Real Estate Information Archive

When embarking on the adventure of flipping a house in Albuquerque, it's not just about making quick fixes but rather creating a space that feels like a home. This endeavor requires a blend of strategic planning, market understanding, and a touch of creativity. Here's a guide on which rooms to focus on and why they matter.

The Kitchen: Culinary Transformations

The kitchen is where families gather, meals are prepared, and memories are made. It's a focal point that can sway buyers' decisions. To enhance this space without a hefty price tag, consider refinishing existing cabinetry or adding a stylish backsplash that complements the Southwestern vibe of Albuquerque. Upgrading appliances to energy-efficient models can also be a draw for eco-conscious buyers.

Bathrooms: A Spa-Like Retreat

Bathrooms should serve as a personal retreat. Think beyond the basics; small luxuries can make a big difference. Heated floors, water-efficient toilets, and sleek faucets can turn an ordinary bathroom into a spa-like oasis. Even replacing an outdated mirror with a framed one can add elegance to the space.

Curb Appeal: The Desert Oasis

Albuquerque's unique desert landscape offers an opportunity to create an oasis that captures the eye. Consider xeriscaping with native plants that require minimal water, adding a charming walkway, or installing outdoor lighting to enhance the home's architecture. A well-designed outdoor space can extend the living area and entice buyers looking for that indoor-outdoor lifestyle.

Living Areas: The Gathering Place

In the living areas, comfort meets style. A fresh coat of paint in a neutral palette can brighten up the space, while installing new flooring can modernize the look. Consider staging the area with furniture that showcases the room's potential, helping buyers envision themselves living there.

Bedrooms: Personal Sanctuaries

Bedrooms are personal sanctuaries, and each should reflect a sense of calm and relaxation. Upgrading closet systems to maximize storage, adding ceiling fans for comfort, and ensuring there is ample lighting can make these spaces more appealing.

Additional Spaces: Maximizing Potential

Don't overlook additional spaces like laundry rooms, garages, and basements. These areas can be functional showstoppers with the right touches. Adding built-in shelving, a workbench, or even a fresh coat of paint can transform these often-neglected areas into valuable assets.

Energy Efficiency: A Smart Investment

Albuquerque's hot summers and cool winters mean energy efficiency is a priority for homeowners. Investing in solar panels, smart thermostats, and high-efficiency HVAC systems can not only attract buyers but also provide long-term savings.

Final Touches: Attention to Detail

It's the little details that can make a house feel like a home. Crown molding, new door handles, updated light fixtures, and even the switch plates can add character and charm to a flipped house.

By focusing on these key areas and adding thoughtful touches, you can flip a house in Albuquerque that stands out from the rest, providing a welcoming and efficient home for the next owners. Remember, the goal is to create a space that resonates with buyers and makes them feel at home the moment they step through the door.

HOT ALBUQUERQUE LISTING OF THE WEEK

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Albuquerque, with its unique blend of Southwestern charm and modern living, offers homeowners a great opportunity to increase their property value through strategic upgrades. Whether you're looking to sell or simply enhance your living space, certain home improvements have been shown to offer a significant return on investment.

French Doors

Adding French doors is one of the top recommendations for Albuquerque homes. They not only bring an element of elegance but also invite natural light and create a seamless indoor-outdoor living experience. Homes featuring French doors have seen a median list price well above the city's average.

Lighting Fixtures

Lighting can redefine a space, and in Albuquerque, upgrading to modern fixtures is a valuable move. Stylish pendant lights, chandeliers, and track lighting can elevate the aesthetic of your home and are a sought-after feature in the real estate market.

Open Concept Kitchen

An open concept kitchen is another upgrade that can significantly boost your home's value. By removing barriers between the kitchen and living areas, you create a welcoming space that's perfect for entertaining and everyday living. This design trend is highly popular among buyers and correlates with a higher median list price.

Outdoor Features

Outdoor living spaces are increasingly important to homeowners. In Albuquerque, features like bike paths, fire pits, and large covered patios are not only enjoyable but can also increase your home's sale-to-list ratio. A well-designed outdoor space can make your property stand out in the competitive market.

