What are the benefits of a fixer upper vs a turn key property? First let me explain what each term means. A property described as a fixer upper is one that needs work. A turn key property is one that you love everything about, just turn the key and move right in.
A benefit of a fixer upper is that you will pay less for the property. Depending on the amount of work that needs to be completed or the amount of unfinished square feet compared to other properties in the neighborhood, the asking price will be less than that of a turn key property. Cosmetic upgrades are not included. But any major repairs, exterior, or foundation work, or having to bring the property up to code, will lower the price. You just need to ask yourself if you are willing to take on such a major project.
A benefit to a turn-key property is just that, it is move in ready. Minus some paint or maybe some new carpet or countertops, and maybe some yardwork, the property is perfect. If you are not looking at your home as an short term investment but as a home your family can enjoy without having the interference of contractors and laborers. Or you would rather not experience the inconvenience to rent for a short time while your house is contracted out, then a turn key home is for you.
I wanted to include information about whether neighborhood stability is important in this segment as well because this will also affect the asking/purchase price of a home. Houses are priced based on what other houses are selling for in the neighborhood, typically around the same or comparable 'per square foot' dollar amount. If there are a number of foreclosures or short sales in your neighborhood or in the neighborhood you are looking to buy into, the price amount is determined by what banks are negotiating the houses for and the ultimate closing purchase price. This is not based on comparables of finished square feet, number of rooms, or house amenities. It is simply negotiating the highest price in the shortest amount of time and this often leaves a neighborhood short changed for what owners can receive as their closing purchase price, even when the bank is out of the picture and the house is not in negotiation. Good for buyers if the buyer can find a house in a neighborhood that has been affected by foreclosures, lowering the asking price. But buyers will want a house that still has an owner that owns the house free and clear, or is still current on payments. Otherwise, the buying process/negotiation period can take 2-6 months longer than it should.
Another point to consider is there is no predetermined amount of time for the foreclosures/short sales to expire-- to not flood the market. If you do find a home in a neigborhood of foreclosures/short sales, there could be more hitting the market after your purchase. Because of supply and demand, your home value could further decline. There is no way of knowing when and if your neighborhood will be hit, how hard and for how long. A way a realtor could help you, is to look at purchase year and purchase price of the house you are interested in, as well the surrounding houses that are on the market or have recently closed. Also property tax records can tell you when houses were purchased. We know houses were most inflated during 2005-2007. Having that information could help you determine whether you think that neighborhood is at risk or not and if you are willing to take that chance.
Thursday, May 5
Friday, April 29
ABQ Uptown
(taken from http://www.abquptown.com/aboutus)
For the store directory, go to http://www.abquptown.com/directory
This is where I went to take pictures for Fashion Fridays for the month of May.
Here are some pictures of Uptown. If you have money to burn, this is where you want to spend your day.
For the store directory, go to http://www.abquptown.com/directory
This is where I went to take pictures for Fashion Fridays for the month of May.
Here are some pictures of Uptown. If you have money to burn, this is where you want to spend your day.
Monday, April 25
ABQ's Playroom
ABQ's Playroom is located at:
8850 Holly Ave NE, Suite C
Albuquerque, NM 87122
505-822-8697
info@abqplayroom.com
Hours
Tuesday - Friday: 10AM-5PM
Saturday, Private Parties: 10AM-6PM
Sunday, Private Parties: 1-3PM & 3:30-5:30PM
My daughter is enrolled in the art and music enrichment classes. The staff is very enthusiastic and makes the classes enjoyable for the child(ren). ABQ's Playroom is a great place to take your toddler to play. It is a great option if your house was just cleaned and you want it to stay that way, to play with new toys without having to buy them, or when your child is restless and it is too cold or windy to play outside. You can stay and play, and invite other moms to join you, or you can drop your child(ren) for up to 4 hrs if you have an appointment or just want to enjoy a quiet house for a bit of time. The membership fee is $35.00/family/year. Drop off rates are $10.00/hour. Stay and play rates are $8.00 or $5.00/hour for members. Only members can drop off their child(ren).
