Do you remember the first house that you lived in as a young adult? Now, fast forward to the present and picture yourself in that house in your current lifestyle. Not a pleasant experience, isn’t it?
This is a very common scenario all around the world. You might have lived happily in a small cramped apartment as an individual when young but add one or two members in the same environment and you will be left with hardly breathing space, let alone stretching your legs.
As people grow up and go through different phases of their lives, their housing needs keep pace with them. For example, a one-room apartment when in college became too small when you got married and the next house again became too small when you had a growing family.
You kept on changing houses as per your needs or renovating existing houses and adding more rooms. Your search for Denver homes seemed a never-ending process.
But then the bubble burst and as empty-nesters you have more rooms than you need, adding to the cost of maintenance, heating, and other utilities. So, again there is a requirement to buy a house in Denver, Colorado to cater to your present circumstances.
Let us now investigate the different circumstances that have led to looking for houses to buy in Denver.
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The Newly Married or Partnered Couple
Probably, as is the case with most people, your search for Denver homes began as a newly married or partnered couple. There has been a rise in recent times for couples to opt for homeownership even outside traditional marriages.
With evolving trends delaying the age of marriage and home purchase to the late 20s and early 30s, most newly married or partnered individuals find themselves in the millennial demographic. Regardless of age, there are essential factors to contemplate as you take the plunge into buying your first home together. Contact us and our real estate professionals will guide you in this regard.
Here are the three most important factors that affect homeownership at this stage.
- Affordability
For homeownership, this age group from the late 20s to the early 30s is very vulnerable to financial constraints. With student loans to pay and job uncertainties, even the thought of wanting houses to buy in Denver seems a distant dream. However, even with overwhelming financial challenges it is possible to buy a house in Denver, Colorado because of the affordable average house price in Denver and low mortgage rates.
Choosing a starter home wisely can not only serve as a smart financial move but also as a foundation for future growth. By purchasing a home within your current means that also offers promising appreciation potential, you can simultaneously accumulate equity and savings. This strategic approach positions you to upgrade to a larger property in the future, should your lifestyle requirements evolve.
2. Record-Low Mortgage Rates
Current mortgage rates are at unprecedented lows and this is the time to strike when the iron is hot. It is an excellent opportunity for couples looking for houses to buy in Denver, with low interest rates that could save thousands of dollars during the loan tenure.
The problem at this stage is the credit scores which might not be enough for a couple to get a mortgage loan. You can improve your credit score by having balances on your credit cards below 30% of the limit. Or, if one partner has a stronger credit score, there can be a solo mortgage application, though this can lower the amount of loan sanctioned.
3. Lifestyle Considerations
Life is full of making compromises and this should be kept in mind when you are sharing a home for the first time. However, when you search for Denver homes, look for features that will make life easier for you. Small things like an extra bathroom, enough closet space, or an expansive kitchen can mean a lot in the long run.
Keep the location in mind when you buy a house in Denver, Colorado. Long commutes from home to work can adversely impact the quality of life.
Need some help identifying the ideal location that fits within your budget? We can match you with some great neighborhoods that offer the perfect mix of amenities and affordability.
The Growing Family
Having kids changes things—fast. With a couple of rowdy preteens and maybe some pets in the mix, that 1,600 square foot home that felt palatial to two adults suddenly becomes a lot more cramped. Whether you’ve just had your first child or are getting to the point where your kids can’t comfortably share a bedroom any longer, there’s plenty to consider when you’re ready to size up to a home that will fit your growing family.
The Importance of School Districts
For many parents, the desire to give their kids the best education—especially once they are in middle and high school— surpasses even their desire for more breathing room. In fact, 53% of buyers with children under 18 say that school districts are a major factor in their home buying decisions. Of course, better funded (and often higher ranking) schools correspond to higher home prices. However, when push comes to shove, many buyers with kids prefer to sacrifice a bit of space to find a home in their desired location.
But when you’re moving to a new community, it can be tough to figure out what the local schools are actually like—and online ratings don’t tell the whole story. That’s why talking to a local real estate agent can be a game-changer. We don’t just work in this community; we know it inside and out.
Lifestyle Considerations
For many families, living space is a key priority. Once you have teenagers who want space to hang out with their friends, a finished basement or a rec room can be a huge bonus (and can help you protect some quieter living space for yourself).
A good layout can also make family life a lot easier. For example, an open plan is invaluable if you want to cook dinner while keeping an eye on your young kids playing in the living room. And if you think that you might expand your family further in the future, be sure that the home you purchase has enough bedrooms and bathrooms to accommodate that comfortably.
