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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$225,000 : 4319 Rancho Grande Place NW, Albuquerque4 beds, 2 baths
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$259,900 : 8101 Corte De Aguila NW, Albuquerque4 beds, 2 baths
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$229,900 : 2908 Pauza Drive SW, Albuquerque4 beds, 3 baths
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$220,000 : 6909 Eastford Place NE, Albuquerque4 beds, 3 baths
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$233,000 : 1412 Cagua Drive NE, Albuquerque3 beds, 2 baths
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$250,500 : 10527 Sorrento Drive NW, Albuquerque3 beds, 2 baths
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$215,000 : 6905 Sedge Avenue NW, Albuquerque3 beds, 3 baths
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$249,900 : 4740 TRUMBULL Avenue SE, Albuquerque2 beds, 1 bath
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$235,000 : 6103 Barnhart Street NE, Albuquerque3 beds, 2 baths
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$239,000 : 6008 Cardigan Court NW, Albuquerque3 beds, 3 baths
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$242,000 : 1511 Hermosa Drive SE, Albuquerque3 beds, 2 baths
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$240,000 : 10315 Cueva Del Oso NE, Albuquerque3 beds, 2 baths
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$225,000 : 613 Vista Abajo Drive NE, Albuquerque3 beds, 2 baths
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$259,900 : 9120 Laura Lee Place NW, Albuquerque5 beds, 3 baths
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$230,000 : 6312 Belcher Avenue NE, Albuquerque3 beds, 2 baths
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$259,500 : 1115 Hupmobile Drive, Albuquerque3 beds, 2 baths
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$265,000 : 13013 Bear Dancer Trail NE, Albuquerque3 beds, 2 baths
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$264,000 : 10128 Calabacillas Court NW, Albuquerque4 beds, 2 baths
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$210,000 : 6309 Orfeo Trail NW, Albuquerque3 beds, 3 baths
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$239,800 : 3404 SUE Circle SE, Rio Rancho3 beds, 2 baths
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$250,000 : 7504 Bellrose Avenue NE, Albuquerque4 beds, 2 baths
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$275,000 : 4101 Parsifal Street NE, Albuquerque3 beds, 3 baths
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$210,000 : 3408 Black hills Road NE, Albuquerque3 beds, 2 baths
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$258,000 : 1807 Ridgecrest Circle SE, Albuquerque2 beds, 1 bath
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$239,500 : 259 Sunset Road SW, Albuquerque2 beds, 3 baths
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$229,900 : 13116 Nandina Lane SE, Albuquerque3 beds, 2 baths
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$225,000 : 5221 Sooner Trail NW, Albuquerque4 beds, 2 baths
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$217,500 : 1308 Yucatan Drive SE, Rio Rancho4 beds, 2 baths
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$222,000 : 3413 Marino Drive SE, Rio Rancho3 beds, 3 baths
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$259,900 : 407 Manzano Street NE, Albuquerque3 beds, 2 baths
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$225,000 : 8928 Oso Corridor Place NW, Albuquerque3 beds, 2 baths
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$217,000 : 6808 Sirocco Place NW, Albuquerque3 beds, 3 baths
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$237,000 : 2904 Vermont Street NE, Albuquerque3 beds, 2 baths
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$259,990 : 9331 Silver Mesa Street NW, Albuquerque4 beds, 3 baths
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$268,000 : 5516 Monterey Cove Avenue NW, Albuquerque4 beds, 3 baths
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$235,000 : 10215 Mogollon Drive NW, Albuquerque4 beds, 3 baths
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$249,000 : 429 Morningside Drive NE, Albuquerque3 beds, 2 baths
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$237,105 : 7009 Silver Moon Road NW, Albuquerque3 beds, 2 baths
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$235,000 : 3228 Meadow Drive SW, Albuquerque4 beds, 3 baths
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$220,000 : 2119 Altura Verde Lane NE, Albuquerque3 beds, 3 baths
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$215,000 : 8830 Aztec Road NE, Albuquerque3 beds, 2 baths
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$265,000 : 1813 Lester Drive NE, Albuquerque3 beds, 2 baths
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$235,000 : 2808 Violeta Circle SE, Rio Rancho4 beds, 2 baths
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$239,900 : 816 Roma Avenue NW, Albuquerque3 beds, 2 baths
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$259,000 : 7716 Calle Armonia NE, Albuquerque3 beds, 3 baths
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$234,900 : 7000 Huerto Avenue NW, Albuquerque4 beds, 3 baths
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$222,500 : 5323 Feather Rock Place NW, Albuquerque3 beds, 3 baths
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$235,000 : 5216 Saratoga Drive NW, Albuquerque2 beds, 2 baths
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$219,900 : 4601 Palo Duro Ave NE, Albuquerque3 beds, 2 baths
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$219,000 : 1009 Lafayette Drive NE, Albuquerque2 beds, 2 baths
See all Homes for $1,500/mo.
(all data current as of
8/17/2018)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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