Energy Efficiency

Energy-efficient improvements are not only good for the environment but also for your wallet. Upgrades like a modern air conditioning unit can be a decisive factor for buyers looking for a sustainable and cost-effective home.

Gourmet Kitchen

A gourmet kitchen with high-end appliances and finishes can be a game-changer. It's a luxurious addition that appeals to homebuyers who see the kitchen as the heart of the home, often resulting in a higher sale price.

Additional Living Space

Expanding your living space, whether it's through an addition or by finishing unused areas like basements, can significantly increase your home's value. More space means more functionality, which is always a plus in the real estate market.

Fresh Paint and Flooring

Never underestimate the power of fresh paint and new flooring. These updates can revitalize your home's look and feel, making it more attractive to potential buyers. They are also relatively cost-effective ways to increase property value.

In conclusion, Albuquerque homeowners have a variety of options when it comes to upgrading their homes to boost value. From aesthetic enhancements like French doors and modern lighting to functional upgrades like an open concept kitchen and energy-efficient features, the right improvements can make a significant difference in your home's market appeal and price. 

HOT ALBUQUERQUE LISTING OF THE WEEK

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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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Building a deck in Albuquerque can be an exciting project that enhances your outdoor living space and adds value to your home. However, it's not a task to be taken lightly. There are several critical factors to consider to ensure the success of your deck-building project. Here's a comprehensive guide to help you navigate the process.

1. Understanding Local Building Codes and Regulations

Before you begin, it's essential to familiarize yourself with the local building codes and zoning regulations in Albuquerque. These rules can affect the size, height, and placement of your deck, as well as the materials and construction methods you may use. Ensuring compliance with these regulations is crucial to avoid any legal issues and to guarantee the safety and integrity of your structure.

2. Choosing the Right Materials

The choice of materials will significantly impact the cost, durability, and maintenance requirements of your deck. While wood is a traditional option, it requires regular upkeep to prevent decay and weather damage. Alternatively, composite materials offer a low-maintenance solution with higher upfront costs but longer lifespan and less maintenance over time.

3. Budgeting for Your Project

A clear and realistic budget is vital for any construction project. Costs can vary widely based on the size, materials, and design features of your deck. Remember to account for both materials and labor, as installation can often equal the cost of materials themselves. It's also wise to include a contingency fund for unexpected expenses.

4. Planning for Functionality and Aesthetics

Consider how you plan to use your deck. Whether it's for entertaining, dining, or relaxation, the deck's design should cater to your lifestyle. Additionally, the aesthetics of the deck should complement your home's architecture and the surrounding landscape. A well-designed deck can become a seamless extension of your living space.

5. Hiring the Right Contractor

Selecting a skilled and reliable contractor is crucial. Look for licensed, bonded, and insured professionals with a solid track record and positive reviews. Obtain multiple quotes and ask for a portfolio of previous work to ensure their style and quality align with your vision.

6. Considering the Climate

Albuquerque's climate can be harsh, with intense sunlight and temperature fluctuations. Select materials and finishes that can withstand these conditions to ensure the longevity of your deck. Additionally, consider the orientation of your deck to maximize shade and comfort during the hotter months.

7. Long-Term Maintenance

Think about the long-term upkeep of your deck. Some materials may require more frequent staining, sealing, or repairs. Weigh the initial costs against the ongoing maintenance to determine the best option for your lifestyle and budget.

8. Enhancing Your Deck with Features

Adding features like built-in seating, planters, or lighting can increase the functionality and appeal of your deck. However, these additions also add to the cost and complexity of the project. Plan these features carefully to ensure they fit within your budget and design goals.

In conclusion, building a deck in Albuquerque requires careful planning and consideration of various factors. By taking the time to research and prepare, you can create a beautiful and functional outdoor space that you'll enjoy for years to come. Remember, a well-constructed deck not only offers a place for relaxation and entertainment but also adds significant value to your property. 

