Real Estate Information Archive

You've found a home for sale in Albuquerque in the ideal neighborhood, and it's priced just right. But something is holding you back from making the deal.

Could it be the outdated appliances, dark brown exterior, and wall-to-wall carpeting? You can make it the home of your dreams with an FHA 203(k) renovation loan. This type of loan will let you buy the home and have extra cash to purchase appliances or make other improvements to the home. It's unique because you can borrow the funds you'll need based on what your house is expected to be worth after the renovation is complete. 

The FHA 203(k) loan is insured by the Federal Housing Administration (FHA), and offers two options: Limited and Standard. Finding the one that's right for you depends on how much you want to spend and what you intend to do. 

3 Differences between the Limited 203(k) and the Standard 203(k)

1. Structural Repairs.LIMITED: Minor remodeling and non-structural repairs.
   
   STANDARD: Major rehabilitation or when repairs are structural or involve landscaping. Examples include jacking up your house to replace the sill plate or knocking the house down to rebuild it (you must leave the foundation). 
   
   
2. HUD Consultant.
   
   LIMITED: Does not require a HUD consultant.
   
   STANDARD: Requires the use of a HUD consultant. He will draw up the paperwork and work with you and your contractors to get a write-up before the appraisal and ensure the required renovation is completed. (Your loan officer can work with you to obtain the services of an experienced HUD-approved 203(k) consultant).
   
   
3. Cost.
   
   LIMITED: Total renovation costs cannot exceed $35,000. There are no minimum costs.
   
   STANDARD: Your repairs and renovations can go above $35,000. There is a minimum repair cost of $5,000. 

Eligible repairs you can make with a Limited 203(k)

• Repairing or replacing the roof, gutters or downspouts
• Repairing or replacing HVAC, heating, plumbing, or electrical systems
• Repairing or replacing flooring
• Minor remodeling
• Indoor or outdoor painting
• Replacing appliances
• Accessibility upgrades
• Abatement of lead-based paint
• Repairing or replacing decks, patios, and porches
• Waterproofing or finishing a basement
• Weatherization

Eligible repairs you can make with a Standard 203(k)

• Plumbing, electrical, heating, and cooling improvements
• Structural changes
• Storm shelter additions
• Appliance and HVAC upgrades
• Roofing alterations
• Large landscaping and site improvements
• Sewage and septic improvements
• Site conversion (from a single unit to multi-unit property, for example)
• Site relocation
• Accessibility upgrades

This is a basic overview of the differences between the Standard and Limited 203(k) loan. Let us know if you want to learn more about how these loans can help you live in the perfect home in Albuquerque.

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

HOT HOME LISTING OF THE WEEK!

4732 SANDPOINT Road NW, Albuquerque, NM  $365,000

4 Bedrooms / 3 Bathrooms (3 full, 0 half) / 2915 Square Feet

All brick KB home with amazing Chef Kitchen with viking appliances, cherry wood soft close cabinetry, tankless water system, Easy Water whole house system, Solar System owned by the seller (not leased),custom tile floors, Brazilian cherry floors on the loft, custom wood banister(railings), Washer,dryer refrigerator and pool table conveys.Home has numerous skylights, fully professionally landscaped with water features!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Not Enough Money

Not Enough Time

Not Enough Skills

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

HOT HOME LISTING OF THE WEEK!

1 TIERRA MONTE Street NE, Albuquerque, NM 87122  $$495,000

2 Bedrooms / 3 Bathrooms (2 full, 1 half) / 2655 Square Feet

Spectacular and Breathtaking Panoramic views from this gorgeous one owner custom home nestled in the foothills of the Sandias. Beautifully updated/remolded bathrooms and kitchen, including new appliances. Master bath is a true spa like retreat along with a huge walk in closet. What a great home for entertaining family and friends indoors and out. This is a true one of a kind home conveniently located near hiking, biking and waking trails. The unobstructed majestic views will take you breath away!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Summers can get quite warm here in Albuquerque, so having your own pool to stay cool in can be quite a desirable asset. Especially now with social distancing being a concern, it can add even more value to have a private pool. It will also add more value to your Albuquerque home if you decide to sell in the future.

Adding a pool to your home can become quite costly, however. What are some ways to minimize the cost of installing a pool?

In-Ground or Above-Ground?

It's no surprise that in-gound pools are more expensive, simply in large part to the fact that you have to dig the hole and hauling away the debris. If you decide to go this route, you might consider options that include fiberglass shells of high quality, which has the ability to flex with ground movements. This allows the pool walls to bend instead of cracking, plus they can be custom designed to match your property characteristics.

Above-ground pools are of course the less expensive option. These pools are pre-made with a reinforced steel shell with a vinyl liner. There's no need for on-site construction, since they're made a factory and delivered to your home, saving a significant amount of money on installation. The vinyl liners have a lifespan of 10-15 years and can be replaced. Make sure to consult with a professional which pool is right for you.

