Real Estate Information Archive

Student loan debt in the U.S. is skyrocketing, growing at a rate six times faster than the country's economy. With over 43 million student borrowers in debt, the average debt load per person is a staggering $39,351.

Carrying student loan debt can have several negative impacts on your life, one of which is its effect on your ability to secure a mortgage and buy a home. Here are some specific details you should be aware of regarding how your student loan debt can affect your borrowing ability.

Does Student Loan Debt Affect Your Ability to Buy a Home Directly?

Mortgage rates are currently at historic lows, making it an opportune time to consider purchasing a home, particularly for those who are currently renting. It is important to note that student loan debt can impact both your eligibility for a mortgage and the interest rate you receive.

When it comes to getting a mortgage, having student loan debt doesn't impact your eligibility any differently than other types of debt.

Credit card debt and student loan debt have similar impacts on your financial situation. Both require repayment and are taken into consideration by lenders when reviewing mortgage applications. Lenders assess your ability to handle additional monthly payments based on your existing obligations.

If you qualify under the lender’s standards, they’ll decide on an interest rate.

Having student loan debt doesn’t automatically disqualify you from getting a mortgage, but it can.

Debt-to-Income Ratio

When it comes to student loan debt or any other financial obligation, the critical issue lies in how it impacts the debt-to-income ratio. This ratio is used to determine if you can manage your current payments and take on a new one for a home loan.

To calculate your debt-to-income ratio, add your current debt payments and anticipated mortgage, then divide by your gross monthly income. Gross monthly income is your earnings before deductions and taxes.

Having a debt-to-income ratio over 43% will likely result in mortgage loan denial, as most lenders have this threshold. It is recommended to aim for a ratio of 36% or lower. Additionally, experts suggest that monthly mortgage payments should not exceed 28% of your income.

When considering your financial situation, it is important to focus on your monthly debt obligations rather than the total amount of debt you have.

Flexibility in Payments

Changing your student loan repayment plan, such as opting for a graduated or extended repayment plan, can be a viable option to qualify for a mortgage with student loan debt. This is particularly beneficial if you have federal student loans. While you will still need to pay the same principal amount, opting for a different repayment plan can result in a lower monthly payment, which can help reduce your debt-to-income ratio. Keep in mind that this approach will extend the time it takes to pay off your loans.

FHA Changes

In the summer of 2021, an announcement was made regarding a change in the calculation of student loan debt as part of the debt-to-income ratio for FHA loans. This change aims to facilitate the process of obtaining an FHA loan for homebuyers with student loan debt.

Before the recent changes, FHA lenders were required to calculate a borrower's monthly student loan payment by using 1% of the outstanding balance. However, under the new guidelines, the monthly payment amount used in calculating debt-to-income is now based on the borrower's actual student loan payment, which is often lower. This change aims to provide a more accurate representation of a homebuyer's financial situation and make homeownership more accessible.

Effects on Credit Scores

Having student loan debt can impact your ability to qualify for a mortgage due to your debt-to-income ratio. Additionally, your credit score, which is influenced by your existing debt, is taken into consideration by mortgage lenders.

An FHA loan could be a viable option for individuals with a low credit score. These loans are accessible even if your score is as low as 500, allowing you to afford a 10% down payment.

Overall, student loans don’t inherently affect your ability to get a mortgage, but in multiple indirect ways, they can and do.

HOT ALBUQUERQUE LISTING OF THE WEEK

5516 Laredo Road NE, Rio Rancho, NM 87144

WOW! Incredible views of the Sandia Mountains!! Beautifully maintained, traditionally classic home! 4BDR/4BA plus 2 large bonus rooms; perfect for second living room/den/playroom/office!! Secondary bdrs w/Jack-N-Jill bath! Gorgeous Pella windows w/spectacular views! TWO new refrig air units (2023)! Re-stuccoed (2023)! Roof (2020)! Elegant entry, grand staircase, formal dining & living room. TWO Primary Suites; one on the main floor, one upstairs w/balcony showcasing panoramic views! Laundry room upstairs. Classic kitchen has granite countertops, LG SS appls, storage pantries & bkfst nook. Half circle drive, 2CG, large expanded lot for RV, rec vehicles, extra parking! Great location in mid Rio Rancho, parks, schools, shopping, Intel, Presbyterian Rust Hospital, Rail Runner to SF!

