View Full Version : ahh Denver rent
Our rent is going up $70 a month. It is Denver, that is what happens. And the amenities have gone down, the pools are gross or have closed (I dropped my gym membership when we moved in here), we now pay an annual fee for parking, and our monthly utilities/fees include $4 a month just to print the bill.
So I need to start looking, I am not sure I can do better however my son has a car and my bankruptcy is paid off so we have more options than 2 years ago. Meanwhile I am cleaning out, and pressuring my kid and his girlfriend to clean out. Her parents live 1 mile away so maybe most of her wardrobe can go there!!
That is a continual challenge with costs rising. Houses around us have gone up 23% in the past year with scant supply and the low interest rates so buying is not a ready option either. Not sure what the answer is though.
Zoe, make sure to look into HUD houses with the neighbor next door policy for teachers, once the bankruptcy is old enough and stops being an issue.
Is that HUD homes buying or renting? Not sure I want to buy since my long term goal really is to live at and run a retreat center
It's buying; I did not realize you had a different long term goal, very cool!
It is aprogram where teachers and firemen and policeman--maybe others, not sure, get a special deal purchasing HUD houses, which are already discounted as they are foreclosures.
Our rent is going up $70 a month.
DD was lamenting to me how her escrow charge was going up steeply over last year. One wonders how sustainable this constant rise in rents and home prices can go on. There are only so many investors and people of means who can keep up with the trend (or whatever it is).
I have considered buying, however I have a foreclosure. It was the recession and a combination of not finding a well paying job and loss of $100K in home value made the choice obvious. However I am not confident that lenders would take that into account of course.
You might still talk to a mortgage broker for information.
i'm not a real estate expert, but if prices to buy are going up faster than people's salaries then it's likely we're headed for another real estate bust and now is precisely the wrong time to buy.
i'm not a real estate expert, but if prices to buy are going up faster than people's salaries then it's likely we're headed for another real estate bust and now is precisely the wrong time to buy.
Yup, been there before. Colorado is booming but if the pot industry gets shut down or if more states make it legal that border us then we will not keep this up. The perfect time to buy was when I lost my house and pay $100K less than I did!
Yes, no doubt it is best to buy at the bottom of the market, but there is often no way of telling when that is. I also think that sometimes it is cheaper to buy than to rent, depending on your market, and if you can look at more distressed properties.
Zoe, I found this interesting article on buying a HUD house after a bankruptcy:
http://www.betterbankruptcy.com/bankruptcy-blog/2012/11/buying-a-hud-home-after-bankruptcy/
I have only bought one HUD house, and it was an investment, and I don't qualify for the good neighbor program, but you probably do. I found buying through HUD a little rigorous, but pretty straightforward and fun. I know they work with people who have had bankruptcies-- here is an article from FHA about that process:
https://www.fha.com/fha_article?id=305
I find the ways cities are changing very interesting. They mirror the great income chasm happening all around us. We are in the oddball situation of being both renters and landlords now that we have retired. The housing market was so tight here in Colorado Springs that the only house we liked and could afford had tenants in it through May. It's not like the Denver market but going in that direction. However, our tenant somehow just bought a little old house downtown by putting 3% down so still somewhat affordable here. The Austin that we left was booming but even with a household income of $100K (which is a lower income there now), we knew we could not retire and live a similar lifestyle without leaving. White flight of a different nature I guess.
Sorry for the bad news and all those fees...then to have the pool not maintained is just gross. That is quite a jump. I hope you are able to find something else - wish they could guarantee no raise in rent/fee for two years instead of having a yearly turnover of people looking for the 'move-in special'. The cost of just moving around town has got to be quite a bit.
Yes, I will have to weigh the cost of moving which I totally hate. I have really liked living somewhere nice, the apartment was totally remodeled before we moved in and the complex is beautiful, I can see mountains and a pond from my deck. So maybe I will try to make it work, split the cost 3 ways between my son, his girlfriend and myself. He pays some bills and a lot for his car, but I pay the basic rent. I just want to put as much into savings if possible the next couple years! Not doing much so far
Yes, I will have to weigh the cost of moving which I totally hate. I have really liked living somewhere nice, the apartment was totally remodeled before we moved in and the complex is beautiful, I can see mountains and a pond from my deck. So maybe I will try to make it work, split the cost 3 ways between my son, his girlfriend and myself. He pays some bills and a lot for his car, but I pay the basic rent. I just want to put as much into savings if possible the next couple years! Not doing much so far
If two other adults are living there, then I don't think it's fair that you are paying the basic rent. I was just listening to Dave Ramsey podcasts about this very topic yesterday.
In my opinion, you aren't in good enough shape (because of the divorce, the student loan debt,and the foreclosure; you are doing great with your job and handling money!!) to subsidize other adults at this point in time. I have to tell myself this, too, because I don't make enough to do things like save for a new car, etc., so I am not in good enough shape, either, and I have to stop subsidizing other adults.
If two other adults are living there, then I don't think it's fair that you are paying the basic rent.
I agree. Since my 20 year old dropped out of college and is working two jobs he pays us rent, pays his share of cell phone bill, helps with food budget and gas (he and I share a car currently). If he goes back to college somewhere then we'll drop the rent.
i'm not a real estate expert, but if prices to buy are going up faster than people's salaries then it's likely we're headed for another real estate bust and now is precisely the wrong time to buy.
People's salaries have mostly been flat for decades. I can't imagine how people are buying houses now.
I agree too. It was hard for me to charge my kids rent but we did it for a few years. I remind myself often that what we were charging them was still about half of what they would pay if they were living in a different arrangement. My kids even recognized how well we were treating them and didn't mind paying it. It's just a mom thing… but we do them a favor by having them pay their own way in life.
Teacher Terry
3-14-17, 7:29pm
plus if you buy a foreclosure it may need work and you need the $ to do that. Also houses have to be maintained which costs $. REnts here have been going up again 8-9%. House prices are also going up and houses in our neighborhood are selling in a few days. We have realtors bugging us constantly to sell. I say this is our retirement home and where would we go. It only makes sense to sell if we intend to leave the area which we don't. right now we have a housing shortage with so many people moving in so now they are building again.
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