Should I buy a house in Denver? (good)

[sheerbliss]

Originally Posted by illinoisphotographer

1% is really high unless you're renovating things like the Kitchen or Bathroom. On a $400k house that's $4k/year. What are you spending $4k/year on? I'd say it's probably closer to $1-2k/year, at most assuming you stick with basic maintenance and repairs.

Also, paying a traditional 3% seller's commission in a market like Denver is stupid. Plenty of 1-1.5% brokers out there.

That's why I suggested the OP find out from people living in Denver, where house prices are ridiculous for what you get IMO, for repairs and maintenance compared to valuations. My house here would be worth about $400k there; $1,000 per year there is probably about right.

I sold my house there through a flat-fee broker. Sounded great, but they had no idea what they were doing.

[JoePatterson12]

Thanks for the various discussions Everyone. Appreciate the honesty and civility.

What do you all think about house-hacking; say I purchase a 3 bed house and rent out two rooms? Is that something that could work in Denver?

[WhatTheFox]

Originally Posted by Sir Quotes A Lot

It did, and I apologize for the back and forth, even though it's a discussion. It's just silly in today's day and age that some people can act so obtuse about a situation when there is mounds and mounds of data out there supporting this. Anyone who doesn't have their head buried in the sand for the past decade understands that young generations are up against a lot of obstacles these days. It's not to belittle previous generations and their past struggles. Nobody is discounting them or arguing they did not exist at all. But jesus, this is so evident, I don't understand how to make it any more clearer.

To be a Millennial or younger in today's day and age, expect the following:

College degree - more expensive than any time in history, but required for most jobs in the past 10-15 years

Insurance premiums - more expensive than any time in history, but required by law in most cases

Health costs - more expensive than any time in history, and required for living

Housing costs (near urban centers with jobs) - more expensive than any time in history

Soon to come: Automation


It's baffling to me how people can pretend they care about the little guy struggling, make such a hoopla about it on forums and in life, but then straight up ignore the people in their own back yards who bring forth some of the issues present in their lives. No wonder nationalism has taken hold around the world. People in their own countries are struggling with basic living needs, and their governments and fellow citizens are ignoring them while saying, "Hey, let's go focus on that other country over there and help their people!" Good on you, and that's commendable, but hey, we have some problems here, too, that need to be addressed.

I'll leave now. No offense meant on my end; I'm just trying to not make light of a real issue that some of us are facing here and people just brush off like 'no big deal'.

Wow! I never realized this was even an issue that millennials were going through until I read your posts. After a bit more searching on this topic I found this article: https://www.cnbc.com/2018/07/09/thes...uy-houses.html

You seem to have done all the right things (college degree, good major, solid job/salary etc.) so I can understand your viewpoint. What I am failing to understand is WHY are you not able to afford a SFH? Is it a mortgage qualifying issue (due to student loans perhaps?), low or no down payment, something else?

I must add though ... it is generally a bad idea to compare across generations. There are just too many different variables to make that work. It never worked in sports so I doubt it would in anything else.

[SirJohnHarington]

I used to complain about housing prices in Denver.
I denied the fact that prices would stay high.
I became angry when they didn't drop.
I though maybe I could buy a house and rent out a room to pay the mortgage.
I then felt hopeless and depressed about the housing market.
Today I have accepted the fact that I will eventually have to leave Colorado for someplace much less hip.

If I was the OP I would error on the side of caution. Maybe rent for 6 months to see if you like Denver. Then buy a home closer to $400k and put a larger down payment on it so you have some flexibility if you need to rent it out.

[N610DL]

The guy is asking with honesty, advice, and respect. That's what he's here for. Don't box him in.


The OP obviously wants advice and doesn't want to runaround of "DUR! HE CAN'T FIT INTO DENVER HE CAN'T FIT INTO OUR GROUP!"


The last post I had against got reported - I'll take take the wheel on this thread if nobody provides advice and continues bullying. That's it.


Smarten up Denver.

Originally Posted by maciesmom

I don't think anyone is shocked or confused when people move away from a higher COL area.

Nor am I seeing "all the millenials" moving out of Denver (or California or Washington or Connecticut).

I did - does that count for anything? Some people who are used to the coasts don't want to deal with this city on a long term. Great place, amazing place to have a second home in, but it's not paradise with zero problems. I'm not sure why people get so offended by legit criticism.

[pikabike]

Originally Posted by N610DL

The guy is asking with honesty, advice, and respect. That's what he's here for. Don't box him in.


The OP obviously wants advice and doesn't want to runaround of "DUR! HE CAN'T FIT INTO DENVER HE CAN'T FIT INTO OUR GROUP!"


The last post I had against got reported - I'll take take the wheel on this thread if nobody provides advice and continues bullying. That's it.


Smarten up Denver.





I did - does that count for anything? Some people who are used to the coasts don't want to deal with this city on a long term. Great place, amazing place to have a second home in, but it's not paradise with zero problems. I'm not sure why people get so offended by legit criticism.