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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.

Get your Morning Inspiration with the Sandi Pressley Team

Just listed! If you're in the market for an Albuquerque home that features stunning views both inside and out, these latest featured listings from the Sandi Pressley team will certainly fit the bill. But don't wait too long to view these amazing properties, as they are sure to sell fast with all these amazing features!

Contact the Sandi Pressley Team today for your exclusive showing. You can also check out all of our listings on our Featured Listings page.

Stunning views of the Sandia's and balloon fiesta, Immaculate home, newer carpet,jetted tub, newer windows in living room area 2021, finished oversized garage, walkin pantry, and this will amaze you. Seller completely regraded backyard, newlandscaping and WOW, a custom built, heated, 1000 sq ft work shop with 12' ceilings, 10'door, with electricity, insulated. You can work in the workshop and look outside andview the balloons...Dont pass up the opportunity to own this wonderful and makenew memories.

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5516 Laredo Road NE, Rio Rancho, NM 87144

WOW! Incredible views of the Sandia Mountains!! Beautifully maintained, traditionally classic home! 4BDR/4BA plus 2 large bonus rooms; perfect for second living room/den/playroom/office!! Secondary bdrs w/Jack-N-Jill bath! Gorgeous Pella windows w/spectacular views! TWO new refrig air units (2023)! Re-stuccoed (2023)! Roof (2020)! Elegant entry, grand staircase, formal dining & living room. TWO Primary Suites; one on the main floor, one upstairs w/balcony showcasing panoramic views! Laundry room upstairs. Classic kitchen has granite countertops, LG SS appls, storage pantries & bkfst nook. Half circle drive, 2CG, large expanded lot for RV, rec vehicles, extra parking! Great location in mid Rio Rancho, parks, schools, shopping, Intel, Presbyterian Rust Hospital, Rail Runner to SF!

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.

When selling your Albuquerque home, the first thing to prioritize is the curb appeal. Buyers often form their initial impression based on the exterior, whether online or during a drive-by. Maintaining the curb appeal is essential for selling your house successfully. It not only attracts potential buyers but also boosts your own satisfaction and productivity.

What are some affordable ways to enhance your curb appeal without having to leave your home for supplies?

Manicure the Lawn

Maintaining your lawn is a simple DIY project that can quickly enhance the appearance of your home. Regularly mow your lawn to keep it looking neat and trim. Additionally, remove any weeds that may be detracting from its overall appearance. For an extra level of care, consider using an edger to give your lawn a clean and defined look.

Tend Those Beds

To show buyers that your home is well taken care of, groom your garden beds by weeding and removing debris. Spread mulch throughout the garden for a weed-free and fresh appearance. For quick and long-lasting color, plant annual flowers like pansies, black-eyed Susans, impatiens, and petunias.

Wash Off Dirt

A garden hose with a nozzle is effective for removing debris from sidewalks, driveways, and the front of your house. If you have a power washer, it is even more powerful. However, when power washing siding, be cautious as the strong power can cause damage.

Tidy Up the Driveway

Your garbage and recycling should be put to the side of your house, preferably behind a bush or small screen. Keep your driveway and lawn free of debris. Getting rid of old ornaments that show their age is also a great idea.

Make the Windows Sparkle

To achieve a sparkling home, it is essential to have clean windows both inside and out. If your windows tilt out, cleaning the exterior becomes easier. However, it may be necessary to have someone hold a ladder for stability. For windows with dirt and cobwebs, spraying them with a garden hose is an effective first step. To thoroughly clean, a mixture of vinegar or detergent diluted in warm water can be used for scrubbing. In the case of windows that do not tilt out, a long-handled brush can be utilized for washing.

Add Some Light

You don’t have to spend a fortune on landscape lighting. Get some lanterns to line the walkways or something to hang from a tree can to give your yard a stylish effect. Lighting not only highlights key areas of your yard, like trees and flower beds, it also provides a bit of extra security. If you’re still not sure where to start, check out your local hardware store with a photo or sketch of your home and ask for ideas. Let them know you’re planning on selling your home and you’re struggling with your curb appeal, you might get some great advice.

With these simple tips, your Albuquerque home will be ready to sell.

