Real Estate Information Archive

Moving to a new home in Albuquerque is exciting, but with the thrill come the inconveniences of packing up your belongings. In this case, you have two choices: hire moving companies or do it yourself. 

Packing up and moving your home is not an easy task. Hundreds of things can go wrong, and hundreds of things must be handled. It is a stressful situation, and the tension increases if you handle it yourself. 

It will be easier to avoid problems later if you prepare now. Here are a few tips to make moving day easier.

Things to do before you start packing

You should begin the process at least ten days before your move. You will have less to pack and move into your new home if you get rid of clutter as soon as possible. 

Getting rid of any furniture that cannot be disassembled and won't fit through doorways or rooms in your new house is a good idea. You may be able to sell it or find someone who will buy it from you if you do this far in advance of your relocation. 

Classify your items

Before the relocation, spend at least one hour every day classifying objects. As a result, you won't have to explain anything that requires special attention or should not be handled by the packers and movers when they arrive.

Don't leave expensive or critical goods unattended. Jewelry, computers, financial records, etc., fall under this category. The best way to handle these pricey and private items would be to do so independently. Put them either in a bag you always carry with you, at a bank, or with trusted individuals. 

Calculate your expenses

Obtain two or three quotes from professional moving companies suggested by friends or reliable consumer sites since moving costs can vary greatly. Ensure that the business is licensed and insured as well.

To estimate the cost of a professional relocation, use an online calculator. Additionally, you can also check out customer reviews before settling on a moving company.

Start packing

Pack items you don't need every day well in advance. You will know what's inside the boxes if you label them properly as you pack.

Separately pack your necessities, such as medications, phone chargers, cups, plates, a kettle, food, a change of clothing, etc. Always bring your valuables, including bank documents, identification cards, birth certificates, credit cards, passports, jewelry, etc.

To protect appliances from impact, moisture, and static, especially during intercity moves, you may need to bundle them in many layers. 

Packing advice

It will be simpler to unpack at your new house if you pack one room at a time. Some advice:

• Carefully pack every item and keep each box padded within.
• Label the boxes according to the rooms or items.
• Keep boxes lightweight for easy movement. 
• Store all of your essentials in boxes labeled "essentials."

Minor furniture parts, such as nuts, bolts, screws, etc., should be kept in airtight bags, taped to the furniture they belong to. 

When it comes to moving your irreplaceable keepsakes, art works, and treasured possessions, a competent fine art moving and storage service provider is recommended.

Update the information

It's simple to become preoccupied with the relocation, but it's crucial to let friends, employers, and creditors know your new address.

To avoid service interruptions and past-due payments, notify your utilities and service providers about your move. 

Contact your local phone, cable, internet, electric, gas, and water companies. You should plan for the utilities to be disconnected from your old house and reconnected in your new one before moving in.

Settling at your new home

The process of setting everything up will take time if you decide to unpack alone. You will need an overnight bag that contains everything you need for a day or two. 

Make sure to clean your new house a day or two before you move in, paying particular attention to the kitchen and bathroom. 

If you follow these tips, your move in Albuquerque will definitely go smoother.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

6412 MOJAVE Street NW, Albuquerque, NM 87120

Wow - this custom gem has all the bells and whistles! Enjoy details that you normally find in Santa Fe here in the heart of the petroglyphs: Diamond plaster walls, brick floors, GORGEOUS Vigas, cathedral ceilings, Solid Wood doors with Brass hardware, Inlaid wood flooring, travertine flooring and more! Relax with the dual living areas featuring 2 Kiva fireplaces. Enjoy cooking in your gourmet chef's kitchen featuring a Sub-Zero wine fridge, 6-burner gas range with Thermador Hood, and ELEGANT granite countertops. Make the Master Suite your retreat with a gas fireplace, separate living area and spa-like master bath featuring skylights, separate shower and jetted tub. All New in 2021: TPO Roof, 2 Refrigerated Air Units, Furnace AND Water Heater.