HOT ALBUQUERQUE LISTING OF THE WEEK

1539 Avenida De Las Americas, Santa Fe, NM 87507

Wonderful opportunity to own this charming townhome in Santa Fe. Freshly updated, filled with natural light & high ceilings, features a wonderful open living and dining area. The kitchen offers newer Stainless appliances, ample cabinet space that opens to the living room with a kiva fireplace. Step outside to a covered patio, for alfresco dining, relaxation, and room for a raised bed garden. Second bedroom provides flexibility as a home office or a guest room on the second level. Enjoy the private balcony that opens from the 2nd bedroom/flex room. Mini Split-system heating and cooling units throughout the home will keep you comfy year-around along. Two designated parking spaces. This is a MUST SEE HOME. What a Gem!

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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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A lien on a property is a legal claim or hold placed by a creditor or legal authority, indicating that a debt is owed and must be paid before the property can be sold or refinanced. In Albuquerque, as in other cities, liens can be placed on a property for various reasons, including unpaid taxes, services, or judgments. Understanding the implications of a lien on your Albuquerque home is crucial for managing your property rights and financial responsibilities effectively.

Types of Liens That May Affect Albuquerque Homeowners

1. Mechanic's Liens: These are claims made by contractors or subcontractors who have performed work on the property and have not been paid. Under New Mexico law, these individuals have the right to file a lien to secure payment for services rendered.

2. Tax Liens: The government can place a lien on your property for unpaid property taxes. In Albuquerque, this type of lien has priority over others, meaning it must be paid first if the property is sold.

3. Judgment Liens: If a court awards a monetary judgment to a creditor, and you fail to pay, the creditor can file a lien against your property.

4. IRS Liens: For federal tax debts, the IRS can place a lien on all your assets, including your home.

The Process of Lien Placement in Albuquerque

The process of placing a lien on a property in Albuquerque involves several steps:

- The creditor must first win a judgment in court or have a legitimate claim based on services provided or taxes owed.
- The creditor files the lien with the Bernalillo County Clerk's office, making it a matter of public record.
- Once the lien is filed, it becomes attached to the property's title, alerting potential buyers or lenders that a debt is associated with the property.

Impact of a Lien on Homeowners

The presence of a lien can significantly impact your ability to manage your property:

- Selling Your Home: A lien must be satisfied before the sale can proceed, which may require paying off the debt or negotiating with the creditor.
- Refinancing: Most lenders will not refinance a property with an active lien, as it poses a risk to their investment.
- Credit Score: Having a lien on your property can negatively affect your credit score, making it more difficult to obtain loans or credit lines.

Resolving a Lien on Your Albuquerque Home

To resolve a lien, you may consider the following options:

- Paying the Debt: The most straightforward way to remove a lien is to pay the debt in full.
- Negotiating with the Creditor: Some creditors may be willing to settle for less than the full amount or agree to a payment plan.
- Disputing the Lien: If you believe the lien was filed in error, you can challenge it in court.
- Waiting It Out: In some cases, liens may expire after a certain period if the creditor does not take action to enforce it.

Preventing Liens on Your Property

Preventative measures can help you avoid the stress and financial burden of dealing with a lien:

- Stay Informed: Regularly check the status of your property with the Bernalillo County Clerk's office to catch any liens early.
- Pay Debts Promptly: Addressing debts before they escalate to liens can save you time and money.
- Maintain Good Records: Keep detailed records of payments for taxes, services, and any work done on your property.

Dealing with a lien on your Albuquerque home can be a complex and stressful experience. However, understanding the types of liens, the process of lien placement, and the ways to resolve them can empower homeowners to take control of their property and financial health. If you're facing a lien, consider seeking legal advice to explore your options and develop a strategy that works best for your situation.

Remember, this guide is for informational purposes only and is not a substitute for professional legal counsel. If you have a lien on your property, consulting with a qualified attorney is the best course of action to protect your interests and assets.