HOT ALBUQUERQUE LISTING OF THE WEEK

Impeccable, One of a kind custom Rutledge home. From the minute you walk thru the front door, you have realized excellence in craftsmanship and design. From the chef's kitchen, custom cabinetry, travertine tile, granite counters , Bosch appliances, incredible master suite, sunroom and a backyard experience to share with family and friend's, outdoor kitchen, hot tub, view deck with unobstructed views....inground gunite pool with new cover and retractor, and don't forget the wonderful outdoor kitchen, fire pit. Lets make new memories in your new home.

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

Just listed! Whether you're looking for your ideal first home in Albuquerque, or looking to upgrade to a more custom luxurious setting, we have the perfect home for you. Check out all that these fine homes have to offer, then give us a call for your exlusive showing.

Contact the Sandi Pressley Team today for your exclusive showing. You can also check out all of our listings on our Featured Listings page.

Impeccable, One of a kind custom Rutledge home. From the minute you walk thru the front door, you have realized excellence in craftsmanship and design. From the chef's kitchen, custom cabinetry, travertine tile, granite counters , Bosch appliances, incredible master suite, sunroom and a backyard experience to share with family and friend's, outdoor kitchen, hot tub, view deck with unobstructed views....inground gunite pool with new cover and retractor, and don't forget the wonderful outdoor kitchen, fire pit. Lets make new memories in your new home.

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3205 Schumacher Street NW, Albuquerque, NM 87120

Gorgeous Move-in Ready Townhouse! Seller has spent approximately 55K in improvements in the last two years! Refrigerated air & CFA furnace (2022); carpet (2021); blinds & several light fixtures; stainless steel refrigerator & dishwasher (2022); professional xeriscape landscaping, front & back, with 3 French drains, & auto sprinkler system for trees & shrubs; 12K in vinyl fencing (2022). Bright & thoughtful floorplan features a generous great room & three ample bedrooms. Primary suite boasts an adjacent study/office & ample walk-in closet. Large covered & beautifully tiled patio in backyard, plus an open deck with views of the Sandia Mountains. In a convenient location, close to commute, shopping and amenities. Don't miss this opportunity!

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.

Just listed! These beautiful mid-priced Albuquerque homes are the ideal choice for those looking to expand their living space. These homes offer plenty of room for your family to grow for years to come. And at these prices, they're sure to sell fast, so make sure to schedule your showing today!

Contact the Sandi Pressley Team today for your exclusive showing. You can also check out all of our listings on our Featured Listings page.

VIEWS!! Pleasing, light-filled 5 years young DR Horton, Rose model with a 3 car garage. This spacious home has soaring ceilings, east facing windows to enjoy views of the Sandia Mountains. Open concept floorplan, kitchen, dining, and great room flowing together. Home offers 4 bedrooms, plus an office/craft room/flex space. Kitchen showcases stacked cabinets, pantry, island, room for dining, and ample counter space. Stainless appliances stay! Primary suite is on main floor with a spa like bathroom and attached laundry room. 2nd level welcomes you with a LOFT/2nd living space. 3 more bedrooms, one being a second Primary with private bathroom. Enjoy alfresco dining on the covered patio while gazing out to the Sandi Mountains.

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837 Deming Meadows Drive NE, Rio Rancho, NM 87144

One Owner Gem in Northern Meadows, on an oversized lot lined with Pines, fruit trees, lilac bushes, raised garden beds and blackberry bushes, firepit and a covered patio. Home features 4 bedrooms, 3 baths and a loft. Primary suite is split from other bedrooms. New carpet! Roof replaced 7/2023. Light filled kitchen, with ample counter space, cabinets, pantry, all appliances stay, breakfast nook opens to the Family room with a fireplace. Spacious laundry rm /w cabinets, washer/dry stay! 3 car garage, Move in ready home and a must see! Located in a neighborhood with sidewalks, and parks.

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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.

Our lives are constantly evolving, and what once may have been the perfect home in Albuquerque for you and your family may no longer suit your needs. If you find yourself questioning whether it's time to downsize, this article will explore 6 signs that may indicate it's the right decision for you. From financial considerations to lifestyle changes, these signs will help you evaluate whether downsizing your Albuquerque home is the next step.