ABQ's Playroom hosted an Easter Egg Hunt for members and nonmembers. Here are some pictures:
8850 Holly Ave NE, Suite C
Albuquerque, NM 87122
505-822-8697
info@abqplayroom.com
Hours
Tuesday - Friday: 10AM-5PM
Saturday, Private Parties: 10AM-6PM
Sunday, Private Parties: 1-3PM & 3:30-5:30PM
My daughter is enrolled in the art and music enrichment classes. The staff is very enthusiastic and makes the classes enjoyable for the child(ren). ABQ's Playroom is a great place to take your toddler to play. It is a great option if your house was just cleaned and you want it to stay that way, to play with new toys without having to buy them, or when your child is restless and it is too cold or windy to play outside. You can stay and play, and invite other moms to join you, or you can drop your child(ren) for up to 4 hrs if you have an appointment or just want to enjoy a quiet house for a bit of time. The membership fee is $35.00/family/year. Drop off rates are $10.00/hour. Stay and play rates are $8.00 or $5.00/hour for members. Only members can drop off their child(ren).
ABQ's Playroom hosted an Easter Egg Hunt for members and nonmembers. Here are some pictures:
Thursday, April 21
Location or Size? in real estate
What is more important location or size?
I would say location.
It is not a coincidence that you enjoy your neighbors. Your children attend the same school. What appeals to you: the park across the street, the grocery store around the corner, the dog park within walking distance, the proximity to downtown or mainstreet, how far the drive is to the mountain, the river, camping, or to the beach, is also what appeals to your neighbors. Your values are similar. The houses in the neighborhood typically are around the same asking price which means most of your neighbors make the same amount of money that you do, have the same saving and spending styles, also reflected in your lifestyle. Find a location where this is true. The Fourth of July and Memorial Day, and neighborhood summer BB-Qs will be that much more enjoyable.
Sometimes neighborhoods turnover. Elementary/Preschool age become highschool and off to college. The empty nesters move out, new families move in. Ask your realtor about recent turnover and what type of families: newlyweds, new families, or emptynesters, are moving in. Tour the local elementary school and health club. That will give you an idea of the types of families in the neighborhood and whether you envision yourself living among them. A house is more than a house. It is part of a neighborhood, and in most cases,also, an association, a community.
As far as I am concerned, pick out the size you are comfortable cleaning. If you are gone working most of the day and only sleep at home, the smaller the better. If you work from home or often entertain, the house will need to reflect that. Think about what rooms your family gathers in; those rooms will need to be bigger. If all the people in your family enjoy his/her privacy, then you focus on large bedrooms. If your sanctuary is the tub and closet (like me), then the master bath will be what you consider top priority. If dinner is when you all come together, cook, eat and clean, then the kitchen and dining room will be important. The size also should reflect your values.
Location and size of the real estate you are considering purchasing should both reflect you and your family's priorities, but if I had to pick one, location is more important. Once moved in, you can always hire a contractor, changing your neighbors is harder.
I would say location.
It is not a coincidence that you enjoy your neighbors. Your children attend the same school. What appeals to you: the park across the street, the grocery store around the corner, the dog park within walking distance, the proximity to downtown or mainstreet, how far the drive is to the mountain, the river, camping, or to the beach, is also what appeals to your neighbors. Your values are similar. The houses in the neighborhood typically are around the same asking price which means most of your neighbors make the same amount of money that you do, have the same saving and spending styles, also reflected in your lifestyle. Find a location where this is true. The Fourth of July and Memorial Day, and neighborhood summer BB-Qs will be that much more enjoyable.
Sometimes neighborhoods turnover. Elementary/Preschool age become highschool and off to college. The empty nesters move out, new families move in. Ask your realtor about recent turnover and what type of families: newlyweds, new families, or emptynesters, are moving in. Tour the local elementary school and health club. That will give you an idea of the types of families in the neighborhood and whether you envision yourself living among them. A house is more than a house. It is part of a neighborhood, and in most cases,also, an association, a community.
As far as I am concerned, pick out the size you are comfortable cleaning. If you are gone working most of the day and only sleep at home, the smaller the better. If you work from home or often entertain, the house will need to reflect that. Think about what rooms your family gathers in; those rooms will need to be bigger. If all the people in your family enjoy his/her privacy, then you focus on large bedrooms. If your sanctuary is the tub and closet (like me), then the master bath will be what you consider top priority. If dinner is when you all come together, cook, eat and clean, then the kitchen and dining room will be important. The size also should reflect your values.