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

The experience of owning your first home in Albuquerque can be exciting, but it can also be challenging. You need to consider many factors before building or buying a new home. Choosing between buying and building is tricky, as both options have their advantages and disadvantages. Several factors need to be considered, including location, cost, budget, space, sustainability, family size, and others. For your convenience, here is a simple guide: 

Considerations

It'd help to consider some factors before deciding whether to buy or build your first home. They include:

1. Location And Cost

By comparing the average cost of buying versus building a new home, you will be able to make an informed decision. Different neighborhoods and locations will have different amounts. The idea that buying a house is cheaper than building one isn't entirely true. Although the price of an existing home may seem fair, you may find there are many hidden costs, such as remodeling, redesigning flooring, and others, which may make it more expensive than building your own home.

The amount of money you spend building a house is straightforward. All you need is good architectural plans and a reliable construction company to turn the next page of your life as a homeowner. It has no hidden costs; you do your calculations and know all the expenses before construction starts. 

2. Quality Of Construction

The quality of construction may greatly influence your decision or build. If you are buying an existing home, you may want to research the contractors who built it, their reputation, and their reliability. A poorly constructed home isn't something you want to buy. 

On the other hand, building a home has its advantages. Construction companies are chosen based on their efficiency and quality. As well as choosing the design, size, and fixtures, you decide how they will be installed. 

3. Repairs And Remodeling

When buying an existing house, you'll have to deal with remodeling, repairs, and move-in conditions. When you buy a home that has already been updated, you're in luck, but if the house is outdated, you'll need to make improvements. It may also be necessary to get a permit to carry out the renovations. Taking your time and building your own house is the best option if you can't handle the pressure.

Advantages And Disadvantages Of Building Your First Home

Building your first house has two sides to it. There are benefits you can draw from this option as well as limitations.

Here are some of the benefits of building over buying your first home;

• Energy Efficiency: You choose all the materials used, ensuring they're all energy-efficient. 
• Less Competition: Unlike house hunting, you don't compete with other buyers for the same house.
• Customization: The house design, size, landscaping, and all features are upon you to decide. Thus, you don't compromise your desires and settle for what you don't like entirely. 
• Fewer Maintenance Costs: The insurance coverage is much lower on a new home, and it'll take a long time before you start repairs.

The limitations of building your home are:

• Costly: Constructing a new home is a high-value investment. You’ll need a lot of money to build a house.
• Overwhelming Decisions: You'll have to make all the decisions. It can be overpowering for a new homeowner.
• More Time And Effort: It'll take a very long time before you can move into your new home. Planning, flooring, landscaping, and other activities will take a long time. 

Advantages And Disadvantages Of Buying Your First Home

As in building, buying your own home also has its pros and cons. The benefits of buying include:

• Neighborhood Choice: You get to choose your neighborhood in Albuquerque depending on your interests and financial capability. For instance, you can select a home closer to town or a school if you have kids.
• Less Paperwork: The legal documents required when buying a house are less than what's needed to build one. 
• Moving-in Condition: You move in immediately after paperwork and renovation, unlike in a building where you have to wait until construction is complete.
• Cost Savings: You save a lot when you buy an existing home that doesn't require renovations and updates.

The disadvantages of buying a home include:

• Maintenance And Additional Expenses: There are high chances you'll have to update and remodel the house to suit your needs and cater to the maintenance issues that arise from time to time. 
• House Hunting Stress: House hunting is stressful; it'll take a lot of time and effort to find the perfect home for you and your family. 
• Hazardous Materials: You won't know whether the materials used in construction are harmful or not. You may move into a home with mold, lead paints, asbestos, and other toxic building materials.
• Compromise On Design: You may find a home in good condition, but you may not find one with all the features and styles you want.

The process of owning a home is both exciting and overwhelming at the same time. You'll need to make critical decisions like buying or building a new home. This guide provides you with all the information you need to know before you make that decision. Ideally, weigh the pros and cons of each option and settle on one that best suits your unique needs.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

6412 MOJAVE Street NW, Albuquerque, NM 87120

Wow - this custom gem has all the bells and whistles! Enjoy details that you normally find in Santa Fe here in the heart of the petroglyphs: Diamond plaster walls, brick floors, GORGEOUS Vigas, cathedral ceilings, Solid Wood doors with Brass hardware, Inlaid wood flooring, travertine flooring and more! Relax with the dual living areas featuring 2 Kiva fireplaces. Enjoy cooking in your gourmet chef's kitchen featuring a Sub-Zero wine fridge, 6-burner gas range with Thermador Hood, and ELEGANT granite countertops. Make the Master Suite your retreat with a gas fireplace, separate living area and spa-like master bath featuring skylights, separate shower and jetted tub. All New in 2021: TPO Roof, 2 Refrigerated Air Units, Furnace AND Water Heater.