1. Overwhelming Maintenance

One of the most common reasons people choose to downsize their homes is the overwhelming maintenance that comes with owning a larger property. As homes age, they require regular upkeep and repairs, which can become physically and financially burdensome. If you find yourself struggling to keep up with the chores required to maintain your property, it may be a sign that it's time to downsize.

While every home requires maintenance, downsizing to a smaller property can significantly reduce the time, effort, and cost associated with keeping a home in good condition. By moving to a smaller space, you can focus on the tasks that matter most to you and enjoy a more manageable living environment.

2. Unused Space

Do you have rooms in your home that are rarely used or filled with items that collect dust? Unused space not only adds to the maintenance burden but also increases your expenses. Heating, cooling, and cleaning these areas can become a financial drain. Downsizing to a smaller home allows you to eliminate the need for unused space and focus on living in a more efficient and cost-effective manner.

By moving to a smaller property, you can optimize your living space and eliminate the unnecessary costs associated with maintaining unused rooms. This can lead to a more streamlined and clutter-free lifestyle.

3. Unsustainable Monthly Expenses

Large homes often come with higher monthly expenses, including mortgage payments, property taxes, and utility bills. If your housing expenses are becoming increasingly unsustainable or are taking up a significant portion of your monthly income, downsizing may be the solution.

A smaller home typically means lower mortgage payments, reduced maintenance costs, and more affordable utility bills. By downsizing, you can free up financial resources and create a more sustainable budget that aligns with your current income and lifestyle.

4. Infrequent Home Occupancy

If you often find yourself away from home due to work, travel, or other commitments, maintaining a large property can feel like a waste of resources. The costs associated with a larger home, such as mortgage interest, taxes, and utility bills, can add up even when you're not there to fully enjoy the space.

Consider whether downsizing or relocating to a more convenient location would better suit your lifestyle. By choosing a smaller home for sale in Albuquerque that better aligns with your occupancy patterns, you can optimize your living arrangements and reduce unnecessary expenses.

5. Unlocking Home Equity

For homeowners whose property values have steadily risen over the years, downsizing can be an opportunity to unlock their home equity and use it to fund other financial goals. Whether you're planning for retirement, looking to cross items off your bucket list, or simply want to invest in other ventures, downsizing can provide the financial boost you need.

Selling a larger home with substantial equity allows you to access the funds tied up in your property and put them to work in ways that align with your current priorities. This can provide you with more financial flexibility and open up new opportunities.

6. Aging in Place Concerns

As we age, our housing needs may change, and the demands of maintaining a larger home can become more challenging. Considerations such as accessibility, mobility, and safety become increasingly important. If your current home is not equipped to support your evolving needs, downsizing to a more accessible and manageable property may be the right move.

Downsizing can provide you with a home that is better suited for aging in place, with features like grab bars in bathrooms, single-level layouts, and wider doorways to accommodate wheelchairs or walkers. By proactively addressing your changing needs, you can ensure a comfortable and safe living environment.

Of course, there are other considerations when deciding if it's time to downsize your Albuquerque home, or to find a home better suited for your needs. Feel free to contact Sandi Pressley and her team to discuss your home buying options in Albuquerque.

HOT ALBUQUERQUE LISTING OF THE WEEK

2707 Desert Garden Lane SW, Albuquerque, NM 87105

Welcome home to this well-maintained Valley Farms charmer! Featuring 3 bedrooms and 2 baths, get ready to feel right at home. Two living areas make for comfortable living, especially when you enjoy the warmth of the wood stove. Eat-in kitchen is open and inviting, with patio doors to the oversized, walled backyard. Also accessible from the master bedroom, the backyard is an oasis amongst the trees and even includes an oversized shed with electrical. With the ease of city water and sewer, and convenient location, come see this one 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

Moving into a new house in Albuquerque? Don't forget about the important tasks that need to be done before settling in. Aside from unpacking, there are a few more things to take care of. Here's a quick list of important tasks to take care of when you buy a new home in Albuquerque.

Change the Locks

Wanting new locks on the doors to your home is not a sign of paranoia, but rather a smart decision. It is difficult to determine how many people may have keys to your home, so it is advisable to take precautions. It is recommended to not only re-key the locks but also replace the hardware. This not only provides a nice update to your home, but also gives you peace of mind.

