ABQ - Renting vs Buying (Albuquerque, Corona: sales, real estate, affordable apartment)
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So I just got to Abq and am now looking for a place to live. The problem I'm running into is that most of the affordable apartment complexes I find have terrible reviews online. Additionally with the rental prices being what they are it seems that I could buy a nicer/comparable place and pay a smaller or equivalent mortgage.
Does anyone have any experience with some of the apartments around here and could provide a better idea. I have a feeling a lot of the negative ratings is from the fact that disgruntled people are more likely to leave reviews than people who are content and don't care.
Also does anyone have any info on the state of the housing market here?
Many people rent houses instead of apartments, which by their nature are going to be a little less crowded and probably have a better enjoyment of the premises (though there are always bad situations).
I think the rule of thumb is that if you're not going to be living in the same location for more than three years, you'll lose out big time with the purchase of a house.
As with many things, you do tend to get what you pay for when it comes to apartments, especially when you try to cheap out.
The "state" of the housing market? Average for the US; my house appreciated something fierce for the first five years, and it lost most of that (probably all of it adjusted for inflation) in the next five. If you use Phoenix or Dallas as a basis for comparison, houses are expensive here for what you get. Compared to Denver, they're about the same. Compared to California, they're kinda cheap.
The housing market in ABQ is of its own meaning it does not draw most of its sales from people moving in or out of the city. People there tend to "move around" opposed to moving away or into ABQ.
Though like everywhere it has felt it's share of home values dropping, it has happened at a slower pace and in spurts. At one time ABQ was in a "boom" and a lot of investors bought & some have been caught with the sub-prime market doing nothing more than walking away when rents no longer covered the owed value. Of course this is only one aspect of the market, but it did carry with it a lot of the puffed up values.
With interest rates at an all time low & you plan on staying in the area 3 to 5 years it would be wise to buy. Get with a top producing Real Estate agent and discuss your needs. The consultation will be free and you can get a agent recommendation from the ABQ Board of Realtors
Thanks. I just got stationed here at kirtland so I will be here for at least 3 years. With my job its possible I will get assigned here again for another 3 years just at a different unit
Has anyone heard anything about the laurels at uptown?. It's off of Louisiana about a block south of the highway. The outside looked kinda run down but the apartment it's self looked really nice.
Has anyone heard anything about the laurels at uptown?. It's off of Louisiana about a block south of the highway. The outside looked kinda run down but the apartment it's self looked really nice.
I have driven through the area over the years. Would not be my first choice. Briefly lived about three miles north (just west of Coronado Mall) years ago...
Renting would be best for you. When your three years is done, so is your lease and make a run for it. Trying to sell a house would just get you stuck. That's the problem i had in Chicago.
Basically if you are going to live in your place for 3 years or less then just rent. You can avoid property taxes, homeowners insurance, etc. But if you plan on living in a place for more then 3 years then buy or rent a house with the option to buy. In the long run you always want to buy, especially in this market you can get some pretty good deals.
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