HOT ALBUQUERQUE LISTING OF THE WEEK

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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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Transforming your Albuquerque home into a luxurious sanctuary doesn't have to drain your bank account. With a few strategic choices and some creativity, you can elevate your living space's elegance without spending a fortune. Here are some expert tips to help you achieve that high-end look for less.

1. Paint Wisely: A fresh coat of paint can do wonders. Opt for neutral shades that provide a timeless and sophisticated backdrop for your decor. Warm whites for walls and crisp whites for trims can create a clean and inviting atmosphere.

2. Texture Play: Mixing textures can add depth and interest to your home. Combine smooth leather furniture with fluffy cushions, or pair a wooden coffee table with a metallic vase to create a dynamic look.

3. Statement Rugs: A large, well-placed rug can anchor a room and make it appear larger. Choose a design that complements your color scheme and adds a touch of luxury.

4. Smart Storage: Clutter is the enemy of luxury. Use stylish baskets and decorative bowls to hide everyday items and maintain a neat and orderly appearance.

5. Pillow Talk: Overstuffed throw pillows exude comfort and opulence. Use larger inserts than the pillow covers to achieve that plush, inviting look.

6. Elevate Your Curtains: Hanging curtains closer to the ceiling can give the illusion of height and grandeur. Opt for long, flowing drapes to enhance the elegance.

7. Update Lighting: Swapping out dated light fixtures for modern ones can instantly uplift a space. Consider pendant lights or chic lamps to add character and warmth.

8. Accessorize Wisely: Less is more when it comes to accessories. Choose a few impactful pieces, like a statement vase or a bold piece of art, to draw the eye and create focal points.

9. Furniture Proportions: Select furniture that fits the scale of your room. Avoid pieces that are too large or too small, as they can disrupt the harmony of the space.

10. DIY Elegance: Simple DIY projects, like adding molding or a tile backsplash, can give your home a custom, luxurious feel without the custom price tag.

11. Greenery and Florals: Incorporate plants and fresh flowers to breathe life into your rooms. They add color, texture, and a sense of luxury.

12. Scent-sational Atmosphere: A luxurious home isn't just about looks; it's also about ambiance. Use scented candles or diffusers to create a pleasant and inviting scent throughout your home.

Remember, creating a luxurious home is about making thoughtful decisions that reflect your personal style and attention to detail. With these tips, you can enjoy the luxury you deserve, all while staying within your budget. Happy decorating!

HOT ALBUQUERQUE LISTING OF THE WEEK

Beautiful 'Move in Ready' Home situated in the quaint community of Mountain Hawk! With 5 bedrooms/2.5 bathrooms, this home is ideal for large &/or extended families, hobbyist, etc! Featuring efficient floorplan with 2 living areas; easy care tile & Mohawk laminate flooring thru-out; gourmet kitchen w/granite countertops; upgraded cabinetry; pantry; overlooking dining & family room. Privately situated on main floor, the primary suite is a true retreat w/spa like en suite. Upper level boasts a spacious loft plus 4 more bedrooms & full bath w/dbl vanity. Low maint' front & back yards w/covered & open flagstone patio, weed barrier, decorative rock/mulch, privacy fence, raised garden beds, security side gate, shed & more. Close to local amenities with easy commute to Santa Fe or Albuquerque.

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.

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Being underwater on your mortgage for your Albuquerque home, where the balance you owe is greater than the value of your home, can feel like a daunting and isolating experience. However, it's important to remember that you have options and there are strategies you can employ to navigate this challenging financial situation.

Refinance Your Mortgage

Refinancing could be a viable option if you're eligible. This process involves taking out a new mortgage with better terms, which could lead to lower interest rates and monthly payments. It's essential to consider closing costs and how long you plan to stay in your home before deciding if refinancing is right for you.

Loan Modification

A loan modification is a negotiation process with your lender where you can discuss altering the terms of your loan. This might include extending the duration of your mortgage, reducing the interest rate, or even forgiving a portion of the principal. Each lender has different policies and programs for modification, so direct communication is key.