Don't forget to change your garage door opener code, too.

An In-Depth Home Tour

Yes, it is important to know the location of the water and gas shut-off valves, as well as the electrical box and water heater. Understanding how to use the sprinkler system is also crucial. Familiarizing yourself with these details and ensuring that other household members are aware can prevent potential disasters.

Seal off Rooms You Don't Use

This one may sound a bit odd. You just bought your new home, so why would you seal off any rooms? If you can, it may be a way to save some money. In the first few months of living in a new home, there are various financial challenges to consider. Moving expenses, purchasing new furniture, potential renovations, and the costs associated with activating utilities can all add up quickly. To mitigate some of these expenses, it is advisable to seal off rooms that won't be in use for a while, as this can help reduce heating and cooling costs.

Meet the Neighbors

It is advisable to proactively reach out to your new neighbors before they have a chance to do so. This can potentially lead to forming new friendships, especially beneficial for your children. Being friendly and sociable from the beginning helps establish a positive rapport.

Additionally, having welcoming neighbors can aid in your adjustment to the neighborhood, as they can provide information on local news, recommend the best coffee shops, and guide you to the most convenient routes to the elementary school.

Clean Your Carpets

When sellers move out of a home, a thorough cleaning should have been done, as it may be stipulated in the contract. However, unless specific cleaning tasks are specified, the house may not be as clean as desired. Even if the house appears tidy, the sellers may have overlooked cleaning the carpets. A proper cleaning of the carpets can extend their lifespan, enhance air quality, and eliminate allergens.

"Little do most of us realize that what we are seeing is only a tiny fraction of the soil that a carpet contains," said the National Carpet Cleaners Association(NCCA). "The visible grime we notice is only the tip of the iceberg; up to 85 per cent of the dirt the carpet holds is buried deep within the pile. And when you consider that a carpet can eventually trap its own weight or more in soil - as much as 150 pounds for an average-sized living-room - you'll agree it's no trivial matter."

Wipe out Drawers and Cabinets

This task is often overlooked, but it can result in the presence of germs or crumbs.

Change Fire Alarm Batteries

The U.S. Fire Administration (USFA) advises changing fire alarm batteries twice a year. To ensure you're not caught off guard, it's recommended to change them when you move into a new place. This way, you can avoid being startled by a loud alarm in the middle of the night shortly after moving in.

HOT ALBUQUERQUE LISTING OF THE WEEK

Gorgeous, Restored, Nob Hill Adobe Home with top to bottom updates in 2020/2021! Some updates include TPO roof, stucco, windows, interior texture & paint, hardware & fixtures! Plus, remodeled designer kitchen features granite counters w/glass tile back splash, beautiful cabinets & hardware, SS appliances. Main living area includes original wood floors, a cozy fireplace & opens to dining, kitchen, & remodeled full bath. The spacious finished, heated & cooled basement is an ideal flex space that includes a full bathroom, utility/laundry room, & an electric fireplace, & surely to be a favorite gathering space. Enjoy the addition of a walk out deck, turf lawn, backyard side fences, & raised cinderblock walls out back.

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

If you're looking to expanding your living space or the perfect place to build your dream home, we have just what you're looking for! These outstanding Albuquerque properties have recently hit the market, so make sure you don't let these opportunities get away! 

Contact the Sandi Pressley Team today for your exclusive showing. You can also check out all of our listings on our Featured Listings page.

Gorgeous, Restored, Nob Hill Adobe Home with top to bottom updates in 2020/2021! Some updates include TPO roof, stucco, windows, interior texture & paint, hardware & fixtures! Plus, remodeled designer kitchen features granite counters w/glass tile back splash, beautiful cabinets & hardware, SS appliances. Main living area includes original wood floors, a cozy fireplace & opens to dining, kitchen, & remodeled full bath. The spacious finished, heated & cooled basement is an ideal flex space that includes a full bathroom, utility/laundry room, & an electric fireplace, & surely to be a favorite gathering space. Enjoy the addition of a walk out deck, turf lawn, backyard side fences, & raised cinderblock walls out back.

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6451 Isleta Boulevard SW, Albuquerque, NM 87105

Yours to own, part of the green belt of Valley Farms area. 2.17 acres of agricultural land with irrigation well and water rights. Build your dream home, farm the land. Horses allowed. This is a rare opportunity to have land available.

