Second Home/Cabin in Ruidoso...Experiences? (Alamogordo, Alamo: real estate, rent, condo)

[Go Getter]

I am considering the possibility of buying a small weekend home or cabin in the Ruidoso/Cloudcroft area. I am currently in Lubbock TX and need a mountain escape!

Has anyone here done something similar? I am curious about the upkeep and long-distance home management issues. We would be looking for something small and rustic, not a big condo. Probably something under $75k if that's possible.

We (husband, two little kids, and I) love coming to the Ruidoso area during winter and summer since it's nearby, and I would really like to have the opportunity to visit for a weekend every month or two.

Am I crazy? Would I probably just end up with a money pit for under $75k? What should I expect in owning a little house from a distance? We probably wouldn't rent it--are there reasonable options for real estate management when not renting it out?

Just looking for some experiences and advice, thanks!

[Poncho_NM]

Originally Posted by Go Getter

Am I crazy? Would I probably just end up with a money pit for under $75k?

It really depends on you and the family. I outgrew a home retreat concept and RVing/Camping etc. Years ago. Not money pit's, not like a boat and airplane, but I have limited funds. I'm into Holiday Inn's and their offshoots...


You probably need to read these threads which I have personally selected for you:

Ruidoso or Other Mountain Community

Has anyone checked the prices for homes in Ruidoso area?

Ruidoso, NM

Ruidoso here we come!

Rich

[songinthewind7]

For that price in Ruidoso, you can barely get an outhouse.
You may be able to pick something up in Cloudcroft. Also have you considered Timberon?
Check out Amigo realty in Cloudcroft. They are very helpful.
I don't remember if I can post the name of a realty company or not but I'll send you a message anyway in case this is deleted.

[Old Gringo]

Originally Posted by Go Getter

I am considering the possibility of buying a small weekend home or cabin in the Ruidoso/Cloudcroft area. I am currently in Lubbock TX and need a mountain escape!

Has anyone here done something similar? I am curious about the upkeep and long-distance home management issues. We would be looking for something small and rustic, not a big condo. Probably something under $75k if that's possible.

We (husband, two little kids, and I) love coming to the Ruidoso area during winter and summer since it's nearby, and I would really like to have the opportunity to visit for a weekend every month or two.

Am I crazy? Would I probably just end up with a money pit for under $75k? What should I expect in owning a little house from a distance? We probably wouldn't rent it--are there reasonable options for real estate management when not renting it out?

Just looking for some experiences and advice, thanks!

You're much more likely to find something in the Cloudcroft area in your price range.

PM me and I can send you the contact info for the best agent in the area.

[Go Getter]

Originally Posted by songinthewind7

For that price in Ruidoso, you can barely get an outhouse.

Haha, yeah, I'm aware that I am operating at the bottom of the barrel for price range. I'm not looking for luxury, just functionality. We are pretty outdoorsy, so I'm not too afraid of something a little rough around the edges. That being said, I'm hoping for something not so rough that we have to worry about things being constantly broken.

I haven't really gotten to the true shopping stage yet, really just wondering how much work/money I can expect to spend to keep up a place long distance. For example, how do you ensure things stay warm enough in the house to prevent pipe breakage? I know most of the little bungalows/cabins don't have thermostat-controlled heat. I guess my questions are mostly about logistics (and whether it's worth it).

I am also not necessarily set on Ruidoso proper, so I am open to Cloudcroft and perhaps Timberon. Although, I haven't been to Timberon for many years and don't really remember what the area is like. The main thing I worry about in some of those areas is accessibility during big snows or lots of mud.

I will check out some of the previously suggested threads too, thanks for the input

[songinthewind7]

Before our vacation home became our perm home here in Timberon, we had a neighbor check out our house when the temps got really low. The water was also turned off. Unfortunately last winter, the temps got pretty low in Timberon, Cloudcroft and Ruidoso and a bunch of pipes were busting. That's unusual though with the weather getting so cold. Our pipes are well insulated but we had one burst last winter anyway.
All 3 areas are beautiful. The road to Timberon is paved now and so is the main road. The side roads do get snow and mud. I"ve been stuck a couple of times last week already but I don't drive a 4WD either.
Most of the main roads in Cloudcroft and Ruidoso stay clear but if you get off a main road, you may run into snow or mud.

I forgot to mention your other question about property management. The people I PM'd you about do that type of stuff too.

[Go Getter]

Wow, just checked out some pictures of Timberon. What a gem! Last time I was there was in the early nineties when living in Alamogordo as a teenager. I just remember a really long, bumpy dirt road from there.

Definitely more house for the money in that area. I guess the trade-off is that it's more difficult to get to. But that can also be a huge advantage too. We like seclusion. Hmmm....will definitely go trekking to Timberon next time we're in the area!

[JDTH]

We paid about 150Kfor a two bedroom, 1 bath, 800 sq ft cabin almost 5 years ago in Ruidoso (Ponderosa Heights).

Ruidoso is not cheap, but we rent out our place about 150 nights a year.

[rruff]

JDTH has a good idea. If you rent out your place when you aren't using it, it usually pays for itself.

$75k is low end, but doable if rustic and small are ok. I'm guessing you don't want a mobile or mobile-add-on... those are quite common. A sight built house that is decent will be >$100/ft^2.

Timberon is a completely different scene. If you don't want the distractions that Ruidoso (or any town) has, then Timberon makes sense.

[Go Getter]

Okay, here's another question...

Anyone with experience financing a second/vacation home since the housing market crash? Is it a major hurdle? We have great credit, low debt-to-income ratio (no credit card debt), but not a lot of cash saved yet for down payment. Some websites say lenders are going back to the 20% down requirement, particularly on second homes. We bought our current West Texas home in summer 2009 with only 8% down.

Anybody know how the financing is going these days? I know it's super difficult to impossible to get financing for a mobile home, so that will limit my options in my price range, especially in the Ruidoso area.

BTW, Timberon is looking more and more like what we would prefer. A little more isolation would be nice. We don't need bars, restaurants, etc when we're in the mountains. Normally we spend our time in a tent when we're in the Sacramento Mountains, so a small cabin would be a major upgrade!

Thanks!