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Property Spotlight
1 of 2 photos Placitas For Sale $125,000 0 Beds / 0 Baths
Phenomenal view lot nestled in gated community. Located at end of cul-de-sac for maximum privacy. Overlooks valley, mountains & mesa for a truly unique Land of Enchantment lifestyle...
1 of 8 photos Rio Rancho For Sale $137,000 3 Beds / 2 Baths
Spacious corner lot with home set back on the property gives plenty of room & privacy. Fully landscaped front and back, front yard needs no care as it is beautifully maintained by the HOA...
1 of 0 photos Rio Rancho For Sale $139,900 2 Beds / 1 Baths
You wont find a better buy availabe on the market than this beautiful home in a park-like setting on almost 1/3 acre lot with mountain views and landscaping that will take your breath away!..
1 of 8 photos Albuquerque For Sale $143,900 3 Beds / 2 Baths
Charming and Gracious this Petitte Retreat Offers: Wonderful open floorplan, large living room with cozy fireplace, sunny kitchen with pantry and dining area which opens to rear yard...
1 of 3 photos Placitas For Sale $149,500 0 Beds / 0 Baths
Beautiful views from this Placitas/Sundance Mesa vacant land. Build your dream home. Enjoy sunset, mesa And mountain views. Surrounded by beautiful custom homes...
1 of 6 photos Placitas For Sale $150,000 0 Beds / 0 Baths
Best priced lot in Anasazi Trails and best deal in all of Placitas! Amazing private view lot with mountain and mesa views overlooking the arroyo with EZ access to I-25...
1 of 0 photos Albuquerque For Sale $162,000 3 Beds / 2 Baths
Spacious, light bright two story with master bedroom downstairs for privacy. Large backyard with lovely landscaping. Enjoy this conveniently located terrific neighborhood in a gated community...
1 of 8 photos Rio Rancho For Sale $164,000 3 Beds / 2 Baths
Fantastic 3 BR home on cul de sac lot w/unobstructed views of mnts from living room/front bdrm! Features incl. living area w/vaulted ceilings/frml dining/ceiling fans thruout & ceramic tile/carpet...
1 of 8 photos Albuquerque For Sale $165,000 3 Beds / 2 Baths
Great Sivage single story home on corner cul-de-sac lot in West Pointe Sub at Ventana Ranch. Open, light & bright, versatile floorplan. The dining room could be used as second living area...
1 of 0 photos Albuquerque For Sale $169,900 3 Beds / 2 Baths
Really the best our market has to offer. Priced to sell. True pride of ownership + lots of extras that puts this WAY above the rest. Pitched tile roof, ...
1 of 0 photos Rio Rancho For Sale $169,900 3 Beds / 2 Baths
It doesnt get any better! Incredible curb appeal invites you into this fabulous 3 BR home in Western Hills w/many updates & recent paint. Great kitchen w/breakfast bar & newer appliances...
1 of 8 photos Albuquerque For Sale $175,000 4 Beds / 2 Baths
Wide open spaces! Traditional brick home on 1 acre of property, well situated on a corner lot. Gather at the breakfast bar in your country eat-in kitchen. New countertop in bathroom...
1 of 6 photos Albuquerque For Sale $175,000 3 Beds / 2 Baths
Charming and Gracious this lovely home features: Open spacious rooms, complete kitchen remodel with tons of counter space, gorgeous custom cabinetry and wonderful sunny eating area, large living room, ..
Buying a Second Home
Owning a second home is often far different from the fantasies that many potential buyers dream of.
Second home owners have said that it cost more than they imaged. They use it less than they planned.
Or the area isn't what they thought it would be.
Nationally, the interest in second homes may be cooling. Only 4% of all homes purchased in the
first quarter of 2003 were second homes, according to the National Association of Realtors, down
from 5.5% of all purchases in 2001.
Should you forgo that cabin in the woods or the condo on the beach? No. The happiest second-home
owners are those who are realistic about what they're getting into. Here are some tips to help
you in your decision to purchase a second home.
What type of person are you?
Are you the kind of person who loves to visit new places or who loves to visit hotels that cater to every need?
How are you going to feel about having to go to the same place over and over again, or having to
face a big pile of laundry and dirty dishes at the end of every stay?
