Denver, Colorado is an amazing city with so much to offer, from its gorgeous mountain views to its exploding job market. No wonder so many home buyers are flocking to the Mile High City. If you’re planning to buy a residential property in Denver’s hot real estate market, you might want to consider buying a condo. Compared to single family homes, condos offer so many benefits which is why it is not surprising that these have been gaining popularity in metropolitan areas. To help you decide with your home purchase, we have rounded up the top five reasons why you should buy a condo in Denver, CO.
Top 5 Advantages of Buying a Condo in Denver, CO
Condos are generally less expensive than single family homes.
Although there may be some exceptions, condos are commonly the more budget-friendly option to anyone who is looking to buy a new home. According to the Denver Metro Association of Realtors Market Trends Report, the average price of condos is $356,337, while the median price of a single family home is $451,000. Even though you would be paying management fees upfront when you buy a condo, the overall cost will still be less than if you were buying a traditional house, since these fees would cover utilities and a few other things which you would have to pay for separately when you own a single family home.
You’ll never have to worry about home maintenance and repairs.
When you own a traditional home, you need to allot budget for the maintenance of your property and be the one to personally call the contractors when there’s something that needs fixing around the house. On the other hand, when you own a condo, all this becomes the responsibility of the condominium association. Condo owners pay a monthly fee that covers the cost of exterior upkeep and maintenance, including repairs and upgrades to the outside of the building. This not only translates to financial savings, but also to having more time to do other things than mow the yard.
You get to enjoy the many amenities that condos offer their residents.
Living in a condo entitles residents to have access to its various community facilities, such as the spa, clubhouse, grill area, fitness center, swimming pool, and other features in the building. Yes, as a condo owner, you get to enjoy numerous amenities designed to give you a luxurious lifestyle. You no longer have to commute to the nearest spa to relax or sign up for a gym membership to keep fit, as these are easily accessible in your own condo building.
Live just a few steps away from restaurants, shops, and everything else.
Condos are usually located in prime locations near commercial establishments, which is a great incentive to residents. Condo living is not just about having access to a lot of great amenities within your building, it’s also about being able to conveniently go to so many places to enjoy your leisure time without having to commute and stress about traffic. You can buy a condo right in the heart of downtown Denver and be able to walk to your favorite restaurant or watch a movie. Choose a building near the train station so you never have to be late to work ever again.
Feel safe with 24/7 security and support services.
Safety is one of the most important factors to consider when buying a residential property. What sets condos apart from single family homes is the level of security that it offers to its residents, with guards and sophisticated security systems to ensure that only authorized personnel and verified visitors, aside from the residents, are allowed inside. Living in a condo, which is usually gated and provides round-the-clock security, you can rest assured that your home is protected from intruders. Most condo complexes also have doormen and front desk personnel, who are there to assist you with any requests for repairs or if you happen to have any concerns with other residents.
Let’s Take a Look at the Housing Market in Denver
Overall, Denver real estate is a hot market and has a relatively higher demand compared to other cities within the United States. Homes are selling fast, so it is crucial for buyers to act quickly so they don’t run out of options. Based on REColorado statistics, there has been a 15% decline in available Denver homes in 2018. This is quite high compared to the 5.3% drop on the national level.
As mentioned earlier, aside from the beautiful landscape that Denver has to offer, the Mile High City also offers a lot of financial potential, with strong job and income growth over the recent years. That, along with its amazing weather (Denver gets about 300 days of sunshine a year), great restaurants, a ton of lovely parks, and some of the best skiing resorts in the world, are what’s driving people to settle in this incredible city in Colorado. Denver is truly a wonderful place for one to make a living and live life to the fullest.
A Few Tips for Denver Homebuyers
If you want to be successful in purchasing your Denver condo, it is best to start by getting pre-approved by a local lender. You also need to determine your budget, stay focused with your home search, and be ready to move quickly because chances are, there are others just as eager as you are to close the deal with the condo of your choice. Also, there will be buyers in this competitive market who would put in an offer above listing price, so anticipate this jump.
Need Help Buying a Condo in Denver?
If you are looking to buy a condo in Denver, we can help. Just give us a call at 720-437-0884 or send us an email at [email protected] and we would be more than happy to assist you with your search for your new Denver home. Alternatively, you may fill out the form below and we will get back to you as soon as possible.