I am a proponent of purchasing rather than renting for several reasons. First of course is that you will be paying your own mortgage and not the landlords. Rents are going up 8.5% per year in Denver. You can purchase a home for little or no down in many cases and your payment is often less than the rent. I am a former resident of Green Valley Ranch and have nothing but good things to say about it at this time. You can get the most for your money in GVR than in any other of the Denver Metro areas.
The only problem now is the low inventory, multiple offers, and quickly rising prices. I would suggest starting now to look and not wait until March/April to start. You need to have all of your questions answered, be fully approved, and ready to pull the trigger when home you like comes on the market. It will only get more competitive as we move into the spring months. Let me know if I can be of assistance to you in this process.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
If that can be accomplished, then the very short answer is that it would make very good sense to buy. While prices in Green Valley Ranch, as they are in most areas of the Denver metro, are recovering, and are probably close to their 2007 levels, the predictions are for continued improvement, which means prices will likely increase.
Furthermore, with incredibly low interest rates, the affordability index is at an all-time high.
But all of this depends on your particular situation. It would SEEM to make sense to buy as opposed to rent, but this must be thoroughly investigated from all angles.
Best of luck.
I can supply you with a number of excellent lender contacts if you need help in that direction.
Your Castle Real Estate
You should buy as it is so much cheaper than to rent. I know the perfect area for you in GVR as I just sold a house to another couple there today.
Call me and I will connect you with more information and a couple of lenders that I like.
I have a wonderful lender who can help answer your questions: Andrew Gallegos at Fairway Mortgage. 303-347-7565.
Good luck and feel free to contact me as well at 303-906-3150. Julie Montgomery, RE/MAX Masters, Inc., http://www.jmontgomery -- I grew up in Pueblo so we So CO people need to stick together!!
There is still low inventory in Denver right now and the purchase market is tough, however finding rentals right now is even tougher. Either way, you really need to start your search now as March is only two weeks away.
I wish you the best on your move.
I would suggest that you start by talking with a couple of lenders to see if you qualify for a loan. I would be happy to recommend a couple to you. With your current property and new employment situation they would be able to answer the question.
I would say "Purchase" if you can qualify since the rates are low and the GVR area has some inventory as well as new built homes. Renting never help your financial situation, but you might have to do it for a year or so till you qualify for a loan.
I here to help in any way that you might need!
Bill Pearson GRI, SRES |"Your Denver Realtor For Life"
ERA Herman Group Real Estate| 201 Columbine Street| Suite 301| Denver CO 80206
5280 Magazine FIVE STAR Real Estate Professional â€“ 2010, 2011, 2012
As they say, "all things being equal" you should look at buying if possible. Rents have escalated tremendously in the past 6-12 months, while home prices are just beginning their upswing. So, this would be a great time to buy, while you'd definitely be paying a premium to rent. It sounds like your in good financial shape but of course you'd need to talk to a good mortgage person (I have a couple of names if you'd like). Depending on how long you've been renting out your investment property, you may be able to count some of that rent as income to help you qualify.
As a teacher, you might also qualify for discounts on government-owned properties (up to half) through the Good Neighbor Program. Although those properties can be few and far between, they're worth a look.
Again, congratulations, and feel free to give us a call.
Tony & Karen
If you are able, the most likely scenario to benefit you the most would be to buy. This link is to a rent vs. buy calculator, start here http://www.realtyandfinance.com/HomesAuthenticated.aspx?tabi and then talk to your mortgage lender and see if you can get qualified. I hope this helps; good luck to you!
Buying or leasing is really a personal decision and you really should go through a thorough consultation to help determine what is in your best long term interest. Are you planning to stay less than 3 years? Do you have adequate funds to take care of repairs? Do you want the tax break you will get with the mortgage deduction or is that not so important? Lot's of questions to ask yourself.
On a REALTOR forum, of course we're going to tell you to buy. Unless you plan on a short term investment, real estate has been one of the safest investments you can make for long term gains.
As with most of the metro area, the prices are increasing quickly with very little inventory and pent up demand from buyers who largely stayed out of the market from 2008 - 2012.
Senior Mortgage Advisor
(303) 882-2712 l Cell
CO Mortgage # 100008375
Recipient 5280 Top Mortgage Professional 2012 & 2011
Regulated by the Department of Real Estate
Re/Max of Cherry Creek Inc.