Apartment Hunting Relocation Questions (Denver, Colorado Springs: rental, credit, house)

[Chitownjedi]

Hi All,

Long Story Short.

My wife, and our 4 year old have been planning to relocate to this area for a few years now. We have been trying to maximize our opportunities here in Chicagoland, however we have a very long list of issues with living in this City/State which will never be resolved:

We have visited Colorado every year the last 4 years for 5-8 days at a time and enjoy the entire state. Going up to Rocky Mountain National, Maroon Bell's, Garden of the Gods, and all places in-between. (The most exciting part is that there are literally 1000's of other sites, trails, vistas, and photo opportunities available that we haven't even touched.)


Question:

Would it be advantageous to rent an apartment in Colorado before we decided to actually move or found jobs? I've Incorporated in Colorado to perform my own consulting which will allow me to be able to start marketing to clients, however we earn enough combined that we could take on the extra rent and still have 2-3k of savings a month. We have not increased our living expenses when we were a 50,000 a year household and have worked our way up to close to 200,000k, however, between living well below our means, we pretty much aren't enjoying much because we have been trying to move for so long that we have fallen on believing that getting our finances together requires that all the extra money we have left over is better spent on improving our debt/income ratio, getting our credit together, and generally just saving.

While we are in a much better position, and its been hard hard hard work getting the skills, certifications, experience and working weekends and nights to earn the promotions to get to this pay range... we want a slower pace to our lives, and want to enjoy outdoors more and give our son more opportunity to grow up with an appreciate for nature.

My belief is we carry the extra rent, my wife has permission to work remote, and while I have been given the blessing my approval wont come until next year. The way things are going at my work, there may not be a next year... so

Rent the place now
Hold on to both jobs, with myself possibly leaving my current employer in 3-4 months
The wife can work remote, and we can both just move in around October. Once the lease falls off here(Chicago) we would be all set in Colorado.

We would have enough in savings to survive off the single income if it takes me longer than normal for me to find work for about 12-16 months.

The issue is all about RISK. We have been tremendously risk adverse, which has played off in improving our situation, but has also left us unable to take the leap to do something we absolutely feel is our main objective to be happy.

[Dreaming of Hawaii]

I think you are asking if you should rent an apartment or house now even though you aren't planning to move yet? I can understanding renting when you first move, but you said that you are considering renting before you've actually decided to move. Could you clarify?

[Chitownjedi]

Originally Posted by Dreaming of Hawaii

I think you are asking if you should rent an apartment or house now even though you aren't planning to move yet? I can understanding renting when you first move, but you said that you are considering renting before you've actually decided to move. Could you clarify?

Apologies.

The Plan is definitely to move. It's just a matter of waiting for perfect circumstances, versus taking more assertive actions which may have more risk.

Procure the place now, with the move following within a 3-6 month window, versus wait until everything lines up, which up to this point seems to increase our time frame for making the move do to unexpected events.

Renting now allows us to have (1 leg there,) having a key requirement taken care of and out the way, which may allow other items (Jobs in the region) to be claimed do to having residency and showing commitment. We've been dealing with a bit of "Ill believe it when I see it" mentality from employees that want to engage but will not fully commit since we are in a different state.

The plan is is that we would just pack up everything in move after another 8-12 months of savings versus staying here if we are unable to secure jobs, which is the riskiest proposition. And will only be padded by savings.

We tend to have emergencies with family pop every few months and end up having to support issues financially that have set us back a small bit, not drastically. But kinds of makes us feel like we are in quick sand.

[Mike from back east]

In many cases over the years we recommend people rent a year to research the region. Rents in Denver are high now, Boulder worse. I recommend COLO SPGS.

Don't rule out putting a 'housing wanted' ad in craigslist to tell landlords why you're a good prospect and maybe a good owner will call you with a decent offer as things are tight here and places to fast.

[wilberry]

Yes what Mike for back East said ....
this is my formula : at least 1 yrs salary or complete living expenses in savings including Rent or mortgage.
have a definite source of income however small as back up.
Secure rental , move within about 90 to 120 days , establish residence .
get Job.

[Chitownjedi]

Originally Posted by wilberry

Yes what Mike for back East said ....
this is my formula : at least 1 yrs salary or complete living expenses in savings including Rent or mortgage.
have a definite source of income however small as back up.
Secure rental , move within about 90 to 120 days , establish residence .
get Job.

Would 6 months of living expenses and the Wife keeping her Full-time job suffice? I am around 120,000 a year but we would be at a deficit per month that we could maintain for for well over a year between the difference between the sole income and the outgoing until I found work.

I am a IT Security Architect and can usually find contract work in multiple fields within IT due to my experience if push came to shove.

Thanks for your input. The guidelines provided gave me enough of a picture to actually work with and set a risk tolerance level. I know this may seem like overkill to some who may read it, and I apologize if its coming off that way, but I know how finicky the economy can be as in 2008-2009 I was out of work for 11 months, and i have much more experience now, I do not have any one else to run these scenarios by as no one else in my social circles is planning on moving, or can provide insight.

[wilberry]

6 months savings for all expenses is what the experts used to suggest in case you get laid off and have no income coming in.
This in theory gives you time to find work. It sounds like you are well prepared to me. Yes Colorado Springs has the lower rents right now.

[lovely40]

Originally Posted by wilberry

Yes what Mike for back East said ....
this is my formula : at least 1 yrs salary or complete living expenses in savings including Rent or mortgage.
have a definite source of income however small as back up.
Secure rental , move within about 90 to 120 days , establish residence .
get Job.

Agreed..I've done this several times. Works like a charm. You should not have an issue finding a job in CO. Ditto to starting out in COS since the rents are cheaper there. Your savings will go much further. I'd suggest the north side of Colorado Springs.

[janeh777]

Colorado Springs is beautiful, and affordable. It is extremely conservative, which may or may not be for you.
Good luck, Jane

[NorthDenverGirl]

In terms of the risk part. We moved from St Louis over 5 years ago. I am an Aussie and when I married my American husband he lived in St Louis (on the Illinois side) so there I was for 7 years. I was miserable there, miserable and while housing and living were cheap I just couldn't keep living my life not enjoying anything about it.

We made the move to Denver in 2012 and we have never looked back. We are so much happier here as a family. We hike, ride bikes, take walks together. All of us are happy and thriving even as Denver has gotten busier. I would not change that risk filled decision for the world!

If you are truly unhappy do what you have to do to take the leap and get yourselves in a happier place!