Key Considerations When Purchasing a Home near Albuquerque
What are Your Key Considerations When Purchasing a Home Near Albuquerque?
Now that you’ve been drawn to the year-round sunshine, vibrant culture, and outdoor activities in Albuquerque, how do you go about making this your home base? No worries; we’ve done the homework for you. Here’s a step-by-step guide to buying a home in Albuquerque and establishing roots in this dynamic, welcoming city located in the Land of Enchantment.
Take stock of your finances.
First thing’s first. Before you start looking for a home, apartment, or condo in Albuquerque, it’s important to understand how much you can afford and what makes the most financial sense for you. Calculate your affordability by taking time to analyze your household income, itemize your expenses, create a budget, and list your wants and needs. This will help ensure that you find a place in your price range. Stay focused on fiscal responsibility that will pay off in the long run with a credit score that puts you ahead of the game. Doing your due diligence and being realistic at this stage in the process will help you avoid later pitfalls.
Get a mortgage pre-approval.
To streamline the home loan and home buying processes, save time, and reduce hassle, it’s always best to identify a mortgage lender and get pre-approved before you fall in love with a home or a neighborhood.
While a longstanding rule advises that your monthly mortgage payment should not exceed 28% of your gross monthly income, and your debt-to-income ratio should not surpass 36%, each person’s financial situation is unique.
Take the time to understand what works best for your current—and future—situation. Take into consideration your employment status (permanent, part-time or unemployed), your household expenses, and family considerations..
If costs such as lending fees and down payments are an issue, ask your mortgage lender about special programs that are available for veterans, first-time home buyers, and other purchasers. You’ll soon see that advanced planning helps make it easier to buy houses in Albuquerque.
Choose the right neighborhood.
Location, location, location. You’ve heard it a thousand times, and that’s because it matters. Unless you live in an RV, it would be hard to pick up your house and move it somewhere else, so it’s important to get the location right.
When it comes to choosing a neighborhood near Albuquerque, get outside and familiarize yourself with the surroundings. Take a road trip, drive through communities, talk to people who live in the area, and think about your lifestyle. If you love hiking and outdoor activities, are these amenities easily accessible? Do you want to be close to employment, restaurants, or shopping? Take the time to drive to services and activities that are important to you and gather the necessary intel to ensure that the location you choose matches your daily routine.
Before you start looking at the different types of real estate available in Albuquerque, be sure to consider property taxes, crime rates, and other factors that may vary from neighborhood to neighborhood.
Research new home builders in Albuquerque.
If you plan to purchase a new home in Albuquerque, it is important to choose a builder you can trust. Do some research, talk to local residents, and look for a company such as Hakes Brothers, which is well-established in the region. An experienced builder with a full-service team will help you navigate the entire home buying process, from choosing your floor plan and homesite, to dealing with lenders, closing costs, and a variety of other home settlement details.
Find a hard-working real estate agent.
If you’re looking for a resale home, finding an effective real estate agent in Albuquerque is an important step that involves more than just going with the first broker name you see on a sign. Look for an agent with a proven track record. Most importantly, you’ll want to identify a real estate professional who understands the Albuquerque market and the specific neighborhood that interests you. In addition to helping you manage the home purchase process, your agent will help with a variety of details such as scheduling the home inspection, following up on repairs, ordering the appraisal, managing home contingency issues, and interacting with the seller to negotiate the final purchase price. If you’re looking at new construction, some home builders such as Hakes Brothers, offer licensed real estate agents that guide you through the process.
Analyze the market.
A good new home builder or real estate agent will help with analyzing the Albuquerque market, but it is important for you to stay involved in the process. As you review various neighborhoods and evaluate your options, consider important factors such as the cost of living, home values and inventory, interest rates, and recent trends. In addition to real estate platforms such as Zillow and Trulia, websites for the City of Albuquerque and Bernalillo County offer helpful resources for understanding the general market area and assessing the economic and employment benefits.
Buy a home that fulfills your needs.
This seems like a no-brainer but you’d be surprised at how often people fail to truly identify everything they expect from their home. Start by making a complete list of your wants and needs, keeping in mind that you won’t always get everything you want, but you should get almost everything you need.
For example, if you are looking for convenience to Albuquerque’s fast-growing employment hub, you might want to check out Legacy at Sierra Vista or The Bluffs at El Cerro, two family-friendly communities in the Los Lunas area just south of Albuquerque.
For an alternative location close to mountain adventures north of the city, take a look at Rio Rancho communities such as Mountain Hawk Estates, Suez Estates, or Mariposa Estates. If you want closer access to the city in a neighborhood where the kids can walk to school, check out Durango, a master-planned community with amenities the whole family will love. Now that you’ve taken the time to consider some key factors related to buying a home near Albuquerque, we hope you’ll soon be settling into the sunny space that is just right for you.