Limit Special Features

It can be easy to get carried away with adding features to your pool, which will raise the cost. Some people might want to add a deck to go with the pool. Yet, you can save that particular project as a future add-on, as adding a deck can double or even triple the overall installation cost. You can also add a minimal deck for now, and add to it later.

Adding a deep end will also drive up the costs, so you may want to avoid that feature unless you're a competitive swimmer. Colored lights, water jets, slide, and jacuzzis also will raise the cost. You can always add these features later.

Maintain Your Pool Yourself

Another way to save money is to do your own maintenance on you pool. By doing so, not only do you save money by not having to hire someone to clean it, but you also learn about the pool systems and how to maintain and repair them.

You can also save money on your power bill by not running your pump motor all day. Most experts recommend running the pool for just 8-12 hours daily, which can be divided up between the early morning and late evening hours. This will be enough to keep your pool clean, while keeping your electric bill lower and saving on the pump motor's wear and tear.

Buying your pool chemicals in bulk is also a great way to save money. You can buy enough by the pound to last all season, saving money and trips to the store.

Chosing the right pool for your home in Albuquerque and maintaining it yourself will help save money and make owning a pool an affordable reality for your family to enjoy for years to come.

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

HOT HOME LISTING OF THE WEEK!

400 Penny Lane, Corrales, NM 87048  $550,000

4 Bedrooms / 3 Bathrooms (3 full, 0 half) / 2275 Square Feet

Spectacular Sandia Mountains & Valley Views from this incredible 4BDR/3BA/3CG Corrales home! Enjoy the picturesque views from the great room, sunny breakfast nook, dining room, master suite & balcony! Open great room features wood ceiling, cozy kiva fireplace. Kitchen features granite countertops, beautiful cabinetry, island, bkfst bar, SS appliances, brick flooring. Study/Office/BDR and full Bath on the main floor. Two secondary bdrs share a Jack N Jill bath. Master suite features a double sided fireplace, East facing covered balcony, jetted tub, dual sink vanity and walk-in closet. Fully fenced property with gate entrance, lush grass, fruit trees, waterfall feature, raised beds, covered patio & balcony with amazing mountain and bosque views!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

If you're looking to buy a home in the Albuquerque area that combines the feel of the country with the conveniences of the big city, take a look at what the Village of Corrales has to offer.

Located along the Rio Grande river, nature lovers appreciate the beautiy of the area, enhanced by the Rio Grande Bosque, a greenbelt to the east of the village, where many native plants and animals reside. This village of some 8,300 residents has something to offer everyone.

This fertile area has been supporting populations of people since around 500 A.D., when the ancestors of the present-day Indian Pueblos made their living off the land. Even though the population of the area has grown over the past few decades, residents do their best to retain the rural feel of the area.

You don't have to go far to find great places to shop and eat in Corrales. You'll find fine shops and galleries selling locally made products, such as Sara Smith Contemporary, Galleria De Corrales, and the Indian Pueblo Cultural Center museum and shop. For other products, there's the Village Mercantile, Frontier Mart, Blue Sky Woodworks, and Hanselmann Pottery, just to name a few.

For outstanding local food, residents and visitors enjoy dining at extablishments such as Hannah & Nate's, Village Pizza, Perea's Tijuana Bar & Restaurant, and Corrales Bistro Brewery.

Outdorr lovers will be close to a great array of local parks and recreation choices. Located near Corrales are parks such as Mesa Contenta, Haynes Park, Alameda Spray Park, and Balloon Fiesta Park. Just 10 miles away are the Rio Grande Nature Center State Park and the Petroglyph National Monument. If you enjoy a good hike, you'll also have plenty of trails to challenge you in the Sandia foothills.

Homes for sale in Corrales offer plenty of lot space and spectacular views of the Sandia mountains. And with no streetlights, you'll be able to enjoy dark nights that bring out the stunning view of the stars.

Corrales is also home to a number of popular annual events, of course depending on COVID-19 restrictions:

Corrales Art Studio Tour – Held every year on the first weekend of May, for two days. Art studios and galleries share with the public their original work in various mediums like paint, prints, ceramics, glass wood, fiber, furniture, jewelry and photography. 

July 4th Parade - This annual parade includes something for everyone: horses, synchronized scarecrows, a lively kazoo band and more. Surprises abound at this fun annual event.

Corrales Harvest Festival – This Village-wide annual event is held on the last weekend in September and celebrates Corrales’ agricultural roots. You can buy farm fresh produce at the farmers market or select unique gifts and works of art at the arts and craft show. There's also a themed corn maze at Wagners and hay wagon rides to the various venues. A food court with continuous live entertainment offers fun and refreshment.