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6412 Kalgan Road NE, Rio Rancho, NM 87144

Welcome home to this incredible Kim Brooks beauty! Enter the foyer to see soaring ceilings and a fabulous floorplan (4th bedroom large enough to be used as a living area or bedroom). This beauty features a gas, diamond-plaster kiva fireplace, porcelain tile, wood-laminate floors, and incredible custom finishes including hand skip troweled walls and lighted niches. Gourmet kitchen includes gas range, SS appliances, and a long bar for all your seating needs! Enjoy the natural light pouring in through the skylights, and relax in the oversized master suite complete with en suite showcasing a separate garden tub, dual copper sinks, and tons of closet space. Outdoor space is an oasis on a 1/2 acre complete with mountain views, RV front-to-back drive, gas stub-out, desert landscaping & MORE

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.

If you’re a first-time homebuyer in Albuquerque, you’re no doubt already aware that buying a home involves more than just a mortgage payment. There are other costs included in the process of buying a home. It's important to be aware of those costs in advance so that you can make the best decisions during the process. 

Here's a helpful overview of what costs to expect when buying a home in Albuquerque.

1. Closing Costs

Closing on a mortgage is the last step in the process, often overlooked by homebuyers in terms of cost. At this stage, the loan is approved, the inspection is completed, and you are on the verge of receiving the keys to your new home.

When you complete your purchase, you will have a closing meeting where you will sign all the necessary paperwork and make payments for various costs.

The costs associated with purchasing a home encompass various elements. These include mortgage interest payments, taxes and insurance escrow payments, legal fees, lender application fees, recording fees, and title insurance.

Closing costs can average between 3-4% of the price of the home.

2. Property Taxes

When you own a home in Albuquerque, you pay property taxes. The bank doesn’t determine these. Instead, the county of Bernalillo does.

The county of Bernalillo's average effective property tax rate is 1.18% of the assessed value of your home. So for a home that costs $205,500, you would pay $2,419 per year.

3. HOA or Condo Fees

Homeowners in homeowners' associations or condo associations are required to pay a monthly or quarterly fee. This fee is used to cover various neighborhood services, including garbage collection.

The fees of an HOA can fluctuate due to potential increases or assessments for large projects, resulting in unpredictable costs.

4. Insurance

Homeowners insurance is a requirement for obtaining a mortgage loan. Typically, the premiums are already included in your monthly mortgage payment and are paid from your escrow account. This is similar to how property taxes are handled in many cases.

Premiums for homeowners insurance can increase each year, and it's important to note that standard policies usually often do not provide coverage for acts of God. Therefore, it is advisable to obtain additional insurance specifically for natural disasters.

5. Utilities

The cost of your utilities can be as much as your property taxes. In Albuquerque, the average monthly electric bill for residential customers is $144/month.

6. Appliances

When purchasing new construction or some used homes, it is important to note that appliances may not be included. This means that you will need to budget and plan accordingly to purchase these necessary items for your home.

When purchasing a new home, it is important to consider the appliances that may need to be purchased. While the seller may leave behind the dishwasher, refrigerator, stove, and possibly the microwave, it is not guaranteed. Therefore, it is advisable to budget for the purchase of a washer and dryer at the very least.

7. Landscaping

Managing your landscaping requires both time and investment in lawn equipment. However, there will inevitably be tasks that you cannot handle alone, such as removing hanging tree limbs or dead trees.

Hiring a professional for regular lawn care services transitions the expense from an occasional occurrence to a recurring monthly cost.

8. Maintenance

When you own a home, you take on the responsibility of all the maintenance tasks, which is a significant change from being a renter.

From the plumbing to the electrical wiring, a home is filled with numerous systems that require regular maintenance, occasional repairs, and, in some cases, replacement.

When purchasing an older house, it is important to consider the potential increase in maintenance costs compared to new construction. This includes maintaining the electrical system, HVAC system, roof, and plumbing.

All things considered, buying your first home in Albuquerque is the best decision you can make for your future. Making sure you have all the costs involved lined up will help make your dream a reality.