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

Whether you're looking for the perfect first home or ready to step up to a more custom home, we have you covered with these latest HOT Albuquerque properties. These homes offer plenty of amenities and great locations, so they're sure to sell fast!

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

6412 MOJAVE Street NW, Albuquerque, NM 87120

Wow - this custom gem has all the bells and whistles! Enjoy details that you normally find in Santa Fe here in the heart of the petroglyphs: Diamond plaster walls, brick floors, GORGEOUS Vigas, cathedral ceilings, Solid Wood doors with Brass hardware, Inlaid wood flooring, travertine flooring and more! Relax with the dual living areas featuring 2 Kiva fireplaces. Enjoy cooking in your gourmet chef's kitchen featuring a Sub-Zero wine fridge, 6-burner gas range with Thermador Hood, and ELEGANT granite countertops. Make the Master Suite your retreat with a gas fireplace, separate living area and spa-like master bath featuring skylights, separate shower and jetted tub. All New in 2021: TPO Roof, 2 Refrigerated Air Units, Furnace AND Water Heater.

Learn More!

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87 CAMINO ALTO, Sandia Park, NM 87047

Single owner home situated in the community of Sandia Knolls. Views of the mountains from the back yard with grassy meadow. One story home offers 3 good sized bedrooms, 2 baths, 2 living spaces separate from each other and both have their own entrances. Great flex space for home office or home schooling or hobbie room. Community water and paved roads. Easy commute to ABQ, Santa Fe and Madrid.

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.

Building a custom home rather than buying an existing property in Albuquerque might require a construction loan. This type of loan covers only the cost of building a custom house and covers a short time period.

Your home must then be completed before you can apply for a mortgage. You use the mortgage to pay for your completed home.

A construction loan is usually shorter-term and has a higher interest rate than a mortgage.

In most cases, loans last for a year, during which the property must be built and a certificate of occupancy must be obtained.

What Do Construction Loans Cover?

Building materials, permits, the cost of the land and your contractor's labor can all be covered by a construction loan. The money may also be useful for landscaping and appliances.

To get an accurate loan-to-value calculation, it is important to clarify with your lender what the construction loan will cover.

A contingency reserve is often included in construction loans. You can use the reserve to cover any unexpected construction costs. Your contingency reserve would be used if, for instance, you decide you would like higher-end cabinets than you originally planned.

How Do These Loans Work?

Variable interest rates are common for construction loans, so the rate increases and decreases based on the prime rate. In almost every case, the loan rate will be higher than a traditional mortgage. Conventional mortgages require you to put your home as collateral. You could lose your home if you defaulted. Since construction loans don't have this option, they are higher-risk loans, which means you pay more in interest.

The lender requires detailed plans, budget estimates, and an estimated timing for the project before providing a construction loan.

As soon as your loan application is approved, you will be put on a construction schedule, also known as a draw or draft schedule. Only interest payments are expected during this period. As you make progress on your home, your lender pays you in phases.

As major milestones are achieved, draws will take place. As an example, you may receive a drawing when your foundation is laid.

Building progress will be checked by an inspector or an appraiser during the construction process.

Your construction loan might be converted to a standard mortgage once your home is completed. This type of loan is called construction-to-permanent financing.

If you get a loan that’s only for construction, then as the borrower, you might have to obtain a separate mortgage that is then used to pay off your construction loan.

Different Types of Construction Loans

Construction-to-permanent loan

Getting a construction-to-permanent loan enables you to finance both your home construction and your mortgage. The money you borrow goes toward the construction of your home. You then convert your loan to a permanent loan when the construction is completed and you move in.

This option has several benefits, including the fact that you only have to pay closing costs once.

In the event you are converting your construction loan to a permanent loan, the repayment period usually lasts 15 to 30 years, and you pay interest and principal together.

Construction-only

Construction-only loans provide you with funding just to finish building your home, but as the borrower, you are required to repay the loan in full at maturity, which is usually within a year, or take out a mortgage for permanent financing.

The construction-only loan funds are dispersed based on the extent of the project's completion.

Construction loans may be more expensive because you have to go through two loan transactions, which means two sets of fees.