Short Sale

In a short sale, you sell your Albuquerque home for less than the outstanding mortgage balance with the consent of your lender. This can be a complex process that requires approval from all parties involved, including potential buyers and any secondary lenders if you have more than one loan on the property.

Deed in Lieu of Foreclosure

Offering a deed in lieu of foreclosure means voluntarily transferring ownership of your property to the lender as an alternative to foreclosure. While this can relieve you from the mortgage debt, it's important to understand that it may have tax consequences and impact your credit score.

Seek Legal Advice

Consulting with a real estate attorney or financial advisor can provide valuable insights into your situation. They can help you understand the legal implications of each option and guide you towards making an informed decision.

Government Programs

Investigate government programs designed to assist homeowners in distress. Programs like HARP (Home Affordable Refinance Program) or HAMP (Home Affordable Modification Program) may offer solutions if you meet their eligibility criteria.

Budgeting and Financial Planning

Take a close look at your finances and consider creating a budget that accounts for your reduced home value. Financial planning might also involve prioritizing expenses, cutting non-essential costs, and exploring additional income streams.

Remember, being proactive is crucial when dealing with an underwater mortgage. Explore every avenue, communicate openly with your lender, and seek professional advice to find the best path forward.

HOT ALBUQUERQUE LISTING OF THE WEEK

Incredible 3BDR/2BA home with so many upgrades built by Abrazo Homes! Gorgeous upgraded tile flooring throughout the main living, kitchen, baths, hall & utility rooms! Luxury kitchen pkg w/upgraded raised panel cabinetry & crown molding, new microwave & dishwasher (2023), gas stove, pantry, recessed lighting! Primary suite features new shower (approx 1yr), raised dual sink vanity, garden tub, large walk-in closet w/extra shelving. Secondary bdrs w/walk-in closets! Cabinets & counter in utility room! Navien tankless water heater! Recirculating Pump! Anderson windows! Front storm door! Insulated garage & garage door w/workbench & extra outlets! Expanded covered & open patio for entertaining! Great location, close to parks, schools, shopping, Cottonwood Mall!

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.

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The security of a new home in Albuquerque goes beyond physical barriers. While homeowners prioritize visible precautions like sturdy locks and security cameras to establish safety, they often neglect cybersecurity measures that safeguard the home network. However, failing to secure the digital entry points into a home can leave it vulnerable to intrusion. Just as strong locks deter physical intruders, proactive cybersecurity deters hackers from exploiting weaknesses and gaining access. A truly secure home requires protection for both the physical property and the digital one.

To better secure your home network and protect your personal information, take these key steps: Change the default Wi-Fi name and password, keep your router software updated, disable SSID broadcasting, and implement additional practices like using a firewall, encrypting data, and enabling two-factor authentication. Taking these precautions will prevent unauthorized access, stop hackers from stealing private data for financial gain, and strengthen the overall cybersecurity of your home network.

Risks of having an unprotected home network

Your home network is vulnerable to cyberthreats like data theft, identity theft, and malware without proper cybersecurity. Any device on your network could be compromised. The growing Internet of Things (IoT), with connected devices like smart TVs, thermostats, and refrigerators, introduces new risks. The biggest is the lack of encryption—if an attacker accessed the network, they could steal credentials and data sent to and from devices.

New homeowners must implement key security measures to protect their home network from cyberthreats. The best practices include:

1. Getting a VPN

A Virtual Private Network (VPN) is an excellent way to protect your smart devices by encrypting your internet traffic and hiding your IP address. This prevents unauthorized access to your connection by hackers, software, and web browsers. Most VPN providers are easy to set up on routers or offer DNS features that allow installation on devices that don't natively support VPNs, like smart TVs and game consoles. A key benefit of a VPN is the ability to virtually relocate to other countries, granting access to region-restricted content. For budget-conscious users, an affordable monthly VPN subscription makes this essential cybersecurity tool very accessible, providing reliable protection without being costly.

