Moving Dilemma (Boulder vs Broomfield) (Denver, Gunbarrel: renter, condo, water heater)

[sykedoc]

Hello! I am a 21 year old grad student severely regretting my condo purchase.

I'm currently having a problem caused by my own reckless abandon in buying a place.

I currently live in Broomfield in a nice 2 bed/2 bath condo. I live alone and will likely have a roommate in a few months if i decide to stay.

However, I used to live in Boulder and I'm sincerely missing living there. I really don't think Broomfield has anywhere near the activity or charm of Boulder and the 20 minute drive to get there every single day is grating on me.

I can't sell my condo as I'd likely take a 15k net loss on selling it. I'm very very unhappy at this point with my condo and somewhat wishing I had gone with one of the places I saw in Gunbarrel.

This leaves me with two options:

1) Stay in Broomfield, 20 minutes from everything and everyone (I do everything in Boulder. I am grad student at CU to boot.)

2) Live in Boulder for 600 or less a month and rent out my condo.

I'd like some opinions on this. I feel really disconnected out here and I'm not sure I want to be here much longer. Thanks!

[WhereTheSidewalkEnds]

If you are that miserable in Broomfield, then go with option 2.

Just make sure you really, really want to be a landlord and dot every i and cross every t. Make sure you really understand Colorado law when it comes to being a landlord.

[qfrost]

Option 2 is your only choice, if you felt strong enough to post about it. But correct me if I'm wrong, but CAN you get a place for 600 in Boulder? Seems low.

[Mike from back east]

Rent it out and live in Boulder. You've learned a bit of a lesson, and if you can cover the note on the condo while living in Boulder then it doesn't sound like you're learning one of those very expensive lessons that some have learned in the past few years.

Not sure the rental market in Broomfield, but here in COLO SPGS the rental market is tight enough to support price increases.

[sykedoc]

I guess my biggest concern is that 20 minutes will be a hell of a distance for me and that there is nothing here for me.

Disregarding my own personal feelings on the area, what do you all think of the situation?

[Count David]

Originally Posted by sykedoc

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Disregarding my own personal feelings on the area, what do you all think of the situation?

I personally would suck it up and deal with it until I was in a better position (the ability to sell the condo at a gain, and the ability to buy or rent something comfortably in Boulder) to move back to Boulder.

[livecontent]

Boulder is not the ultimate goal and it not the only place--it is only part of the journey of life, for most people grow up and move on. Your are grad student now, but you will not be one tomorrow. You are 21 today but soon you will not. When, you finish grad school, you will be moving on to a job and most jobs are in Denver--so you are closer; at the same time you have access to any opportunities in Boulder.

I would assume if you bought a condo, you were planning to stay in the area and that you are a well off grad student. If you are going to stay in the area, then it is best to develop contacts and acquire knowledge in the whole area vs. only having Boulder Buddies and only know Boulder Businesses.

Yea, I know you want the frivolities, fun and friendships in Boulder to extend the fantastic, flighty, feelings of your college years but to some, grad studies is to seriously prepare for a career and nothing is better than making more professional contacts in a larger city, like Denver.

Just a thought from a senior citizen, who thinks he knows because he has been down that path, but perhaps knows nothing.

Livecontent

[LisaBoulder]

If it were me, I'd stay put in Broomfield and just accept the 20 minute drive. I wouldn't take on the responsibility of being a landlord. You'll have to deal with finding decent tenants and taking care of any problems with the condo along the way. Hot water heaters always seem to leak on Saturday at 6:00PM. You also need to be able to carry the condo costs if you go through a period when it's not rented.

Good Luck with whatever you decide.

[WhereTheSidewalkEnds]

Yes, being a land lord is not for the faint of heart!

We own commercial property and are unbelievable lucky to have a great tenant. But trust me, I still stress EVERY month regarding rent. He has never been late - in fact, always early, but given the economy, you never know when that month will be the one when your renter can't pay.....