Possible move to Denver - Late 20's (Commerce City: renting, homes)

[Tx2Co19]

Originally Posted by 2bindenver

1. You can buy a home for as little as 3% down.
2. Focus on the payment, not the price.
3. Rent is increasing.
4. Do what makes sense for you.

I was actually browsing around on Zillow (not sure how accurate it is), but the homes in a lot of areas around Denver (mainly East) are pretty comparable to what you find here in DFW, so it is not a major change

[2bindenver]

Recolorado.com is our public facing website.

[Tx2Co19]

Originally Posted by 2bindenver

Recolorado.com is our public facing website.

Word. Thanks

[Silver_Surfer]

Originally Posted by Tx2Co19

I was actually browsing around on Zillow (not sure how accurate it is), but the homes in a lot of areas around Denver (mainly East) are pretty comparable to what you find here in DFW, so it is not a major change

If you're comfortable living in those areas, go for it. Sounds like you're all set.

[Tx2Co19]

Originally Posted by Silver_Surfer

If you're comfortable living in those areas, go for it. Sounds like you're all set.

Nah, that's probably more where my family would be living. I'm planning on renting closer to the city for a year or so until I officially decide if I want to settle in the area first. Then maybe I'll go to burb life lol

[MaritimeShipper]

Look at employment contract for relocation closely.
Decades ago, friends were moved from California to Denver. They had worked for the company for around seven years.
They claimed that in some states, to lay off people and keep unemployment low, a company may have to pay 2 weeks severance per year worked before unemployment can be claimed.
After they accepted a relocation, the group of them were laid off. The company even got out of paying for the relocation since they didn't fulfill the 6 month employment (because the company laid them off didn't matter).
Who knows how common that really is? It was devastating for the group they moved here.
It couldn't hurt to evaluate the situation.
My friend sold a house in California and rented in the DTC.
There is a recent video discussing how incentives are provided to sell a house sooner.
Then, we hear people have bidding wars on houses.
There were sure a lot of high-paid professionals that lost job when oil dropped from over $100 to $40. An average oil rig just for permits and fees cost over $16M before drilling started. All kinds of people were involved in that downturn.
I use to live in the DC area. There seem to be civil servants migrating here for retirement. They are selling home there that make these look cheap. Others blame Californians for keeping house prices high. The prices here have until recently seemed to defy the law of gravity for the national home sales drop.
If anyone has an actual crystal ball to see the future of home prices - please chime in!

Tax: You are moving from a state with no income tax to a fairly high tax rate.
While that shouldn't stop you, it is something to consider in your budget.
Years ago, I sold a house in Bonnie Brae area that more than doubled in value in around 6 years.
At that time, the total cost of renting with the so-called tax deduction was less than the total cost of home ownership.
During the 18 months of renting, I make a point to visit 12 homes for sale each month.
Instead of taking care of a yard and home repairs, I had time to really get to know homes and neighborhoods.
When I found the right home a seller had someone back out at the last minute and was motivated to sell, I really feel that it was the right place, right location, and a better deal. Interest rates had risen, so prices had fallen. Years later, I re-financed very close to the low point of interest rates. Buy Low applies to housing prices, not the interest.
With interest rates possibly rising 2 points in the next 18 months, the price of homes could fall.

The other advice I would offer is to know your water source. Denver Water probably has the first-rights. Water prices have risen and will very likely double over five years. What comes out of the sky free in Dallas can cost money here. The growth in Colorado has put a stress on the State's water sources. Not to mention that other states have claims on the water.
Texas also has competitive utilities with a lot of cheap natural gas. Between your state tax and utilities, be sure to consider at that in your budget. I read a report eight years ago that electricity in some Texas cities is about 1/3 he price in Denver.

Good luck and welcome to Colorado.

[Tx2Co19]

Originally Posted by MaritimeShipper

Look at employment contract for relocation closely.
Decades ago, friends were moved from California to Denver. They had worked for the company for around seven years.
They claimed that in some states, to lay off people and keep unemployment low, a company may have to pay 2 weeks severance per year worked before unemployment can be claimed.
After they accepted a relocation, the group of them were laid off. The company even got out of paying for the relocation since they didn't fulfill the 6 month employment (because the company laid them off didn't matter).
Who knows how common that really is? It was devastating for the group they moved here.
It couldn't hurt to evaluate the situation.
My friend sold a house in California and rented in the DTC.
There is a recent video discussing how incentives are provided to sell a house sooner.
Then, we hear people have bidding wars on houses.
There were sure a lot of high-paid professionals that lost job when oil dropped from over $100 to $40. An average oil rig just for permits and fees cost over $16M before drilling started. All kinds of people were involved in that downturn.
I use to live in the DC area. There seem to be civil servants migrating here for retirement. They are selling home there that make these look cheap. Others blame Californians for keeping house prices high. The prices here have until recently seemed to defy the law of gravity for the national home sales drop.
If anyone has an actual crystal ball to see the future of home prices - please chime in!

Tax: You are moving from a state with no income tax to a fairly high tax rate.
While that shouldn't stop you, it is something to consider in your budget.
Years ago, I sold a house in Bonnie Brae area that more than doubled in value in around 6 years.
At that time, the total cost of renting with the so-called tax deduction was less than the total cost of home ownership.
During the 18 months of renting, I make a point to visit 12 homes for sale each month.
Instead of taking care of a yard and home repairs, I had time to really get to know homes and neighborhoods.
When I found the right home a seller had someone back out at the last minute and was motivated to sell, I really feel that it was the right place, right location, and a better deal. Interest rates had risen, so prices had fallen. Years later, I re-financed very close to the low point of interest rates. Buy Low applies to housing prices, not the interest.
With interest rates possibly rising 2 points in the next 18 months, the price of homes could fall.

The other advice I would offer is to know your water source. Denver Water probably has the first-rights. Water prices have risen and will very likely double over five years. What comes out of the sky free in Dallas can cost money here. The growth in Colorado has put a stress on the State's water sources. Not to mention that other states have claims on the water.
Texas also has competitive utilities with a lot of cheap natural gas. Between your state tax and utilities, be sure to consider at that in your budget. I read a report eight years ago that electricity in some Texas cities is about 1/3 he price in Denver.

Good luck and welcome to Colorado.

Thanks for this, helps out a lot! How much is the average water bill? Here in DFW it usually runs around $200-300, at least that's how it is our house of 4 ppl

[Moonwalkr]

Originally Posted by Tx2Co19

Thanks for this, helps out a lot! How much is the average water bill? Here in DFW it usually runs around $200-300, at least that's how it is our house of 4 ppl

In the summer it's around that, but drops off when you are done irrigating.


There are lots of rock climbing gyms here, sign up for some sessions, talk with the other climbers, easy way to make friends with similar interests.

[bluescreen73]

Originally Posted by Tx2Co19

Thanks for this, helps out a lot! How much is the average water bill? Here in DFW it usually runs around $200-300, at least that's how it is our house of 4 ppl

We've got 5 people in our house and we water the yard 3x per week. Our highest water bill this summer has been $130.

[Tx2Co19]

Originally Posted by bluescreen73

We've got 5 people in our house and we water the yard 3x per week. Our highest water bill this summer has been $130.

Oh that's not so bad. What does the average electricity bill look like?