Questions about Denver (2011, rent, condo)

[thehawaiidude2001]

I'm from Hawaii and in 4 years I want to move to Denver. I am 24, and my fiancee is 21. I live with my parents and make $32k a year. She goes to school and wants to become a teacher and thus will finish in Dec 2011. I estimate that I will have $75-85k saved then before I transfer to Denver Airport. I've found several houses on Remax and Century21 for under $75-85k but I don't know if they would be good to purchase. I want a 2br, 1bth and have no need for more. Having 800 sq. ft would be just fine by me as long as the house is in good condition and not a bad neighborhood.

1) I'd like to be a 10-15 minute drive away from the airport in a decent area. Any ideas what places those would be?

2) Would it be smarter financially to buy a better house than one that costs $80k using a mortage or just buy a house outright and then save up for an upgrade?

3)Are teaching opportunites good in the areas that I'd like to live in (10-15 minute drive away from the airport in a decent area)?

4)Lastly, I'm never lived in the snow and only drove through Denver once when I was younger. Compared to living in Hawaii what are the differences that you have to do?

Thanks for all your help and Happy Holidays!

[winglady]

Originally Posted by thehawaiidude2001

I estimate that I will have $75-85k saved then before I transfer to Denver Airport. I've found several houses on Remax and Century21 for under $75-85k but I don't know if they would be good to purchase. ....1) I'd like to be a 10-15 minute drive away from the airport in a decent area. Any ideas what places those would be?

I'm having trouble imagining a house for $85K in metro Denver that could possibly be in a "decent area" or that isn't totally trashed out. That price is so far below the median cost of housing here that something would have to be seriously wrong with it in order to be that low priced.

2) Would it be smarter financially to buy a better house than one that costs $80k using a mortage or just buy a house outright and then save up for an upgrade?

Without knowing much more about your financial situation, or what mortgage rates will be 4 years from now, it's hard to answer that. However, as a former CFP (Certified Financial Planner), I'll say that often it makes more sense financially to have a mortgage.

BTW, the housing prices you see today will likely be higher 4 years from now.

3)Are teaching opportunites good in the areas that I'd like to live in

Sorry, I can't really answer that. My gut impression is that the schools near DIA aren't all that great, but I don't really base that on any facts, so take that with a grain of salt.

4)Lastly, I'm never lived in the snow and only drove through Denver once when I was younger. Compared to living in Hawaii what are the differences that you have to do?

Wow, how can I even begin to answer that? Start by doing some searches on this forum about driving in the snow, road conditions, weather, etc. Maybe if you can narrow down some specific questions about what living in Denver is like that aren't already discussed elsewhere, that would help.

[Katiana]

I would highly recommend coming out here and taking a look around. There is not much housing 15 min away from the airport, if you mean DIA. 30 min. is more realistic. Your housing budget is a little low. Teaching jobs vary so much that in several years the situation may be entirely different than it is now. Right now, it's competitive, but districts like to hire a mix of new and experienced teachers, so there is hope for your fiancee. I"ve visited Hawaii, never lived there. Snow driving takes practice. The first winter may be rough, but you'll learn. You will also have all four seasons here, which is neat. I know several Hawaiians who have lived here for many years, so it's doable.

[misplaced yankee]

Speaking as someone who bought a condo before ever living in a city (columbia, sc) I would suggest you rent for a year so you can get a sense of the area you'd really like to live in. I don't regret buying my place, but if I move to a new city again (which I'd like to be denver) I plan on renting for a while to get a sense of the area. You're more likely to find a place that's just what you need and want if you take some time. Renting is not the end of the world, it can serve a purpose.

And, just out of curiosity, will you have 75-80k in the bank, saved, before you move? or is that your budget? If that's your downpayment, you should be in good shape to purchase your first home. But if you're looking for a total purchase price of 80k I'm not sure you'll find much. From my estimation, a decent townhouse or condo in Denver would start at 100k+. I think having a morgage is very sensible. You shouldn't think of it like a loan that you have to rush to pay off; it will help your credit score and give you equity. While you're still in hawaii, you should work on improving your credit score so you can get a good morgage rate when you do move.