How to Boost Your Retirement Goals by Buying a Home in Santa Fe

Recently I learned that the City of Santa Fe has met its limit of 350 short-term rental permits issued. Last June I checked on the status for potential investors and was told that there were still about 20 permits available. Today there is a waiting list of 20!

 The good news is that some owners of homes in Santa Fe who currently have permits have probably not renewed them when the annual fees were due on March 15, at which time those on the waiting list will get their opportunity to rent their homes on a short-term basis while complying with the City of Santa Fe’s Short Term Rental Ordinance. The City will know if any permits are available next week.

From an investment standpoint, I believe that there is added value in a home with a permit in place. For instance, if you are planning to retire within the next few years, consider purchasing a Santa Fe home at today’s prices and historically low interest rates, rent out the property on a short-term basis (so that you can block out dates for use as your own vacation retreat), and upon retirement, you’ve gained:

  1. equity in the home
  2. revenue to apply to your mortgage
  3. …and a vacation retreat

 ……all in one broad stroke. Voila!

 There are several homes on the market with short-term rental permits already in place. Short-term permits run with the property, as opposed to the owner, so paying the annual fee of approximately $175 to renew the permit is not a bad deal.

 Long-term rentals (30+ days) do not require a permit.

Key factors for long and short-term rentals is location, the ‘right’ property– (size, amenities, etc), and a good property management company. Something to consider before buying a home in Santa Fe that you plan to rent temporarily is what is in demand. As an example, there is more demand for 2 bedroom/2 bath homes vs 1 bedroom/1bath for rental purposes, as well as primary residences.

For more information about homes currently on the market with short-term rental permits in place, please don’t hesitate to contact me.

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Spring in Santa Fe, NM

by Nobél on March 6, 2012

in Buyers

Spring in Santa Fe brings the scent of mountain lilacs and flowering fruit trees in the air. While blustery weather–and even snow–still drop in from time to time, most days are sunny and warm enough for golf and other outdoor activities. It’s a period of transition–the busy summer season is some weeks away, but the pace is leisurely and there are still special deals and packages available at many hotels.   

Spring is also a time when serious luxury home buyers are actively pursuing the perfect home to purchase in Santa Fe.  Here are some examples of what I’ll be sending out tomorrow in my weekly preview of new listings. The info below reflects images only. For more info, feel free to contact me directly.

 

Spectacular Home + Guest Casita Near St. John's College

A World of its Own in Tesuque - Guest House Image

Private 'Close to Downtown' Home

Spiral Staircase

Editors, writers, and visitors continue to choose Santa Fe as one of the world’s top destinations. In 2011, the city was chosen as one of the 10 Best Vacation Spots for Traveling Boomers by the Huffington Post, one of the Ten Best Places to retire by US News and World Report, one of America’s Favorite Cities in a number of categories by Travel + Leisure magazine, the third most popular travel city in the United States by Conde Nast Traveler, and one of the Top Ten Food and Wine Destinations by TripAdvisor, just to name a few accolades. For 2012 the Los Angeles Times suggested New Mexico / Santa Fe as one of 12 places to visit during the year.   

Beginning April 3, American Eagle Airlines adds another daily round trip between Santa Fe and Dallas/Fort Worth for a total of three so it’s easier than ever to get to Santa Fe. There is also a daily round trip between Santa Fe and Los Angeles.  
 
Click here for a quick guide to what’s happening in Santa Fe this spring….  

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Santa Fe Luxury Home Market Report

February 14, 2012

“What better time to purchase a second home or make this the year you purchase your full-time home in Santa Fe??

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Santa Fe Homes Sold and Listed This Week

February 2, 2012

“Included in the new listings is an equestrian’s dream place on 25 acres with a 7-stall barn, turnouts, and everything to make horses happy…”

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Santa Fe Homes, Condos and Townhomes Sold This Week

January 5, 2012

“Don’t miss the gorgeous free-standing condo on the historic eastside”

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Santa Fe Newly Listed, Pending and Sold Homes Week of Dec 21, 2011

January 3, 2012

” … new listing in Santa Fe… includes a gorgeous historic eastside compound designed in the 1920′s with two structures …”

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