HOT ALBUQUERQUE LISTING OF THE WEEK

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

It’s National Home Buyer’s Month and today we’re going to look at the top features buyers are looking for in a home right now. As homeowners look to update or improve their homes, possible for a sale down the road, it’s important to not only look at your current needs, but what will be a selling point to home buyers. It’s what will ‘add value’ to your home at the sale. Below are the Top 10 Features most wanted today:

1. Laundry Room- 87% of today’s buyers put this at the top of their list. Even if you have a small space, a fresh coat of paint, shelves & a hanging unit, along with a folding table can create a lovely area.
2. Exterior Lighting- Maximizing our outdoor living space is a natural extension of our overall square footage, and a beautiful way to incorporate our stunning outdoor landscape. The use of great exterior lighting not only beautifies the area but gives way to greater hours being spent outdoors. PLUS, what a way to accent the area for buyers!!
3. Energy-Star Windows- More and more home buyers are putting the focus on energy savings. Investing in Energy efficient windows is one of the best returns on your investment you can make. Whether YOU plan to live in the home for years to come, or you’re looking to sell, this is a GREAT investment.
4. Patio- Whether you have a small or large yard, home buyers look for a yard with a patio and this is one investment that will not only pay off, but does add that outdoor living space to your home as well. This doesn’t just need to be a cement patio either…have some fun!  Patio’s today come in all shapes, sizes, and elements. They can become a true work of art in your yard.
5. Walk-in Pantry- I don’t know about you, but I think this is every homeowner’s and buyers’ dream. An organized pantry for food, oversized countertop appliances, stock-up food purchases, wine fridge and more. The time it saves each and every day from looking for items to putting things away is worth it on its own. Personally, I’d put this at the top of my list!
6. Side-by-Side Kitchen Sink- Are you surprised? Most people are ready for that statement to say Farmhouse kitchen sink, however, most buyers are looking for side by side’s as they feel they are far more functional.
7. Energy Star Appliances- This really goes without saying. As we are all conscience about money saving, and the effect of our choices on the environment, we look for energy-saving appliances wherever and whenever possible. Upgrading these in your home is an excellent return on investment if you plan to convey the appliances with the sale of your home.
8. Full Bath on the main living area. Many floor plans include a half bath on the main floor/living area. Today’s home buyers are actually looking for a full bath on the main level, making it much easier and accessible for overnight guests.  If you are looking to update your home, considering a full bath on the main level could be a game changer when it comes time to sell. It would certainly separate your home from others on the market.
9. Hardwood Flooring- Not surprising at all. This has been, and remains, one of the highly-sought-after flooring elements in a home and a home buyer top 10 for a long time. One big tip- buyers like the real deal. Laminate and vinyl varieties won’t garner the same reaction that actual hardwood will. While they are more durable and lasting, actual hardwood is still the gold standard.

10.Full front porch! Who says the days of sitting on your front porch and chatting with the neighbors is in the past?!  Today’s home buyers are still yearning for the wonderful front porch nostalgia of yesteryear. Now we’re not talking about the ‘old-time’ façade, although we still love that era, todays front porch is functional, beautiful in design, and has stunning curb appeal. Plus, it gives you another natural extension of your living space and neighborhood entertainment area.

Excited to get started on your HOME BUYING journey? We’re excited to partner with you!  Call or email us today to get started.

HOT PROPERTY OF THE WEEK!

12 DUSTIN COURT, PLACITAS, NM

Magnificent VIEWS of the mountains & mesas!! Featuring an IN-LAW/GUEST SUITE! Lower-level walk-out game room/media room! Lots of natural light, wood beam ceilings, open plan, separate study/office. NEW HVAC (2021)! SILICONE ROOF RESTORATION (2022)! The living room features cozy Kiva fireplace & wall of windows with mountain views! Formal dining room & butler pantry. Beautiful kitchen has Southwest style cabinets, island, built-in oven, gas cooktop, breakfast bar & nook with banco. The primary suite features a sitting room/office, fireplace, sauna, tub, separate shower, huge walk-in closet & covered patio with views! Secondary bedrooms with Jack-N-Jill bath! 3 car garage. Paved driveway & cul-de-sac location. Natural landscape, 2 waterfalls, covered portals & private courtyard!

GET YOUR MORNING INSPIRATION WITH THE Sandi Pressley TEAM!