Vigas accents on the high ceilings. Amazing custom shower with glass block accents and cedar lined his and her walk-in closets.

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

If your Albuquerque home is old and in disrepair, getting it ready for the market can be tough in many ways. As is, you may be able to sell it, but at a much lower price than what you wanted.

'Band-Aid solutions' are temporary solutions; they may not provide the ideal or permanent solution that a kitchen renovation would, but they are intended to be done more quickly and be less expensive. 

When it comes to getting your home ready for company or selling your house, you have a few options for making it look good without spending a lot.

Peel-and-stick wallpaper

For those who don't want to commit to a particular look for decades - or who do not want to take down a permanent wall covering - peel-and-stick wallpaper is the perfect option. The use of graphic patterns, florals, or even faux wood grain can create a focal point or transform a room. 

Peel-and-stick backsplash

For backsplashes, peel-and-stick works too, and it's not just for renters looking to add a little style to their rented space.

Carrera marble will look amazing, classic subway tile will give your kitchen a classic feel, and weathered quartz will give your kitchen a natural feel. You can put it up in no time, and take it down just as quickly when you're ready for something new.

Floating floor

Floating floors, which are floors that go over another floor, are somewhat more maintenance-intensive than peel-and-stick materials, but they are still easier than other flooring options. You may be able to do it yourself on your own, and very affordably, if you have some skill and inclination to DIY.

Additionally, both natural hardwood and engineered wood floor planks-not to mention cork, ceramic tiles, and vinyl—are now also available in floating versions, which can be easily assembled by aspiring homeowners.

Peel-and-stick countertops

Using a PVC vinyl base, peel-and-stick countertops can make your home look more updated at a fraction of the cost of traditional countertops. These countertops are not best for high-traffic areas due to their durability (or lack thereof), but they can serve as a temporary makeup makeover for spaces you don't own, don't use often, or can't afford to renovate yet.

So yes, you can update your Albuquerque home on a budget and in little time, with just a bit of peel-and-stick.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

4501 ATHERTON Way NW, Albuquerque, NM 87120

Exquisite custom Tuscan home-in the gated community of Oxbow North. Impeccable hand crafted cabinetry throughout, travertine tile with inlay, gourmet kitchen with Wolf Appliances and Sub-Zero Refrigerator. Commercial grade radiant heating system (plus central forced air).Two master suites, 3 custom fireplaces, tiled balcony with breathtaking views of the city and mountains. Surround sound in great room and loft area, 4 car tandem garage..and so much more. Enjoy your next memorable home.

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.

No doubt you are spending more time at home, like so many of your neighbors in Albuquerque and across the nation. And no doubt you're thinking about how you can renovate your home to suit your changing needs. But don't start knocking down walls just yet. You want to make sure that you plan carefully for any renovations you make on your home.

Whether you’re outfitting your home with a new office or classroom, or taking on long-intended improvements such as painting or installing new flooring, here are four tips to help you make sure you’re heading into the right project, the right way.

1. Return on investment

If you plan to sell your home in Albuquerque soon, you should focus on projects that have a good ROI. You can spend thousands of dollars on projects that won't increase the value of your home.

For example, it costs about $50,000 to add a new bathroom, but homeowners typically recoup only about 54% of the cost in increased home value. A minor kitchen remodel, on the other hand, returns about 78% of its cost.

2. Create a budget

The last thing you want to do is run out of money in the middle of your remodel. You need to take care that your project costs don't get out of hand during the process. Add up all of your expenses before you start, and add 10% or 20% to the total to allow for cost overruns.

To get an idea of how much you’ll have to spend on a specific project, look at what others have spent on comparable projects using a project estimate calculator or perusing sites like HomeAdvisor or Remodeling Magazine.

3. Choose the right funding

Over the past year, 34% of homeowners who undertook home improvement projects used cash on hand to fund those projects, 25% used money they had saved for those projects specifically and 14% used money from their economic stimulus check. As long as you're not avoiding more important expenses, using that cash or savings can be a good way to keep from paying interest on your home improvement project.

You can finance your remodel with a variety of options, such as a home equity line of credit, a personal loan, a cash-out refinance or even credit cards. ust make sure to keep an eye on interest rates and the length of the terms, as that will affect the overall cost of the project.

4. Research contractors

If you need a pro to do the work, get written estimates from several Albuquerque contractors. Check references and ask about their credentials, along with licensing. You can also ask about their membership in trade associations. Many reputable contractors belong to professional trade groups such as the National Association of the Remodeling Industry or the National Association of Home Builders.

A good contractor will guarantee the work and offer a warranty. You can check Better Business Bureau ratings to see if others have had complaints about companies you’re evaluating. If there have been complaints, check to see how they were resolved.

When you select a contractor, make sure you get your agreement in writing.

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.

HOT HOME LISTING OF THE WEEK!

6017 CROWNPOINT Drive NE, Rio Rancho, NM 87144  $299,000

4 Bedrooms / 3 Bathrooms (2 full, 1 half) / 3086 Square Feet 

4 BDRS/3BA/2CG PLUS two office/flex rooms! TWO livings spaces! Kitchen features walk-in pantry, island, breakfast nook and bkfst bar. Light, bright and open floor plan! REFRIGERATED AIR! UPDATED WATER HEATER! Large secondary bdrs have walk-in closets & laundry room located upstairs for convenience! Office/flex room on the main level with 3/4 bath! Newly painted interior and new carpet! Master suite features a balcony, walk-in closet, dual sink vanity, garden tub and separate shower. Backyard features a covered patio, balcony off master suite, walled for privacy and easy care rock landscape!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team