Owner-builder construction loan

Finally, there is a loan specifically for home builders. There are construction-to-permanent and construction-only loans. In most instances, the borrower and the builder are the same person, but you need to have a license to get this type of loan.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

6 WHIPPOORWILL Lane, Tijeras, NM 87059

Mountain Living at its finest! Serene, light filled sanctuary, within this custom built home spacious home with soaring ceilings and light filled rooms, a wall of windows open to the majestic Pines. Pride of Ownership. Features open floor plan. Kitchen offers an Island, ample cabinet space & countertops that flows into the dining room. Freshly stained concrete floor in great room. Three generous bedrooms, w/the primary suite & loft occupying the top level, with viewing deck. New carpet. Oversized 2cg. Wonderful outdoor entertaining spaces. New septic tank installed 7/22. And 1550 gal Water Tank system in 6/22. Nature brings serenity to this home with the Vibrant New Mexico sky. Discover wildlife such as deer, rabbits, hawks, hummingbirds, & squirrels. Close to trails, mtn biking, & I-25

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Get your Morning Inspiration with the Sandi Pressley Team

Are you looking for a great home in the mountains or near the city? Either way, we have you covered with these latest HOT Albuquerque properties. These homes offer plenty of amenities and great locations, so they're sure to sell fast!

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

6 WHIPPOORWILL Lane, Tijeras, NM 87059

Mountain Living at its finest! Serene, light filled sanctuary, within this custom built home spacious home with soaring ceilings and light filled rooms, a wall of windows open to the majestic Pines. Pride of Ownership. Features open floor plan. Kitchen offers an Island, ample cabinet space & countertops that flows into the dining room. Freshly stained concrete floor in great room. Three generous bedrooms, w/the primary suite & loft occupying the top level, with viewing deck. New carpet. Oversized 2cg. Wonderful outdoor entertaining spaces. New septic tank installed 7/22. And 1550 gal Water Tank system in 6/22. Nature brings serenity to this home with the Vibrant New Mexico sky. Discover wildlife such as deer, rabbits, hawks, hummingbirds, & squirrels. Close to trails, mtn biking, & I-25

Learn More!

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11015 COCONINO Road SE, Albuquerque, NM 87123

Beautiful single story 4BDR/2BA/2CG light, bright & open featuring a huge great room with gas fireplace, raised ceiling and open to the kitchen and breakfast nook for entertaining! Tile flooring! Refrigerated Air, Solar, ECO Water Softener & R/O sys! Master suite features a large walk-in closet, Jacuzzi walk-in tub! Backyard features an extended covered patio, raised garden bed, rock landscape, waterfall pond & mini putt putt course! Great location close to parks, schools, shopping & easy access to Uptown, Downtown, KAFB!

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.

Thinking about buying a house in Albuquerque? Whatever your reason for moving, there are a few things you should consider before you make the leap. To make your transition as smooth as possible, here are four tips.

Pack early

A move to a new location is never easy, especially when you have to pack up everything you own. However, you can simplify the process by doing a few things. Packing early is one of the most important things you can do. By packing in advance, you can reduce the stress of last-minute packing. 

Furthermore, you can sort through your belongings to determine what you need and can live without. The pack-up process will be much easier for you since you'll be able to take your time and arrange everything as you see fit. 

Label Boxes Clearly

After a long day of driving, arriving at your new home only to realize that you cannot find your toothbrush is frustrating. It's always a hassle to move, but labeling your boxes correctly can make it a lot easier. First and foremost, label each box with its contents clearly. 

Identifying the boxes containing the items you need will save you time when unpacking. In addition, try to group similar items so you can unpack each room in one go. For example, all your kitchen items can go in one box, while all your bathroom items can go in another. You can make your move a breeze by taking the time to label your boxes correctly.

Pack Smart

In order to make a move as easy as possible, packing boxes correctly is essential. Pack heavier items on the bottom of boxes and lighter items on top, as this will prevent the boxes from tipping over and make them easier to handle. 

In addition, it will help to prevent items from shifting during transport and breaking. So, when packing for your next move, put the heavy stuff on the bottom and the light things on top. Your back will thank you later.

Use Bubble Wrap and Packing Peanuts

It is important to protect fragile items during transit if you are moving them. Bubble wrap and packing peanuts can be used to accomplish this. Your items will be cushioned and protected from breaking during the move with the help of these materials. 

