Photo by Ron Cogswell
According to Albuquerque Business First, $1,500/month will pay for a 1,650 sq ft apartment rental in Albuquerque. While renting is practical for those in transitional stages, such a repairing ones credit or divorce, we at Q Realty feel that the benefits of home ownership extend far beyond the flexibility of painting and planting. Tax write-offs and pride of ownership are just a few of the toppings on that American Dream sundae.
Why is home ownership so important?
Life’s circumstances change, sometimes without warning, and it’s best to be prepared. Whether you are in a position that requires an upgrade or downgrade, you never walk away from a rental with more money than you put into it. In fact, most renters consider themselves lucky if they receive their damage deposit back! When you own a home, there are three ways you earn equity:
- Principal reduction: every time you make a mortgage payment, the principal of your loan is reduced. In fact, making just one additional payment a year can help you pay off your loan faster. Unfortunately, there is no benefit to making additional payments if you are renting.
- Appreciation: a home’s value increases with time and improvements. Simple maintenance will protect your investment and simplify the process of re-selling your home. If you rent, you don’t experience the benefits of that appreciation, but a rental increase would soon be on the horizon.
- Sweat equity: defined by Investopedia, sweat equity “refers to value-enhancing improvements made by homeowners to their properties.” Any improvements made to a rental typically stay when you leave.
Why rent when you can own?
As of February 28, 2018, based on current rates, the following loan types and down payments, $1,500 per month could afford you the ability to purchase a home based on the following values provided by Chris Juarez of Academy Mortgage. Before making any purchasing decisions, please consult with a qualified loan officer.
Conventional:
- 20% Down- 275K Purchase Price- $1,515 Monthly Payment
- 10% Down- 240K Purchase Price- $1,507 Monthly Payment
FHA:
- 3.5% Down- 210K Purchase Price- $1,505 Monthly Payment
VA:
- 0% Down- 225K Purchase Price- $1,514 Monthly Payment
What could you own in Albuquerque for about $1,500/month? See below!
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$259,900 : 3213 Judy Place NE, Albuquerque4 beds, 2 baths
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$266,500 : 2103 Via Esterlina Avenue SE, Rio Rancho5 beds, 3 baths
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$260,000 : 6008 Placer Drive NE, Albuquerque3 beds, 2 baths
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$264,900 : 9501 Cantariello Court NW, Albuquerque4 beds, 4 baths
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$249,000 : 4603 Inspiration Drive SE, Albuquerque2 beds, 1 bath
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$229,000 : 8501 Vista Del Norte Drive NE, Albuquerque3 beds, 2 baths
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$240,000 : 9009 Hilton Avenue NE, Albuquerque3 beds, 2 baths
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$268,500 : 10809 SALTILLO Street NW, Albuquerque3 beds, 2 baths
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$219,000 : 5200 River Ridge Avenue NW, Albuquerque4 beds, 3 baths
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$229,000 : 7516 Prickly Brush Lane NW, Albuquerque3 beds, 3 baths
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$215,000 : 4340 Altura Vista Lane NE, Albuquerque3 beds, 3 baths
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$214,900 : 13116 Nandina Lane SE, Albuquerque3 beds, 2 baths
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$269,900 : 4305 Cobblestone Place NE, Albuquerque3 beds, 3 baths
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$229,900 : 5351 Feather Rock Place NW, Albuquerque4 beds, 3 baths
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$275,000 : 6816 Rancho Vista Place NE, Albuquerque4 beds, 3 baths
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$274,900 : 1606 Figueroa Drive NE, Albuquerque3 beds, 3 baths
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$214,900 : 1825 Cantera Street SE, Rio Rancho3 beds, 2 baths
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$215,000 : 5904 Tioga Road NW, Albuquerque3 beds, 2 baths
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$275,000 : 506 12Th Street NW, Albuquerque2 beds, 1 bath
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$240,000 : 14317 Bauer Road NE, Albuquerque3 beds, 2 baths
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$249,900 : 4543 Ambrose Alday Loop SE, Rio Rancho3 beds, 3 baths
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$249,900 : 6519 Avenida Madrid NW, Albuquerque3 beds, 3 baths
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$235,000 : 623 Arno Street SE, Albuquerque3 beds, 2 baths
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$225,000 : 3122 Montclaire Drive NE, Albuquerque4 beds, 3 baths
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$250,000 : 6016 Ermemin Avenue NW, Albuquerque3 beds, 2 baths
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$239,900 : 10409 Chaparro Drive NW, Albuquerque3 beds, 3 baths
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$239,900 : 312 Truman Street NE, Albuquerque3 beds, 2 baths
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$249,900 : 5109 Mirada Drive NW, Albuquerque3 beds, 3 baths
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$258,500 : 7517 Rosette Drive NW, Albuquerque3 beds, 3 baths
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$269,000 : 4106 Marble Avenue NE, Albuquerque3 beds, 2 baths
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$215,000 : 7411 Junco Place NW, Albuquerque3 beds, 2 baths
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$233,000 : 8171 Ventana Azul Avenue NW, Albuquerque3 beds, 3 baths
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$210,000 : 4633 Rainbow Street NW, Albuquerque3 beds, 2 baths
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$240,000 : 11119 Alta Dr. NW Drive NW, Albuquerque3 beds, 3 baths
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$229,990 : 4720 Snapdragon Road NW, Albuquerque3 beds, 3 baths
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$229,900 : 1052 Kiska Street NW, Albuquerque5 beds, 4 baths
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$250,000 : 2130 Margarita Drive SE, Rio Rancho3 beds, 3 baths
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$270,000 : 5636 Cold Creek Avenue NW, Albuquerque4 beds, 2 baths
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$245,000 : 1513 Cagua Drive NE, Albuquerque3 beds, 2 baths
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$245,000 : 9515 Tasco Drive NE, Albuquerque3 beds, 2 baths
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$259,900 : 4725 Southern Avenue SE, Albuquerque3 beds, 2 baths
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$225,000 : 821 Lafayette Drive NE, Albuquerque3 beds, 1 bath
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$274,900 : 9636 Iron Rock Drive NW, Albuquerque4 beds, 3 baths
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$225,000 : 6105 Segovia Avenue NW, Albuquerque3 beds, 2 baths
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$239,900 : 6728 Oro Valley Road NW, Albuquerque3 beds, 2 baths
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$269,900 : 4108 Willowbrook Place NW, Albuquerque4 beds, 3 baths
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$253,000 : 4303 Topke Court NE, Albuquerque4 beds, 2 baths
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$220,000 : 2214 Vista De Colinas Drive SE, Rio Rancho4 beds, 3 baths
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$222,000 : 617 Girard Boulevard SE, Albuquerque2 beds, 1 bath
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$234,900 : 2807 Porto Street SW, Albuquerque4 beds, 3 baths
See all Homes for $1,500/mo.
(all data current as of
10/21/2018)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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