Rent or Buy in Las Cruces, NM

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msheald
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Joined: Tue Jul 07, 2015 3:54 pm

Rent or Buy in Las Cruces, NM

Post by msheald » Sun Jul 16, 2017 6:23 am

Hello! My organization has asked me to consider a 3-year assignment in Las Cruces.

I would appreciate guidance of factors to consider as to whether my wife and I should rent or buy a house there.

The market seems cool to luke-warm, though houses may stay on the market for 60 days or more if we buy and then resell.

Also, suggestions of neighborhoods to consider? My wife and I enjoy quiet areas, hikes, etc. We are not into "nightlife," though we enjoy going out on occasion for dinner, concerts, plays, etc. Thank you and best regards.

Mike

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Pajamas
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Re: Rent or Buy in Las Cruces, NM

Post by Pajamas » Sun Jul 16, 2017 7:50 am

If you are only going to be there three years, it would probably make sense to rent rather than buy. The general rule of thumb is five years because of the high transaction costs associated with buying or selling real estate. The best way to look at the financial consequences of buying vs. renting is to crunch the numbers, although it is sometimes difficult to compare truly equivalent properties.

https://www.nytimes.com/interactive/201 ... lator.html

Is your organization providing any assistance with housing such as a low-rate mortgage or making you whole if you lose money selling a house in three years? If so, take that into consideration as well.

Volkdancer
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Re: Rent or Buy in Las Cruces, NM

Post by Volkdancer » Sun Jul 16, 2017 8:02 am

I am biased because I really like Las Cruces having lived there years ago and have made many return visits. You will probably have to do some driving to do serious hiking and the climate is generally hot and dry but, again, I like it.

There is lots of excellent hiking in the Gila Wilderness area which is an easy day trip but there is also free camping available. And Albuquerque and Santa Fe are not out of reason for weekend camping trips.

If y'all are book people, Coas Book is large and a really, really good used book store.

I don not think that buying for three years is a good idea. The Las Cruces economy is heavily dependent on retirees and how trade with Mexico evolves during the period that you will be there.

Having said all this, if I chose to have a fixed residence in the Las Cruces, I would choose the Old Mesilla area.

I envy your opportunity!

Karl V

Valuethinker
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Re: Rent or Buy in Las Cruces, NM

Post by Valuethinker » Sun Jul 16, 2017 9:07 am

msheald wrote:Hello! My organization has asked me to consider a 3-year assignment in Las Cruces.

I would appreciate guidance of factors to consider as to whether my wife and I should rent or buy a house there.

The market seems cool to luke-warm, though houses may stay on the market for 60 days or more if we buy and then resell.

Also, suggestions of neighborhoods to consider? My wife and I enjoy quiet areas, hikes, etc. We are not into "nightlife," though we enjoy going out on occasion for dinner, concerts, plays, etc. Thank you and best regards.

Mike
3 years? Probably just rent. Certainly do so for at least a year, to make sure you have found the right area in which to live. Urban areas can have subtle gradations that are invisible to a newcomer, and your criteria will be different from someone else.

I would not have credited it, but having a greengrocer round the corner that I can walk to, has turned out to be very important. Now, they may go in the next few years given competition. But right now, it has been a significant part of what makes us happy here. Also an old-fashioned fish monger etc.

msheald
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Joined: Tue Jul 07, 2015 3:54 pm

Re: Rent or Buy in Las Cruces, NM

Post by msheald » Sun Jul 16, 2017 10:09 am

Thank you for your replies. I appreciate them. Best regards.

Mike

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IFRider
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Re: Rent or Buy in Las Cruces, NM

Post by IFRider » Sun Jul 16, 2017 10:48 am

Let us know how you like it.

Las Cruces is #1 on my list of favorite cities without an ocean. Colorado is quickly becoming unbearable and I might end up down there sooner rather than later. :sharebeer

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Watty
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Re: Rent or Buy in Las Cruces, NM

Post by Watty » Sun Jul 16, 2017 11:14 am

For three years renting is a no-brainer decision.

An aditional problem is that with moving there for a job there is always the possible that the new job will not work out well and you might not want to work there for the full three years.

In risk is that in three years when you are ready to leave the housing market could be bad and the house could be real hard to sell then.

jalbert
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Re: Rent or Buy in Las Cruces, NM

Post by jalbert » Sun Jul 16, 2017 3:17 pm

Rent. 3 years of intent may turn out to be 1 year of actuality, and 3 years is not very long as pointed out.
Risk is not a guarantor of return.

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scubadiver
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Re: Rent or Buy in Las Cruces, NM

Post by scubadiver » Sun Jul 16, 2017 8:07 pm

Another vote for renting.

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badbreath
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Re: Rent or Buy in Las Cruces, NM

Post by badbreath » Sun Jul 16, 2017 8:10 pm

with only 3 years it would be renting for me
“While money can’t buy happiness, it certainly lets you choose your own form of misery.” Groucho Marx

Random Poster
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Re: Rent or Buy in Las Cruces, NM

Post by Random Poster » Sun Jul 16, 2017 8:26 pm

Las Cruces strikes me as a place where it is much easier to find acceptable housing that is for sale instead of for rent.

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yukonjack
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Location: Rocky Mountain West

Re: Rent or Buy in Las Cruces, NM

Post by yukonjack » Sun Jul 16, 2017 10:12 pm

With New Mexico State in Las Cruces there has to be a decent amount of rental property. Although I doubt that you'll want to live too close to the students.

littlebird
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Re: Rent or Buy in Las Cruces, NM

Post by littlebird » Sun Jul 16, 2017 11:35 pm

Volkdancer wrote:I am biased because I really like Las Cruces having lived there years ago and have made many return visits. You will probably have to do some driving to do serious hiking and the climate is generally hot and dry but, again, I like it.

There is lots of excellent hiking in the Gila Wilderness area which is an easy day trip but there is also free camping available. And Albuquerque and Santa Fe are not out of reason for weekend camping trips.

If y'all are book people, Coas Book is large and a really, really good used book store.

I don not think that buying for three years is a good idea. The Las Cruces economy is heavily dependent on retirees and how trade with Mexico evolves during the period that you will be there.

Having said all this, if I chose to have a fixed residence in the Las Cruces, I would choose the Old Mesilla area.

I envy your opportunity!

Karl V
Agree with everything here and would add another reason for renting - so much opportunity for interesting week-end trips, you won't want to be tied down to fixing up a house. Don't miss the Trinity Site convoys in April and Oct.

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