Think your decisions all the way through
Many second-home buyers expect to own their properties for the rest of their lives, but often few vacation
properties are that flexible. The lakeside retreat that's perfect for a childless couple might be too
small or hazardous for toddlers or too isolated and boring for teenagers. Similarly, your teenagers
might revel in a hopping beachfront location that will be way too congested and noisy once you're retired.
In fact, the very attributes that draw you to a place may turn out to be its biggest disadvantages.
Second home owner Eddie O'Connor of Whitehall, Michigan said he is looking to rent out the family cabin on White Lake
because their teenage children are no longer interested in leaving their friends and during the summer and
spend the summer months at their lake home 3 hours away.
Consider all the costs
Second homes typically come with all the expenses associated with first homes, plus a few.
In addition to mortgage, taxes, maintenance, repairs and utility bills, you may face extra
fees for boat storage, golf course use or upkeep of private roads, snow removal and landscaping.
Then there's insurance. Insurers often balk at covering remote properties or those on beaches
where hurricanes are a concern. You may wind up getting fire or windstorm protection from a high-risk
pool, which means limited coverage and expensive premiums.
Make sure your other bases are covered before you start shopping. Are your credit cards paid off? Do you have an emergency fund equal to six months' expenses? (Remember, you'll need more cash to deal with maintenance and repairs on another property.) Are you contributing enough to your retirement accounts and your children's college funds?
Factor in the tax breaks
Mortgage interest and property taxes on second homes are typically deductible. The write-offs are limited to two homes, however. Own any more, and Uncle Sam won't help you pay for them.
Another potential tax break: You don't have to pay taxes on any rental income on a home if it's rented for less than 15 days.
Of course, you won't be able to deduct rental expenses, either. If you rent your home for 15 days or more, you'll have to declare the income, but you can deduct things like cleaning, maintenance, repairs, utilities and rental agent fees.
Buy investment property with a clear head
Most people -- 78% by NAR's count -- buy second homes primarily for recreational use. But a growing number of buyers say they're also or primarily buying for investment purposes: 37% last year, compared with 20% in 1999.
If appreciation or rental value is your goal, you'll need to pick property in excellent locations that have
amenities with wide appeal, Levin cautioned. After all, red-hot markets can suddenly cool, and marginal
properties can lose value quicker than their first-rate competition.
Expect lenders to demand larger down payments for investment property and to charge higher interest rates -- typically about 1 percentage point higher than they would charge on a residential mortgage.
Make sure you've thought of a selling strategy
Selling your second home is subject to capital gains taxes so you need to consider some alternatives before you sell your second home.
The current federal maximum is 15%, plus whatever your state charges. If your potential profit is large
and moving is feasible, you might consider making your second home your primary residence for two years.
That way you'll escape any tax on profits of up to $250,000 per owner.
If that won't work and you're interested in another property, you could consider what's called
a 1031 exchange.
These exchanges, named after the IRS code that allows them, give owners of commercial or rental property the chance to swap for other, similar real estate without owing taxes on the gains.
You would need to rent out your second home for several months before selling, and then use the proceeds to buy another rental property, which you could eventually convert to personal use.
Buying a seond home by the lake, on the beach or in the mountains can be a rewarding way for your family to enjoy vacation time.
Consider these tips before purchasing your second home.
Should you forgo that cabin in the woods or the condo on the beach? No. The happiest second-home
owners are those who are realistic about what they're getting into. Here are some tips to help
you in your decision to purchase a second home.
In fact, the very attributes that draw you to a place may turn out to be its biggest disadvantages.
Second home owner Eddie O'Connor of Whitehall, Michigan said he is looking to rent out the family cabin on White Lake
because their teenage children are no longer interested in leaving their friends and during the summer and
spend the summer months at their lake home 3 hours away.
Make sure your other bases are covered before you start shopping. Are your credit cards paid off? Do you have an emergency fund equal to six months' expenses? (Remember, you'll need more cash to deal with maintenance and repairs on another property.) Are you contributing enough to your retirement accounts and your children's college funds?
The current federal maximum is 15%, plus whatever your state charges. If your potential profit is large
and moving is feasible, you might consider making your second home your primary residence for two years.
That way you'll escape any tax on profits of up to $250,000 per owner.
If that won't work and you're interested in another property, you could consider what's called
a 1031 exchange.
These exchanges, named after the IRS code that allows them, give owners of commercial or rental property the chance to swap for other, similar real estate without owing taxes on the gains.
You would need to rent out your second home for several months before selling, and then use the proceeds to buy another rental property, which you could eventually convert to personal use.
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