Location and size of the real estate you are considering purchasing should both reflect you and your family's priorities, but if I had to pick one, location is more important. Once moved in, you can always hire a contractor, changing your neighbors is harder.
Tuesday, April 19
Recycle Centers
I had skipped recycling day. The garbage men only pick up everyother week. I thought, as usual, that I would wake up early enough to take the trash out, but I missed it. So when the next time came, I had a month's worth of recycling. In my household of six, that is 4 large outdoor trashcans.
Later that day, I was happy to see it all taken away, but I did see a pink note. That means I did something wrong. I avoided the note all day (because I don't care for criticism) but decided to take a look. It was to inform me that the curbside pick up does not recycle glass.
I was a bit shocked, and worried, due to the high quantities of wine bottles, spaghetti sauce, salsa, and miscellaneous other items that come in glass containers, that my family consumes.
That was three weeks ago. Since then, I started a collection in the kitchen of empty, washed out glass containers. I started to get a bit worried though, when I noticed how many more wine bottles than containers of salsa, there were and threw them all away.
My concern started to diminish when yesterday at the grocery store, I see a dispensery for plastic grocery bags, and on the box it stated "to find out where to recycle other items in your area, please log onto http://www.earth911.com/ "
So I did, and I found out where to recycle the glass. I have to take it 2 mi down the road, but that is not a problem at all! very happy.
http://www.earth911.com/ is a website based out of Scotsdale, AZ promoting 'green' living and also sustainable business and lifestyle practices. Check out all the informative tips and local business that share your same values.
Later that day, I was happy to see it all taken away, but I did see a pink note. That means I did something wrong. I avoided the note all day (because I don't care for criticism) but decided to take a look. It was to inform me that the curbside pick up does not recycle glass.
I was a bit shocked, and worried, due to the high quantities of wine bottles, spaghetti sauce, salsa, and miscellaneous other items that come in glass containers, that my family consumes.
That was three weeks ago. Since then, I started a collection in the kitchen of empty, washed out glass containers. I started to get a bit worried though, when I noticed how many more wine bottles than containers of salsa, there were and threw them all away.
My concern started to diminish when yesterday at the grocery store, I see a dispensery for plastic grocery bags, and on the box it stated "to find out where to recycle other items in your area, please log onto http://www.earth911.com/ "
So I did, and I found out where to recycle the glass. I have to take it 2 mi down the road, but that is not a problem at all! very happy.
http://www.earth911.com/ is a website based out of Scotsdale, AZ promoting 'green' living and also sustainable business and lifestyle practices. Check out all the informative tips and local business that share your same values.
Monday, April 18
Double Eagle Elementary Fundraiser
On Saturday, April 16, I attended the Double Eagle Elementary School Spring Hoe Down. Here is a picture of my daughter, Evelyn with her friend. One of the activities was hat making. There was also a bbq dinner, jumpies, and a silent auction.
All public schools need volunteers. The volunteers add to the success of each student because it allows a student to experience one on one attention. The Albuquerque Chamber , http://www.abqchamber.org/
http://www.abqchamber.com/content.asp?CustComKey=371114&CategoryKey=379425&pn=webform&domname=abqchamber.com
has an Albuquerque Reads Commitee. If you contact this commitee to help, they will assign you to an elementary school that needs you to tutor local kindergartners. Training is provided. Significantly improve a child's life by helping him/her to read.
Become a Albuquerque Reads Tutor!!
http://www.abqchamber.com/content.asp?CustComKey=371114&CategoryKey=379425&pn=webform&domname=abqchamber.com
has an Albuquerque Reads Commitee. If you contact this commitee to help, they will assign you to an elementary school that needs you to tutor local kindergartners. Training is provided. Significantly improve a child's life by helping him/her to read.
Become a Albuquerque Reads Tutor!!
Wednesday, April 13
This Month in Real Estate- April 2011
This Month in Real Estate, a monthly video created by Keller Williams, covers the topic of buyer consultations. Some questions that you might present to an agent when determining which one you would like to help you find a home are:
1. What is more important location or size?
2. What are some benefits of a fixer upper vs a turnkey?
3. Is neighborhood stability a priority?
4. What are some features and amenities that help with resale value?
5. How do I maximize home value appreciation?
Over the next few weeks, I will be answering these questions for you. If your questions cannot wait, please call me at 651-894-2312.
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