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.
- 20% Down- 275K Purchase Price- $1,515 Monthly Payment
- 10% Down- 240K Purchase Price- $1,507 Monthly Payment
- 3.5% Down- 210K Purchase Price- $1,505 Monthly Payment
- 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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See all Homes for $1,500/mo.
(all data current as of 5/10/2021)
Listing information deemed reliable but not guaranteed. Read full disclaimer.