So, if you have any delicate items you're worried about, pack them up with bubble wrap and packing peanuts, which will give you peace of mind knowing that they're well protected.

These simple tips can help to make moving a bit easier, even if it is a stressful experience. Start packing early, label your boxes correctly, and pack smart to reduce the hassle of moving. So if you're preparing for a move, keep these tips in mind. They just might make your transition a little bit easier.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

8709 LA SALA DEL CENTRO NE, Albuquerque, NM 87111

North Valley Gem! Look no further for a PRISTINE custom home in theheart of the North Valley. The spetacular kitchen offers granitecountertops, large pantry and beautiful cabinets. This stunning customhome has no carpet, NO HOA, RV access and a spectacular oversizedthree car garage. The roof, stucco and water heater were all replacedJuly 2020. Large lot with TWO gas/log fireplaces. Close to ALL theamazing amenities the North Valley has to offer. Bring your buyerstoday!

Learn More!

510 Loma Linda Court NERio Rancho, NM 87124

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 it's extra room you're looking for in an Albuquerque home, then you have to take a look at these two amazing homes for sale in Albuquerque. Each offer over 3000 sq feet of spacious luxury. With 4 beds and 3 baths, your family won't be in each other's way as you go about your day.

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

8709 LA SALA DEL CENTRO NE, Albuquerque, NM 87111

North Valley Gem! Look no further for a PRISTINE custom home in theheart of the North Valley. The spetacular kitchen offers granitecountertops, large pantry and beautiful cabinets. This stunning customhome has no carpet, NO HOA, RV access and a spectacular oversizedthree car garage. The roof, stucco and water heater were all replacedJuly 2020. Large lot with TWO gas/log fireplaces. Close to ALL theamazing amenities the North Valley has to offer. Bring your buyerstoday!

Learn More!

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421 MULLEN Road NW, Los Ranchos, NM 87107

North Valley Gem! Look no further for a PRISTINE custom home in theheart of the North Valley. The spetacular kitchen offers granite countertops, large pantry and beautiful cabinets. This stunning custom home has no carpet, NO HOA, RV access and a spectacular oversized three car garage. The roof, stucco and water heater were all replacedJuly 2020. Large lot with TWO gas/log fireplaces. Close to ALL the amazing amenities the North Valley has to offer. Bring your buyers 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.

Do you know how much your Albuquerque home is worth? It will probably be about the same price as other homes in your neighborhood that have sold recently and are similar to your home.

These homes and their values are known as "comps", or comparable sales. Knowing the value of comps in your area in Albuquerque will give you the best idea of the current estimated value of your home.

Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours.

What makes a good comparable sale?

The ideal comparable sale is a home that is almost the same as your house int he same subdivision. But that kind of scenario isn't as common. Here are other factors to consider:

Location:

The closer to your house the better, but don’t just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house, and in your school district.

Home type:

Try to find comparable sales that are like your home in style, construction material, square footage, number of bedrooms and baths, basement (having one and whether it’s finished), finishes, and yard size.

Amenities and upgrades:

How many upgrades does the comp have? Does it have the same amenities as your home, such as AC, a deck, or a pool? Does the community it's in have similar amenities?

Date of sale:

Home values fluctuate, so you can't use a value from a year ago. In fact, most lenders say that comparable sales can be no older than 90 days.

Agents can help adjust price based on insider knowledge

Of course, it's very difficult to find an exact clone of your home and neighborhood in most cases. That's where the expert advice of your agent comes in. An experienced real estate agent will examine the differences between your home and comps to adjust the value to match your specific home.

Your agent has certainly been in a lot of homes in your neighborhood, so they know all sorts of details about the comps in the area. They read the comments from other agents in the MLS (multiple listing service) and have heard what other realtors, lenders, closing agents, and appraisers said about the comparable sale. You can rely on the experience of Sandi Pressley and her team to get the most accurate estimate of your Albuquerque home possible.

More ways to pick a home listing price

If you’re still having trouble picking out a listing price for your home, look at the current competition. Ask your real estate agent to be honest about your home and the other homes on the market.

Next, put your comparable sales into two piles: more expensive and less expensive. What makes your home more valuable than the cheaper comparable sales and less valuable than the pricier comparable sales?