Functionality
Try to think about how each room will fit into your day-to-day. Are you anticipating keeping the house stocked to feed hungry teenagers? A pantry might rise to the top of the list. Dreading the loads of laundry that come with both infants and older kids (especially if they play sports)? The task can be much more bearable in a well-designed laundry room. Imagine a typical day or week of chores in the house to identify which features will have the biggest impact.
Chances are, you won’t find every nice-to-have in one home, which is why identifying the must-haves can be such a boon to the decision-making process. We can help you assess your options and give you a sense of what is realistic within your budget.
The Empty Nesters
At the beginning of this post, we talked about empty nesters which essentially is downsizing. With kids out to build their lives, there will be empty bedrooms and extra living space. Maintaining them can be troublesome not to speak of the costs of heating and cooling and other utilities.
When those below 55 search for homes in Denver, it is usually a large home. But those over 55 generally try to find affordable average house prices in Denver that are of a smaller size than they had and less expensive. The focus is on single-family homes and this forms the bulk of houses to buy in Denver for empty nesters. According to research by the National Association of Realtors, by the time buyers reach their 70s, the median home size drops to 1,750 square feet.
However, this category has two other factors in mind when they look to buy a house in Denver, Colorado.
- Maintenance and Livability
Before you start your search for Denver homes, identify the reasons for your move. By the rule of thumb, an older home will have more maintenance issues than new homes and a smaller house will take less time to clean. You might also want some space for gardening, now that you will have more time on your hands for yourself. Consider condos, townhomes, or houses that do not require much upkeep.
2. Lifestyle Considerations
Most empty nesters have already retired or are on the cusp of retirement. Now is the time to take up your hobbies that you have kept on postponing in the hectic days of bringing up a family. Before looking to buy a house in Denver, Colorado, think about how would you like to spend your time and invest in a property where that dream will come true.
If you are a golf addict, get a house near a golf course. If you like the beaches, the same rule applies. For some life might be all about being in the thick of things and entertainment and a house downtown would be ideal. However, always stay close to a supportive community of friends and family, you will need it all the way.
Ability to Age in Place
Let’s face it—we can’t escape aging. If you’re looking for a home to retire in, accessibility should be front-of-mind.8 This may mean a single-story home or simply having adequate spaces on the first floor to rearrange as needed. While buying a home that you plan to renovate from the start is a viable option, being forced into renovations (because of the realities of aging) a few years down the road could seriously dig into your nest egg. Location matters, too—if your family will be providing support, are they close by? Can you easily reach necessities like grocery stores and healthcare? While it’s tempting to put it out of our minds, a few careful considerations now can make staying in your home long-term much more feasible.
Finding the Right Home for Right Now
One thing is for sure—life never stands still. And your housing needs won’t, either. In the United States, the median duration of homeownership hovers around 13 years. That means many of us will cycle through a few very different homes as we move through different life stages. At each milestone, a careful assessment of your housing options will ensure that you are well-positioned to embrace all the changes to come.
Whatever stage you’re embarking on next, we’re here to help. Our insight into local neighborhoods, prices, and housing stock will help you hone in on exactly where you want to live and what kind of home is right for you. We’ve worked with home buyers in every stage of life, so we know exactly what questions you need to ask. Buying a home—whether it’s your first or your fifth—is a big decision, but we’re here to support you every step of the way.
We support the Fair Housing Act and equal opportunity housing.
Sources:
- Freddie Mac –
http://www.freddiemac.com/blog/homeownership/20190104_homebuying_lifecycle.page - PRB –
https://www.prb.org/usdata/indicator/marriage-age-women/snapshot/ - Experian –
https://www.experian.com/blogs/ask-experian/research/average-age-to-buy-a-house/#:~:text=Buying%20a%20first%20home%20will,by%20real%20estate%20marketplace%20Zillow - Nerdwallet –
https://www.nerdwallet.com/article/mortgages/starter-home-forever-home - NAR 2020 Home Buyers and Sellers Generational Trends Report –
https://cdn.nar.realtor/sites/default/files/documents/2020-generational-trends-report-03-05-2020.pdf - Investopedia –
https://www.investopedia.com/personal-finance/what-look-starter-home/ - NAR 2019 Moving With Kids
https://www.nar.realtor/research-and-statistics/research-reports/moving-with-kids - Kaiser Health News –
https://khn.org/news/baby-boomers-aging-aging-in-place-retrofit-homes/ - National Association of Realtors –
https://www.nar.realtor/blogs/economists-outlook/how-long-do-homeowners-stay-in-their-homes#:~:text=As%20of%202018%2C%20the%20median,varies%20from%20area%20to%20area