So get to know the Denver residential market----as you rent. Explore a short-term rental. And explore the Denver neighborhoods. Get a feel for them. Learn the time it takes from here and there to your offices (if you work out of your home).
Moving is stressful. So is purchasing a home. So good luck to you both!
Kentwood City Properties
I saw this recent article this week and it may help with your thought process and decision as to purchasing or renting when you come to Denver - http://j.mp/S2Hup4 . It only takes 2.5 years to hit the break even point when you purchase rather than rent in Denver. Also rents went up 5% in the last year. If you need further assistance.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
I would recommend that you take a look at Trulia's Rent v. Buy calculators: http://info.trulia.com/rentvsbuy
Trulia's Rent vs. Buy Index, which tracks whether it is more affordable to rent or buy a home in Americaâ€™s 100 largest metropolitan areas.
Hope this helps,
Ali, Community Manager
I would love to chat and find out much more about what your ideal home would be, timeframe and even your investment goals!
Let's consider it is a long term move. Renting just absorbs your cash flow and has no return. With interest rates low both on loans and savings, you will get a better ROI buying than renting.
No one here can advise you properly without having more information.
No one here knows if you can spend $1000, 2000 or 3000+ monthly for living expenses..........no one here knows what, if any, down payment you have, or how you might qualify for a mortgage...........or what your reason is for relocating to Denver.
Maybe it's a new job..............what if it doesn't work out, or you're not happy there?
You might want the freedom, which renting will offer you, to move again.......or simply to make sure you like a neighborhood before investing in it.
Are you at all familiar with Denver?
You might want to take a year to get your bearings before committing to a purchase.
I often counsel transferees to wait before buying...........last January, I put a couple who were moving here from overseas into an 8 month rental .......they settled in, and decided they really liked the town, and recently closed on a home I sold them.
Don't feel pressured into buying if you have any doubts.
There are numeorus variables that will ultimately factor into your final decision.
So.........Have a nice long conversation with someone, and, once you have all the facts and information, I am confident you'll make the decision that's right for you and your husband.
In today's market, with low interest rates and below value pricing, I would suggest you consider purchasing a home rather than renting.
We have relocation material online. You'll also find lots of useful information under the Finances/Investments section of "How's The Market."
Check out our website at http://www.coloradoliving365.com.
Good question. It all depends on your personal situation. Whether you have the credit scores, down payment and job stability that lenders are looking for will be a big factor. It is tough right now to find the right home in the Denver area with the low home inventory unless you know what you want. You will need to start looking early with Daily Listing Alerts etc. to be aware of what is available now and what homes come on the market within your parameters on a daily basis. This is especially true in the market under $400,000. It is not quite so tight when you are looking at homes $400,000 and up.
Having said that, the rental market is very tight right now. Rents are going up significantly and there are a lot of people looking for rentals due to unstable job situations and also the results of the recent and tragic foreclosures taking place over the recent years. But in general, I would say that in most cases it is better to purchase than to rent for several reasons. This is a blog I wrote on this just recently - http://j.mp/JFzjYI Let me know if I can be of further assistance. We are here to assist you with your real estate needs.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
If you are not sure what your expectations, wants and needs are in Denver, finding a short-term rental and exploring the many amazing places to live so that you pick the right home is an excellent choice.
Good luck and welcome to Colorado!
Keller Williams Foothills Realty LLC
Cell (303) 668-9796
Thank you for your question!
I just posted a blog on this very topic:
A;so take a look at the relocation services that I offer:
I would be glad to help you narrow down your search to find a great house and earn your business. My services are free of charge to my buyers.
If you do rent, bring your references and good credit history.
Cherry Creek Properties LLC
There are lots of factors that should determine whether you rent or buy. Most importantly, knowing how long you will be in the Denver area is important - the longer the better. Also, where you decide to buy and in what price range will also determine if it's better to rent or buy. I moved to Denver from NJ to attend the U. of Denver and I never went back! The transition was easier than I thought - sunny 300 days per year on average, friendly people and lots of shopping, theatre, dining, etc. Many of my clients who relocate to the area also decide to stay. If I can help you through the transition, please feel free to call or email me. Helping you to find a place in Denver that will be comfortable for you is easier because I understand how you live now, both in location and style.
Classic Colorado Homes Group
If you have the credit and the funds, you're better off to buy. I will never forget the look on my client's face last month, when he found out his monthly payment was going to be $850 to own a house that would cost him $1200 to $1300 to rent.
I know often folks like to rent for awhile, to get to know the area, but if you have jobs you'll probably want to live pretty close to where you work. A good real estate agent could help familiarize you with neighborhoods that fit your budget. (Be sure to choose an agent who limits the number of clients they take at one time, so they will be able to give you all the time you need.)
Don't let me tell you, let Trulia tell you:
Buying A Home Is 45% Cheaper than Renting
The most important housing decision that most consumers face is whether to rent or to buy. So to help them with this decision, we took a look at the key market factors affecting the cost of homeownership. First off, asking home prices have started to rebound and have risen by 2.3% year over year in August (3.8% excluding foreclosures); however, rents have risen more (4.7%). This means that prices are lower relative to rents than they were a year ago. But more importantly, mortgage rates have fallen: the best rates this summer have been around 3.5%, while last summer rates were closer to 4.5%. Based on asking prices and rents during the summer of 2012, buying is now 45% cheaper than renting in the 100 largest U.S. metros, on average â€“ thatâ€™s a savings of $771 a month. If you plan to stay in a home for 7 years, which is the average time that Americans traditionally live in a home before moving again, it is more affordable to buy than to rent in ALL of the 100 largest metros in the U.S.
Costs aside, the decision to rent or buy a home is very personal. Thereâ€™s a strong emotional component: some people want the security of homeownership and others want the footloose freedom of renting. But the financial factors are also very personal because the decision to rent or buy depends on:
Can you qualify for a mortgage at the best rate available?
Which tax bracket are you in, and do you itemize your deductions?
How long will you stay in your home?
To calculate whether renting or buying costs less, we assume people can get a low mortgage rate of 3.5%, itemize their federal tax deductions and are in the 25% tax bracket, and will stay in their home for seven years. (Below, weâ€™ll show how changing these assumptions can affect the rent-versus-buy math.) We do the following calculations:
First, we looked at all the homes for sale and rentals listed on Trulia in June, July and August 2012. On for-sale homes, we took the asking price and estimated what it would rent for; for rentals, we took the asking rent and estimated what it would sell for. That way, we can calculate the average rent and asking price for an identical set of properties in a metro area, for a direct apples-to-apples comparison. By looking at homes currently for sale or rent, weâ€™re able to illustrate the actual housing options that consumers face right now.
Second, we estimated the total costs of renting and buying for the typical property in a metro over a seven-year period. We factored in all the costs of homeownership (e.g., closing costs, maintenance, insurance, taxes, etc.), along with the tax benefit of deducting mortgage interest and property taxes, as well as the proceeds from selling the home after seven years with modest home price appreciation. On the rental side, we factored in rentersâ€™ insurance and the security deposit. Finally, we calculate the net-present-value of all those costs to capture the opportunity cost of tying your money up in a down payment. This gives us the total cost of buying versus renting. We then calculated the dollar difference and percentage difference between renting and buying.
Hope that helps.
Paul Mooney, Trulia Preferred Partner 3030810-7280
Thanks. Ed Quinn 303-807-7688 Ed@EdQuinnSite.com.
We actually just published this article that you might find interesting:
Hope you find it useful!
Ali, Community Manager