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

2220 EDNA Avenue NW, Albuquerque, NM 87104

Beautiful North Valley location in the historic old town area. Lot is ready to build on. Water meter is purchased, city water and sewer are hooked up, electric and gas are in the street. Seller has even paid for the curb cut. Seller has spent over $15,000 on improvements to the lot to make it build ready. Enjoy the charm and convenience of the North Valley with close proximity to Old town and sawmill district.

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Get your Morning Inspiration with the Sandi Pressley Team

Are you looking for a great home Albuquerque that's ready to go now, or are you wanting to build your own dream home? Our latest HOT properties are just waht you're looking for.

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

Smart Efficient Designed for the future. BuildGreenNM Bronze! Owned Solar panels ensure $8/mo PNM bills AND this home banks electricity every month thx to high function high producing panels. Perfect for your new Tesla! Smart thermostats & drip systems. Environmentally sustainable Synlawn in front & back for yr-round lawns no mowing or watering. Wired for security cameras & speakers in and out. Ring doorbell & alarm. Xtra storage upstairs and down. Big functional kitchen with granite counters Eat-in kitchen island with breakfast bar & raised-panel wood cabinets <1 yr old microwave, dishwasher & stove. Gray-toned wood laminate floors, 18'' tile, carpet only in bedrooms. BIG spares & walk-in closets in every bedroom. Crows Nest Loft with beautiful mtn views. Custom ceiling fans throughout!

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2220 EDNA Avenue NW, Albuquerque, NM 87104

Beautiful North Valley location in the historic old town area. Lot is ready to build on. Water meter is purchased, city water and sewer are hooked up, electric and gas are in the street. Seller has even paid for the curb cut. Seller has spent over $15,000 on improvements to the lot to make it build ready. Enjoy the charm and convenience of the North Valley with close proximity to Old town and sawmill district.

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.

Are you thinking about buying a vacation or investment home in Albuquerque? What's the difference between the two, and why does it matter?

There are a few differences in mortgage rules for a second home in Albuquerque as compared to your primary home. You should also know the key differences between buying a second home and an investment property, since these terms are often used interchangeably.

What Does "Second Home" Mean?

In addition to your primary residence, a second home is a property that you live in part of the year. A second home is usually a vacation home, but it can also be a place you go for work. Maybe you have a condo in a city where you often work, but it's not your main residence.

Getting a mortgage for a second home usually requires it to either be in a vacation or resort location, or to be at a certain distance from your primary residence.

Loans for second homes usually have lower interest rates than loans for investment properties.

There is also likely to be a Second Home Rider attached to your loan.

Under the rider, you are obligated to occupy and use the property as your second home. There cannot be any agreements requiring you to rent the property or give a management company or third-party control over its use, or the property cannot be part of a rental pool or timeshare.

It is important to note that while this is the general definition a lender might use, every lender will have their own requirements.

For instance, some lenders won't give you a second home loan if you plan to rent out your home. There are others who will give you a loan as long as you are planning to live in the home for a certain number of days every year, even if the house is also going to be rented.

What About Financing An Investment Property?

The financing process for a second home differs from that of an investment property, so understanding the differences is important. A second home is typically easier to finance than an investment property.

Most second home mortgages have rates that are comparable to those for buying a primary home, and credit requirements are similar as well.

Investment property mortgages are harder to qualify for, and the interest rate and origination fees are likely to be higher.

It doesn't mean investment property mortgages aren't beneficial.

You might be able to get a loan more easily if you own an investment property because the property will generate cash flow to cover your loan and other expenses.

What About the IRS?

As far as comparing a second home with an investment property, the IRS has its own guidelines. You can use a property as a second home if you use it at least 14 days each year, or 10% of the time you rent it. It's an investment property if you don't meet that standard.

The question is, why is it important?

Mortgage interest can be deducted from your tax return if you own a second home. Up to $750,000 in qualifying residential debt can be used to offset interest paid.

In the case of an investment property, you can take the same deduction, but you can deduct interest on the mortgage as a rental income expense.

If you own an investment property, you can claim a depreciation expense, which will reduce the amount of your rental income that is taxable. Regardless of how the IRS classifies the home, if you use it and rent it, you have to divide expenses according to when you use it.

Lastly, if you're considering fudging the truth, don't do it. If you aren't honest about your intended use of the property, then it can be considered mortgage fraud, which is illegal.

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