Should I buy a house in Denver? (sale, apartment)

[sheerbliss]

Originally Posted by mic111

Edit: Forgot to add that you need to, at all times, have enough money to pay the deductible on your home owners policy to replace your roof due to hail damage. Almost 100% chance you will need to do this during the time you own the home. Also always get a place with a garage to save your car from hail damage.

I owned a house in Englewood for 20 years and never need to replace the roof due to hail damage.

Respectfully, I disagree that someone who has never lived in Denver, has never been a landlord, hasn't started his job there, and doesn't know where he's going to be in three years should run out and buy a house there. A house is a big commitment. People saying "just rent it out if you move" have probably never dealt with a problem tenant. I have, and decided I didn't want to be a landlord anymore. I also remember in the not-too-distant past lots of "for lease" signs in Denver. Denver has gone through booms and busts, and the current good times and growth can't last forever. In a downturn, OP could end up with two mortgages and no tenants.

My suggestion to OP is to rent for a year and see how it goes--whether he likes Denver, likes the job, and wants to stick around. Talk to some landlords, talk to a real estate attorney, read up on real estate investing, and carefully consider whether he want to be a landlord.

[2bindenver]

If you want to, you should. New valuations will be sent to owners this May, by the county assessor’s office.

Some people want to rent, they want the freedom of being able to move, no maintenance, etc.

Other people want to own. They want to paint walls, remodel, plant a garden, change the carpet...

No one from the internet is going to change the posters mind.

[BarryK123]

I I were planning to live in a place for 5 years or less, I would rent. Real estate is not a guaranteed money maker. Prices go up and down. There are taxes and expenses to maintain it. If you buy and it's time to move, and prices aren't what you expect, are you going to hold onto it and deal with the headaches of being a landlord from afar?

The only people guaranteed to make money from real estate are those who collect a commission for buying and selling it for someone else.

[daprara]

next recession will happen. Do the arithmetic to make sure you dont wind up under water, or not.



there is some thinking that the current economy is all played out. Whatever. The best time to buy is when you KNOW, real estate is in a slump. Save your money and buy a house than, or not.

[davebarnes]

Originally Posted by daprara

next recession will happen.

And, look at the past.
Case-Shiller for Denver-Aurora-Broomfield CO Metropolitan Statistical Area
With buying/selling a house you care more about nominal prices than real prices.
The oil slump of the mid-late 80s had very little effect.

[2bindenver]

I think the best time to buy was five years ago...or tomorrow if you didn’t.

Forbes cited stats from our monthly Market Trends Report in their recent article, The Most Competitive Housing Markets in the U.S. Going Into 2019. Bigger news still, Denver was ranked number one on their list of the top 10 most competitive housing markets in the U.S. That's big!

[Count David]

Originally Posted by 2bindenver

I think the best time to buy was five years ago

It sure was, I moved into my house 59 months ago tomorrow. $262K.....4/3/2600/mtn view...not happening again at that price. Can't even get into Montbello at that price now.

[DougStark]

Originally Posted by N610DL

Well there's also this: https://www.denverpost.com/2018/05/2...-redfin-study/

Yeah, I saw that Redfin article too. Not surprising--who wants to spend 1/2 million on a house? Geez.

[Sir Quotes A Lot]

I had an old-timer on another sub-forum telling me a few weeks ago that buying was a waste of money; rent and make more on your cash investments, and live well in your retirement, he said. So maybe you should go talk to him; I can DM you his screen name so I'm not calling anybody out specifically.

I bought my first home about four years ago, and my 2nd home a little over a year ago. I had lived here for nearly 10 years before I bought my first home. I'd advise living here for a little bit of time so you can find the neighborhood that is right for you. We may be moving in the next few years, but the market seems to be relatively stable in the meantime.

[davebarnes]

Originally Posted by Count David

It sure was, I moved into my house 59 months ago tomorrow. $262K.....4/3/2600/mtn view...not happening again at that price.

$420K today is my guess.