Because you obviously have a bad case of sour grapes, based on your inventory of posts ranting over why you

- “deserve” the “best women”;
- should be fawned over for your self-labeled “dark humor” that comes across as anger toward the world;
- don’t get the adulation you crave only because you are sooooo career-driven and it is ALL because Denverites only care about skiing and hiking instead of admiring your personality and alleged ambition;
- need to be surrounded by a world-class uber urban concrete jungle city like NYC!

Just because your posts contain some “legit criticism” does not make up for the overwhelming bitterness toward a region that YOU cast yourself as being too good for. Nobody welcomes an arrogant, angry, entitled transplant. NOBODY.

[pikabike]

Originally Posted by SirJohnHarington

I used to complain about housing prices in Denver.
I denied the fact that prices would stay high.
I became angry when they didn't drop.
I though maybe I could buy a house and rent out a room to pay the mortgage.
I then felt hopeless and depressed about the housing market.
Today I have accepted the fact that I will eventually have to leave Colorado for someplace much less hip.

If I was the OP I would error on the side of caution. Maybe rent for 6 months to see if you like Denver. Then buy a home closer to $400k and put a larger down payment on it so you have some flexibility if you need to rent it out.

I would make it a year of renting, all the while exploring and seeing if buying a house there really is what he wants. Prices could come down; it has happened before.

[illinoisphotographer]

Originally Posted by JoePatterson12

Thanks for the various discussions Everyone. Appreciate the honesty and civility.

What do you all think about house-hacking; say I purchase a 3 bed house and rent out two rooms? Is that something that could work in Denver?

I mean people rent bedrooms out all the time. You just need to market the price right.

[oping00]

Originally Posted by Sir Quotes A Lot

It did, and I apologize for the back and forth, even though it's a discussion. It's just silly in today's day and age that some people can act so obtuse about a situation when there is mounds and mounds of data out there supporting this. Anyone who doesn't have their head buried in the sand for the past decade understands that young generations are up against a lot of obstacles these days. It's not to belittle previous generations and their past struggles. Nobody is discounting them or arguing they did not exist at all. But jesus, this is so evident, I don't understand how to make it any more clearer.

To be a Millennial or younger in today's day and age, expect the following:

College degree - more expensive than any time in history, but required for most jobs in the past 10-15 years

Insurance premiums - more expensive than any time in history, but required by law in most cases

Health costs - more expensive than any time in history, and required for living

Housing costs (near urban centers with jobs) - more expensive than any time in history

Soon to come: Automation


It's baffling to me how people can pretend they care about the little guy struggling, make such a hoopla about it on forums and in life, but then straight up ignore the people in their own back yards who bring forth some of the issues present in their lives. No wonder nationalism has taken hold around the world. People in their own countries are struggling with basic living needs, and their governments and fellow citizens are ignoring them while saying, "Hey, let's go focus on that other country over there and help their people!" Good on you, and that's commendable, but hey, we have some problems here, too, that need to be addressed.

I'll leave now. No offense meant on my end; I'm just trying to not make light of a real issue that some of us are facing here and people just brush off like 'no big deal'.

Bro I hear you, Avg college debt is like 40k now, health insurance, rents, everything is more expensive. Im not a young person, but times are harder for the middle class.

[jakebarnes]

Originally Posted by oping00

Bro I hear you, Avg college debt is like 40k now, health insurance, rents, everything is more expensive. Im not a young person, but times are harder for the middle class.

This thread has been an entertaining one on the "millennials" have it the worst" topic.

So... I am not going to say that millennials have it easy. They do not, housing costs a fortune where the jobs are, companies are on a race to the bottom wage wise unless your in tech (and even there they try via other methods).

Part of the problem, in my opinion, is the expectations put on millennials (and kids in general). Getting into college used to be good grades and a test. Now it is a cavalcade of activities, honors, awards, interests, saying the right thing in your essay, etc. For certain people, you have to get in to a certain pre-school to get into a certain elementary. My friends' children had to interview for elementary school. Think about that for a minute. The child interviewed!

Then, everyone is encouraged to "find their own way" and "live life to the fullest". Well, when someone has been raised to believe that anything short of being uber successful and completely fulfilled is a failure - you are going to have unhappy people. Most people are average, and there is no shame in that.

On top of that, a certain generation enjoyed a very nice post WWII experience, paid for by the Greatest Generation. After growing up with cheaper college, a better support systems, union wages, this same generation decided it didn't like paying for the next generation. They thought they had "pulled themselves up from their bootstraps" but the truth was the government was helping a lot (university, GI Bill, funding highway networks, etc.). So they decided they needed to cut taxes on themselves.

That said, I'm don't believe millennials have it harder than:
People who lived through the great depression
People who fought and supported the war effort in WWII
A generation who went to Vietnam for no reason.
The many poor immigrants who have come here with nothing and worked their tails off

So, while I am sympathetic to millennial woes, the assertion that no one has had it worse isn't quite true. What they are right about is they have inherited a terrible economic time unless you are already rich or in certain fields. And they paid too much for college, because-- again-- nobody wants to pay taxes.

/rant over!