Condos-townhomes in 150-200K range? (Denver, Aurora: ski resorts, rental, high crime)

[tolife]

Hello,

I'm a 35 yr old single gal and now that I'm settled into a rental for a year, I can start thinking about buying. My income will be 55K and I'm wondering if it's feasible for me to consider owning a condo or townhome in East/Central Denver or SE Aurora? I hope I can fare better in Denver than I did in Baltimore..but I'm thinking I might have to save for a couple of years first. I'm also concerned that I will give up my savings to the ski resorts!!!

thank you!

[LiveinDen]

Not sure about the other areas, but on the northeast side of town toward the airport, it's very feasible. My wife and I bought a brand-new 2 Bed/2 Bath condo here in 2005 for 150K. It's appreciated about 8K since then, according to the taxman.

[2bindenver]

If you figure 3% down and 2% for closing costs you should be good to go with a FHA mortgage.

Many first timers get help from the sellers, as in they will pay some or all of your closing costs.

Work on getting your credit all perfect and you'll get the best rates available.
Anything under $140,000 should be doable, depending on your other obligations.

[Kyusa]

for 105k-200k you can buy 4bd home in Aurora, but do you really want to? high tax, high crime, lack culture, lack of commmunity, lack of retail, Aurora is for jerry springer types!!

[tolife]

KyUSA,

Well, I'll be working for those Aurora residents, as a public servant for youth, so I will try to not to take offense to that. I just hope I don't have to serve you or be your neighbor.

[tolife]

I am a veteran and in the Army Nat. Guard too, so I think I can qualify for a VA loan. Would that change things?

Originally Posted by 2bindenver

If you figure 3% down and 2% for closing costs you should be good to go with a FHA mortgage.

Many first timers get help from the sellers, as in they will pay some or all of your closing costs.

Work on getting your credit all perfect and you'll get the best rates available.
Anything under $140,000 should be doable, depending on your other obligations.

[tolife]

Originally Posted by LiveinDen

Not sure about the other areas, but on the northeast side of town toward the airport, it's very feasible. My wife and I bought a brand-new 2 Bed/2 Bath condo here in 2005 for 150K. It's appreciated about 8K since then, according to the taxman.

Awesome! I remember reading about the airport communities earlier. I'll check that area out. I hope I can get into a situation like that before it gets too built up. Are you part of Denver or Aurora?

[LiveinDen]

We're in Denver. Anywhere north of 56th around Pena hasn't been built up too much yet. It's a great place to live, can't beat the highway access.

[tfox]

A townhome in Central Denver is not feasible in your range, but a condo is easily feasible in Cap Hill, Cheesman Park, Congress Park, City Park, even maybe West Wash Park. You can probably even get a two bedroom for 150k, or a nicer one bedroom. You can probably get a studio for less than 100k.

[Kyusa]

Originally Posted by tolife

KyUSA,

Well, I'll be working for those Aurora residents, as a public servant for youth, so I will try to not to take offense to that. I just hope I don't have to serve you or be your neighbor.

i commend you for your public service. im speaking about city of Aurora from my own personal exprience.