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New Mexico Real Estate-A Great Long Term Investment
Despite the failing economy, there are still investments that are smart as well as safe. Real estate is one of those investments. Some have even referred to buying or selling real estate as "recession proof". There are times when the market is "hot" and a buyer or seller can look for a quick turnover and a quick profit. We may not be in those times now, however, real estate is still a great long term investment.
When considering real estate, it is said that location is everything. This simply means that location plays a vital role in determining the value as well as resale value of the property. You really cannot find a more beautiful place to invest long term, than New Mexico. There are so many reasons why it is called the Land of Enchantment.
The New Mexico department of tourism is working hard to attract international as well as domestic travelers to the state. What this means for the person wanting to invest in New Mexico real estate long term, is more money.
Albuquerque is steadily earning it's place in the spotlight for tourism and relocation. It is already well known for all of it's outdoor attributes and activities such as biking, running, hiking, skiing and even water sports. However, it is becoming more popular for it's economic stability. In fact, Kiplinger's 2009 Best Cities list ranked Albuquerque, New Mexico #2. It is also praised for the predicted growth potential.
Even U.S. News and World Report included this enchanting city calling it one of the "Top 10 Places to Live." It was reported one of the best places to live for it's still clear skies, overwhelming beauty and strong economy. These things are so important to buyers and investors because no one can put a price on a good quality of air, or a good quality of life.
Even lesser known places in this Land of Enchantment are getting noticed. One of the most incredible places for outdoor activities in the southwest is Gallup, New Mexico. According to the City of Gallup website, "Gallup was one of the first cities along the Route to have paved streets from end to end. Because of this feature, Gallup became one of the essential places to stop and set the example for how the Route could shape and influence the life of a City."
A buyer or seller may also look to cities such as Sante Fe, Las Cruces, Rio Rancho, and Roswell. That each offer a unique set of attributes that attract buyers and investors. Consider purchasing homes with a view of either the sunset or the sunrise that is near to outdoor activities such as hiking or historical sites. This will secure a resale value that remain high even over the long term.
There really has never been a better time to buy than now. Good timing in purchasing real estate in New Mexico can be a great long term investment. In fact, interest rates for home mortgages are very low, making homes even more affordable. They are nearly a point lower than in previous summers.
Furthermore, fist time home buyers can take advantage of the Federal Housing Tax Credit. To qualify as a first time home buyer, the individual must not own a primary residence of their own within the last three years. So, if an individual owns a piece of rental property, but not a primary residence, they may still qualify for this tax credit. The credit can be up to $8,000 as a maximum, but is equal to 10% of the home's purchase price.
It is important to review the income limits to be sure that you meet the requirements. The income limit for single taxpayers is $75,000; for married taxpayers filing a joint return the income limit is $150,000.
Rest assured that if you have done your homework and looked into the government funds available through FHA and other organizations, found the ideal location, owning a home in New Mexico, it will be a great long term investment for buyers and sellers alike.