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Please bear with me and another home buying question. My husband and I have lived in Abq for about two years now. He is in the military and I am going to UNM for nursing. We are finally ready to buy our first home but are having some serious problems on determining where to buy. We know most of Abq fairly well but are out of element in Rio Rancho.
Our first concern is the resale value of the home in 3-5years. My first inclination was Rio Rancho because of the lower crime, family environment, and better schools. However, my husband hates that commute and also doesn't really like the "burbs". We are open to anywhere really. Of course we would love Nob Hill, UNM, ridgecrest area - but it's a bit out of our price range. We might be able to find something that is foreclosed if we keep searching and hold out a bit longer. We do not have kids yet and we are in our mid-20's. We do plan on starting a family soon though. Should we stick with searching in this area? It fits both of us for commute times and we enjoy the community.
We are also considering closer to the Sandias, or the NW (Taylor Ranch) area of ABQ since it is not as far out as RR but has some of the perks we were originally looking for. As I said we are really looking at resale value (investment for us), we would like a diamond in the rough (doesn't everyone), we don't mind getting our hands dirty on fixer-uppers. If we were able to land something close to UNM, we might even hang on to it for a while as a rental. Please help! Any opinions would be appreciated.
Most reputable realtors will urge you not to buy a home if you plan on selling it in 3 years. Closing costs, realtor commission, interest, etc. will take that long to pay off. If you want to hold on to it perhaps as a rental, or perhaps you will stay that long and longer, then this may not apply.
It looks like the last housing bubble has just about reached its minimum and prices are on their way north again, but this is a high-risk, speculative investment. If you don't mind getting your hands dirty and you have some spare time, may want to consider an income-producing property like a duplex or quadplex and live in one of the units- this is a different level of risk but a better hedge against another market crash. Plus, if you have to move out of state, you can always hire a management company to manage rent collections, repairs, etc.
We are also considering closer to the Sandias, or the NW (Taylor Ranch) area of ABQ since it is not as far out as RR but has some of the perks we were originally looking for. As I said we are really looking at resale value (investment for us), we would like a diamond in the rough (doesn't everyone), we don't mind getting our hands dirty on fixer-uppers. If we were able to land something close to UNM, we might even hang on to it for a while as a rental. Please help! Any opinions would be appreciated.
Easy access to I-40/KAFB/Sandia, you can be at UNM in 15 min yadda. Why spend your time commuting way to to RR (unless you all just enjoy that part of the metro)?
Thanks Zoidberg & N8!. We would definitely like to stay here longer than 3 yrs, but being a mil family we can never know for sure how long it will be. We have heard rumors that we can stay here for quite some time (5+yrs) due to cost cutting, etc., but if worst comes to worst we do plan to rent out (through a management company). For this reason we are trying to keep our mortgage low. We are just tired of throwing away money on rent ($1300/month right now) and we would like to be homeowners. So while it is risky, we are reading a ton and trying to stay informed. Our high end right now is about $160k. Like I said, we are looking for a fixer-upper and would love a community with walk-ability. I'm curious, how is uptown? I think we found a promising one in Four Hills area, so that would be nice as well. RR is pretty much off the list now. Thanks again.
We've looked around for the better part of 2 years as well. We like the Ventana Ranch area. If you haven't driven through, I would recommend it. Depending on work hours, the drive may be too much for you though.
Thanks Zoidberg & N8!. We would definitely like to stay here longer than 3 yrs, but being a mil family we can never know for sure how long it will be. We have heard rumors that we can stay here for quite some time (5+yrs) due to cost cutting, etc., but if worst comes to worst we do plan to rent out (through a management company). For this reason we are trying to keep our mortgage low. We are just tired of throwing away money on rent ($1300/month right now) and we would like to be homeowners. So while it is risky, we are reading a ton and trying to stay informed. Our high end right now is about $160k. Like I said, we are looking for a fixer-upper and would love a community with walk-ability. I'm curious, how is uptown? I think we found a promising one in Four Hills area, so that would be nice as well. RR is pretty much off the list now. Thanks again.
Uptown was going to be my suggestion after reading you first post, but I see you already are curious about it. I think Uptown could be a good alternative. It has the advantage of good schools and increasing values. Since it is an older area I'm sure you can find a nice fixer-upper that has good, sturdy bones to work with. There are great homes in that area that were built to last.
This is just a personal feeling, but I think a '50s/'60s ranch-type home is timeless and I find it quite a dignified home style to live in. The area around Uptown including the Inez and Hoffmantown neighborhoods just seems like the epitome of the Heights to me. I don't think you'd go wrong there.
The only problem is that it doesn't quite offer great walkability in terms of areas such as Nob Hill, East Downtown, etc., but I think the neighborhoods themselves are quite lovely to walk in. The only thing is you have to walk quite a ways to get to the major streets to find the things and places you need rather than being amongst them in those other areas.
I've lived near Candelaria and Wyoming for over 20 years and love the neighborhoods there. They have good schools, are close to shopping and come in lots of price ranges from low end Hoffmantown to pricey la Sala Grande. If you buy, make sure you choose a "nice" neighborhood; it will help with resale.
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