2. Changing the default passwords on all your smart devices

Keeping the default passwords on your internet-connected devices poses a major security threat. Hackers can take control of your smart devices by gaining unauthorized access and stealing private data or using them for illegal activities like botnets. Botnets are networks of infected devices that hackers control to steal information, distribute spam, or launch cyberattacks. Consequently, changing the default passwords on all your smart gadgets is essential to improve your home's cybersecurity.

3. Installing antivirus software

Antivirus software provides crucial protection by detecting and eliminating malicious viruses like malware and spyware that infiltrate devices. Viruses can enter through email attachments, downloaded apps, web links in texts, or online ads. Once activated, malware damages system data, steals confidential information, spies on system resources, and slows performance. Antivirus software blocks and removes viruses and malware while warning users about dangerous websites, apps, attachments, and links. Installing antivirus software helps secure home networks and smart devices from cyberthreats.

With cyber-attacks on the rise each year, it is crucial for new Albuquerque homeowners to implement cybersecurity practices that protect their homes from threats. Simple yet effective measures like using a VPN, changing default passwords on smart devices, and installing antivirus software can help homeowners establish a sense of safety and cyber defense in their homes.

HOT ALBUQUERQUE LISTING OF THE WEEK

1526 Vassar Drive NE, Albuquerque, NM 87106

Welcome home to this precious house in the heart of the UNM corridor! Charming wood floors lead the way to the open living room plus light and bright kitchen featuring eat-in space and gas range. Featuring FOUR Bedrooms, this one has room for everything. 4th Bedroom also showcases a separate outdoor entrance for potential Air BnB use. Newer TPO Roof (2020) and Electrical Panel Upgrade (2021)...plus a HUGE yard situated on almost 1/4 acre ready for your ideas and projects. Enjoy the convenience of both an attached garage and a U-shaped driveway all while being close to UNM, Green Jeans and the new Whole Foods. Come see this today!

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!

"You know what I love about fitness? I love fitness whole pizza in my mouth."

This old, eye-roll inducing joke still gets a laugh, even if only for the kernel of truth at its core. What makes it even more poignant: The weekend has arrived, and though you may have lofty plans to hit the gym daily or go on long hikes (or both!), you're probably more inclined to settle in with a pizza. Sound familiar?

Doing that cleaning you've been putting off can actually burn calories, so go ahead and enjoy some pie guilt-free - no need to feel bad about skipping the gym.

"Does housework count as a workout? The answer: Yes! There's a reason they call it housework," said Fitness Magazine. "You can burn serious calories during a marathon cleaning session."

This weekend, tackle these home cleaning tasks - with one home renovation project and two weekend chores added - while remembering to prioritize each activity based on your personal preferences and schedule.

Calorie estimates assume a 150-pound person. Adjust up or down by 20% for lighter or heavier weights. For example, vacuuming burns about 200 calories for a 150-pound person. So a 120-pound person would burn around 160 calories, while a 180-pound person would burn about 240 calories.

Vacuuming: According to Shape, vacuuming could help you reach your daily goal of 10,000 steps, depending on the size of your home. In just 30 minutes of vacuuming, you could burn around 119 calories.

Mopping: Your floors probably need it, and the best news is that this task will burn about 150 calories in an hour!

Cleaning the bathroom: We hope your bathroom cleaning does not take an hour, but you could clean three bathrooms in that time, burning 180 calories—enough for a sweet treat after dinner!

Scrubbing the tub: Scrubbing away stubborn soap scum in the bathtub for 15 minutes provides a great arm workout and can burn over 90 calories, making this unpleasant chore more motivating.

Gardening: Spending an hour in the yard cleaning up flower beds or preparing the space for cooler weather ahead can burn about 250 calories. All the bending, kneeling, and leaning involved in yard work provides a great calorie-burning workout.

Get the windows sparkling clean: Health stated that washing the inside and outside of your windows for 30 minutes burns around 100 calories.

Painting the walls: Add a splash of color to your home this weekend by painting for an hour - you'll burn approximately 270 calories in the process.

