Vacation Property ???'s

[clintbailey]

I'll go ahead and throw this out there up front: I'm not rich, wealthy, or anything of the sorts! However, I am considering trying to start working on a future vacation pad somewhere, probably northern NM. My wife and I have fallen in love with the mountains out there; been there the last two summers on vacation. Just wondering if any of you have any experience with said location and owning property there.

IF this happens, we will start from scratch; buy some bare land, then gradually improve it. Two things that I worry about: will taxes eat us up, and all the building/improvement/land rules/codes. I do not want to be tied into a ski area membership or anything, I could honestly care less about going there in the winter. This will be a summer getaway for us primarily, maybe spring/fall as well.

I've done some searching online, just general real estate ads and whatnot, actually found 10 acres for less than $10k, but it was a ways from the normal destinations like RR, AF, Taos, etc. Just wondering if anyone has a place/website I should check for cheaper land prices? Thanks for any input or opinions in advance, even if its just to tell me I'm crazy

 

[Poke78]

A work colleague retired to the Chama NM area so it's a ways from those desirable locations but he's told me he really likes it there. I just returned from spending a week of vacation in NM, starting in northern NM at Philmont Scout Ranch to Eagle Nest to Taos to Ojo Caliente to the Hatch Chile Festival in the southern part of the Rio Grande Valley. Back in the 80s, I thought it would be great to find a job out there but found out that was really a pipe dream. Now, a vacation place that could become an eventual retirement location sounds do-able. Besides the usual real estate cliché (location x 3), you really need to be aware of WATER and any rights tied to the land of interest.

 

[Parks 788]

Take a look at this website. Put in your parameters and have at it. Probably will come up with many listings.

One thing you may want to consider. You mentioned this is you would only use this as a summer vacation home. IMO, you mentioned you are not rich and for many only the rich can afford to own a vacation home and only use it several months a year and then have it sit idle the other 10-11 months not producing income. If it were me, I'd look at buying a nice piece of land where you have either good recreation, hunting, or trout fishing close by or on the property and in time build a nice cabin/home where you could rent it out on vrbo or through a rental agency to produce some income or at least cover the costs of mortgage or improvements. With the right land it can be made to enjoy as a family as well as produce an income.

 

[clintbailey]

Yeah, I have considered making a part time rental out of it, if it ever gets to there. What website were you talking about? Thanks

 

[Boehlertaught]

I think you have a wonderful idea. I do question the quote-unquote great deal on land in that area. Decent land there is really expensive. Just be careful with your dealings. If you rent the place, think about using a property management company as they will take care of you.

 

[mr ed]

While it sounds nice, unless your going to do an awful lot of vacationing or retire there. You could spend your vacations in the most expensive hotels/condos cheaper.
No worrying about burglars carrying off the place, forest fires, taxes, insurance, vandalism or how to unload it if the time comes.
Kind of like the people who buy a RV, use it a lot the first couple years then it sits at a mini-storage the next 10 years. they never get their money's worth of use out of it. Oh and I'm a realist not a pessimist.

 

[clintbailey]

Boehler, the one place is in a "subdivision", an undeveloped one by looks of the pics. Even though its 10 acres, I have no doubt at some point it will be as crowded as RR or AF areas. And mr ed, my main concerns, besides costs of course, are the fires and vandalism/theft. I won't say I'd ever move there permanent, but at some point down the road I could see spending 3-4 months in the summer there, which is why I am thinking of starting on this endeavour now, doubt land will get cheaper

 

[mr ed]

Boehler, the one place is in a "subdivision", an undeveloped one by looks of the pics. Even though its 10 acres, I have no doubt at some point it will be as crowded as RR or AF areas. And mr ed, my main concerns, besides costs of course, are the fires and vandalism/theft. I won't say I'd ever move there permanent, but at some point down the road I could see spending 3-4 months in the summer there, which is why I am thinking of starting on this endeavour now, doubt land will get cheaper

Yeah, its just that peoples plans change as time passes. I built a lovely 3 bed/3bath house in the Philippines in 2006 with plans to vacation there every year.
I haven't spent a night in it yet. may go in 2016 who knows.

 

[Wheel Gun]

I LOVE northern New Mexico. But, if considering investing in a play home there, I'd do it in careful steps. Nothing would be worse than investing in a far-off property that you never visit and feel guilty about. I'd buy a comfortable travel trailer and spend a few years traveling there without owning there. Then, if it still sounded good, I'd look at land purchases. I'd take that trailer to that land for a few years and see how that goes. If the charm is still there, add some utilities and buy a nice log cabin kit. I'd take little bites on this kind of deal. That's my $.02.

 

[turkeyrun]

Check local papers and real estate agents for realistic land prices.
I had a friend looking to do the same as you. Answered an ad in a national paper.
They flew him and his wife in. There were several couples for the tour. They selected and bought their dream location.
Went to visit the place and plan their improvements. Found out they could only get there by plane.
Buy beware, very, very wary.