Corrales Holiday Art Fest - The Corrales Holiday Art fest is a great place for holiday shopping. Visitors will discover affordable and collectible art and crafts including handcrafted jewelry, pottery, photography, sculpture, oil, acrylic and pastel paintings by local artisans.

Starlight Parade - The annual Starlight parade begins the holiday season in Corrales, with lighted floats and vehicles parading along Corrales Road.

If life in Corrales sound like what you're looking for, view homes for sale right now in Corrales.

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

HOT HOME LISTING OF THE WEEK!

400 Penny Lane, Corrales, NM 87048  $550,000

4 Bedrooms / 3 Bathrooms (3 full, 0 half) / 2275 Square Feet

Spectacular Sandia Mountains & Valley Views from this incredible 4BDR/3BA/3CG Corrales home! Enjoy the picturesque views from the great room, sunny breakfast nook, dining room, master suite & balcony! Open great room features wood ceiling, cozy kiva fireplace. Kitchen features granite countertops, beautiful cabinetry, island, bkfst bar, SS appliances, brick flooring. Study/Office/BDR and full Bath on the main floor. Two secondary bdrs share a Jack N Jill bath. Master suite features a double sided fireplace, East facing covered balcony, jetted tub, dual sink vanity and walk-in closet. Fully fenced property with gate entrance, lush grass, fruit trees, waterfall feature, raised beds, covered patio & balcony with amazing mountain and bosque views!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

It's not something we like to think about, but home crimes can happen to anyone at any time. As a homeowner in Albuquerque, you know doubt have already taken steps to secure your home and protect your family.

Your main goal when it comes to home security is to prevent criminals from damaging, stealing, or breaking into your home in the first place. That doesn't just mean locking doors and windows. It involves taking into account your property's security weak points and resolving any issues. And criminals are getting more clever, even using online activity to find targets.

What are some basic steps you can take to make sure your Albuquerque home is secure?

• Even if you’re home, lock windows and external doors when not in use.
• Lock up your home, even if you go out only for a short time. Many burglars just walk in through an unlocked door or window.
• If you lose your keys, change the locks immediately.
• Don’t put an outdoor spare key in an obvious place like under a doormat or potted plant.
• Keep a light on when you’re not home. This could signal to potential intruders that someone is inside the home, potentially deterring them from trying to break in.
• Don't leave notes for service people or family members on the door. These act as a welcome mat for a burglar.
• Keep items of value, like fine jewelry and gaming consoles, out of plain view as much as possible.
• If you leave your home for an extended period of time, have a trusted friend or family member grab your mail while you’re away. You can also place a hold on your mail with the post office.

Technology Can Help

Of course, by now you've heard about smart home systems that can keep an eye on your home while you're away. You can start with a device as simple as a video doorbell, or up to camera alarms that are professionally monitored 24/7. Here's a few options:

• Easy to install outdoor motion sensors. These range from $20 - $100.
• Smart camera system to watch your home remotely through a phone app. These will alert you when they sense motion or someone trips a sensor.
• Make sure to hide any wiring, as they can be cut and could disable your security system.
• If you don't have the budget, even a fake security sign or sticker on the window can deter criminals.

How can you make sure your home is secure? You can plan to 'burglarize' your own home to discover any weaknesses in your security. The best way to protect your home from the outside is to survey it with the eyes of a burglar. If you can easily tell that a window could be pried open, a thief will definitely be able to come to the same conclusion. 

While you’re checking for vulnerable spots, take note of any expensive electronics, art, or furniture that is easily spotted through windows. You don’t have to redecorate your entire home to keep expensive items out of sight, but it doesn’t hurt to make small adjustments where you can.

If you follow these tips, you can help reduce the chances of your home being the target of criminal activity.

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

HOT HOME LISTING OF THE WEEK!

1541 Nez Perce Loop NE, Rio Rancho, NM 87144  $599,000

4 Bedrooms / 4 Bathrooms (2 full, 2 half) / 3644 Square Feet

Stunning Views! This home will WOW your buyers! Wide open floor plan with 2 living areas, perfect for entertaining. Gorgeous wood beam accents, custom kiva fireplace & large picture windows with mountain and city views. Well appointed kitchen features granite counter tops, custom cabinets & SS appliances. Brilliant floor plan offers 2 master suites, 2 additional spacious bedrooms and 2 bonus rooms, plus a formal dining room overlooking the wrap around balcony. Master suite is a gem has a picturesque jetted tub, separate snail shower & large walk in closet. Enjoy the views from your covered patio & wrap around balcony year round! New Septic and Well in 2017 - All New Paint inside and out 2019! Hardwood floors refinished 2019! New Driveway! This home is sure to impress!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team