Grocery shopping: Considering a one-hour grocery store trip can burn 350 calories, you may want to rethink having your groceries delivered or using the market's pre-order/load up service.

So there you go! You can have a clean house and improved health by following these tips.

HOT ALBUQUERQUE LISTING OF THE WEEK

Beautiful Home located in the highly desirable gated community of Sara's Meadow! Featuring a bright & open floorplan, cozy fireplace in great room that opens to the adjoining breakfast nook & kitchen with double sliding doors & picture window providing abundant natural light. All kitchen appliances, washer & dryer convey! Primary Suite suite offers a separate slider door for backyard access; ensuite with soaking tub/shower combo & ample walk-in closet. Separate living area can be used for hobbies, exercise space, TV room, etc. Second bedroom has its own walk out patio. Ceramic tile thru-out except bedrooms, raised ceilings, custom window coverings, & more. Wagner heating & cooling system & water heater approximately 2 yrs old. Low maintenance yards. Close to trails, shops, & restaurants!

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.

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Homeowners who bought a home in Albuquerque after December 15, 2017 can deduct interest paid on the first $750,000 of their mortgage when itemizing their tax return. Other homeowners can deduct interest on the first $1 million of mortgage debt.

The following is a guide to what to know about the mortgage interest deduction and how it works.

The Basics

The mortgage interest deduction allows homeowners to reduce their taxable income by the amount paid in mortgage interest over the year. Homeowners with a mortgage can lower their tax bill if they keep records of interest paid. In general, interest on the first $1 million of a mortgage for a primary or secondary residence can be deducted. However, for homes purchased after December 15, 2017, the deduction applies only to the first $750,000 of mortgage debt.

What Qualifies?

If you’re deducting mortgage interest for your primary home, typically, the following will count:

• Your property can be a mobile home, house, apartment, condo, co-op, house trailer, or even a houseboat
• Your home has to be the loan’s collateral.
• The home needs to have sleeping, toilet, and cooking facilities.
• If you get a housing allowance from the military or through the ministry that’s not taxable, you can still deduct the interest for a mortgage.
• A mortgage you get to buy out the other half of your home in a divorce also counts.

If you have a mortgage on a second home, the following will qualify you:

• You don’t need to use the home throughout the year
• The house has to be the loan’s collateral
• If you rent out your second home, you need to be there for the longer of at least 14 days or over 10% of the number of days you rented it out

Points are prepaid interest you can get on a loan. You can deduct your points gradually through the life of your loan, or if you meet certain requirements, you can deduct them at the same time. The eight requirements you have to meet to deduct your points all at once include:

• The mortgage has to be for your primary home
• It’s an established practice to pay points in your area
• Your points can’t be abnormally high
• Your points aren’t for closing costs
• The down payment you make is higher than your points
• The points are calculated as a percentage of your loan
• The points are on your settlement statement
• You use a cash method of accounting on your taxes

If you paid a late fee that was not for a specific service related to your mortgage loan, you can deduct it. You can also deduct any prepayment penalty you incurred for paying your mortgage early as interest.

If you take out a home equity loan and use the money to buy, substantially renovate, or construct a home, the interest is tax deductible. However, if you use the loan for expenses unrelated to your home, the interest cannot be deducted.

What’s Not Deductible?

Most extra principal payments on your mortgage, homeowners' insurance, title insurance, and settlement costs are not deductible. Down payments, earnest money, deposits you forfeit, and interest on reverse mortgages are also non-deductible.

To claim a mortgage interest deduction, first look for Form 1098, which your lender will send in January or early February. This form details your total mortgage interest and points paid for the year, and your lender also sends a copy to the IRS. You will receive a Form 1098 if you paid at least $600 in mortgage interest, including points, during the tax year.

When you file your taxes, itemizing deductions is necessary if you want to claim more than the standard deduction.

Itemizing your taxes takes more time, but if your standard deduction is less than your total itemized deductions, you should itemize to lower your tax bill. Use Schedule A to calculate your itemized deductions. Tax software can also guide you through the itemization process.

