A cursory view of the inventory of Denver properties could lead the uninitiated to believe that the title “Affordable Denver Properties” is an oxymoron. It is true that home prices in Denver have remained relatively unaffected by the recent economic downturn, and the market is not as sharply tilted toward the home buyers as it is in other urban areas of the country. Our housing market is as resilient as our local economy, and sales numbers for Denver properties are on the upswing. Also, our MLS inventory is not glutted with foreclosures and lender-mediated listings. The Denver economy is leading the way out of the doldrums, and the housing market is riding its coattails.
Denver Properties for First Time Home Buyers
However, there are still opportunities for those who are looking for their first home. While there are few mint-condition or even habitable Denver properties that would appeal to the outright penurious, it is possible to find homes in good repair if you are willing to start your home search at about 190K or so. Denver properties of this sort are found throughout the city, and include bungalows built in the 40’s and 50’s replete with narrow plank hardwood floors, oak pillars, and built-in buffets. Most of them have no more than about 900-1200 square feet on the main floor, but many of them can be pop-topped to provide room for expansion upstairs. If you are interested in purchasing one of these properties and want to add a second floor or make other repairs, consider a HUD 203K FHA “streamline” home mortgage that will allow you to finance both purchase and improvements to Denver properties in one fell swoop.
Home prices aren’t the only factor in the affordable Denver properties equation; down-to-earth financing programs at historic low interest rates make the purchase of your first home more affordable than ever. If you consider the net cost of owning vs the net cost of renting, and take account of tax benefits, equity gain, and inevitable rent increases, you will find that in most cases owning your own home will save you several thousand dollars over continuing to rent. There has never been a better time to kiss your landlord “goodbye.”
The LODO Condos Option
While the selection of lower downtown Denver properties has its share of upscale condominiums and luxury penthouses, it is possible to find some attractive LODO condos if your budget puts you in the lower 200’s price range. LODO condos are an attractive option for those who want a fun and carefree lifestyle, but still want the benefits of home ownership. LODO lofts are fun to explore; every one is different, and you never know what you will see next. Living in them is even more fun. Purchase a LODO condo or loft in the lower 200’s and enjoy life in the center of all of the excitement that downtown Denver has to offer.
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