HOT ALBUQUERQUE LISTING OF THE WEEK

Beautiful Home located in the highly desirable gated community of Sara's Meadow! Featuring a bright & open floorplan, cozy fireplace in great room that opens to the adjoining breakfast nook & kitchen with double sliding doors & picture window providing abundant natural light. All kitchen appliances, washer & dryer convey! Primary Suite suite offers a separate slider door for backyard access; ensuite with soaking tub/shower combo & ample walk-in closet. Separate living area can be used for hobbies, exercise space, TV room, etc. Second bedroom has its own walk out patio. Ceramic tile thru-out except bedrooms, raised ceilings, custom window coverings, & more. Wagner heating & cooling system & water heater approximately 2 yrs old. Low maintenance yards. Close to trails, shops, & restaurants!

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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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Are you wondering if you can write off your home improvements? Home improvements in Albuquerque can have tax implications, but only in certain situations. For taxes, a home improvement is defined as any work that significantly increases your home's value, extends its useful life, or enables new uses for the property. The specifics of when home improvements impact taxes are examined below.

Home Improvements vs. Repairs

The money you spend on your home in terms of taxes can be divided into two categories: improvements and repairs.

The cost of capital improvements made to your home can be added to the tax basis, which is the amount subtracted from the sales price to determine your profit. However, you can only benefit from this tax basis increase when you sell the home.

A capital improvement in this context refers to anything that adds value to a home, adapts it to new uses, or prolongs its lifespan, as mentioned previously. Examples of capital improvements include installing a new roof or central air conditioning.

While capital improvements don't need to be major purchases, installing small upgrades like storm windows or a home security system can also qualify. However, repairs cannot be added to your basis. Repairs may include painting your home or fixing gutters. If you make any improvements to your home, be sure to keep thorough records of everything in case you sell the property in the future.

Tax Deductions for a Home Office

One way to save on taxes and improve your home is to build a home office. You can claim a deduction for improvements when converting an area into a dedicated workspace, which many people now do as more work from home.

The cost of any home repairs that improve the part of your home used as an office can also be deducted, based on the percentage of your home that is used for business.

Likewise, if you rent out part of your home, you may be able to deduct the cost of improvements made to that rented area. For example, if you were to add a bathroom to the portion of the home you rent out, you may be able to deduct the full cost of that renovation.

Medical Modifications

If a health care provider suggests modifications to your home to help you or to allow you to provide care for your family member, such as an aging parent, the expenses of these updates may be deductible. Examples include adding a wheelchair ramp or modifying your doorways. If the improvement adds value to your home, on the other hand, it’s not deductible.

Upgraded Energy Systems

If your health care provider suggests home modifications to help you or allow you to care for a family member such as an aging parent, you may be able to deduct the costs of these updates as medical expenses. Deductible improvements include adding a wheelchair ramp or widening doorways. However, you cannot claim the costs as a medical deduction if the modification increases your home's value.

The residential energy property credit covers several home improvements that increase energy efficiency, including installing energy-efficient windows, doors, skylights, metal or asphalt roofs, insulation, and heating and air conditioning system upgrades.

Upgrading your home opens opportunities to lower your tax bill, but restrictions apply. If any part seems unclear, consult a tax advisor since rules vary annually.

HOT ALBUQUERQUE LISTING OF THE WEEK

2109 Palenque Drive SE, Rio Rancho, NM 87124

Lots of entertaining spaces in this beautiful 4BDR/3BA/3CG home! Open floor plan features a large living room with wet bar, cabinets & wine rack, formal dining room plus a huge loft/recreation room! One bedroom or office on the main level! Huge primary suite with room for sitting area, large walk-in closet, dual sink vanity, garden tub & separate shower! Spacious kitchen features lots of cabinets, large island, breakfast bar & nook with bay windows. Outdoor living space with pergola to relax, unwind and entertain family & friends. In the heart of Rio Rancho, excellent location close to parks, schools, shopping, Intel, Presbyterian Rust Medical Center, Cottonwood Mall!!

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!