Investing in the Denver area right now is a perfect opportunity. There are more eager buyers than properties to go around, so you need to get the right agent on your side.
With home prices overall rising slowly but steadily and the constant interest in living in the Mile High City, it seems like it’s never too soon to find a home before all the good ones get snapped up. But what if you already have a house elsewhere or are interested in owning property someday, but not necessarily today?
Even in those circumstances, now is the time to make an investment. In Denver and the surrounding areas, there are more eager buyers than there are properties available, so if you find a home, a site, or a building that doesn’t yet have an offer, it’s worthwhile to put a bid out. Even if the site isn’t in an up-and-coming area yet, it likely will be within a few years, and there’s only so much land to go around.
Many Options For You as an Investor
But perhaps you’re interested in something that already has a standing structure on it and you can’t find anything that meets your specifications. Even then, you’re still in luck. You can always remodel or scrape later and get rental income in the meantime. Or you can acquire a vacant lot which can easily make room for a house that suits all your needs. Custom home builders will be happy to either build from scratch or tear down an existing house and redo it to help your dream come true. Since properties only stay on the market for so long, however, timing is critical to snapping up a suitable location.
Rapid Growth in Denver
The rapid growth in the Denver Metro area also makes investment in land, residential, and office space worthwhile for those looking to get into a new line of business. A combination of interest rates on mortgages that are consistently below 4% for qualified buyers and a large number of would-be Denver residents looking to rent but not own make this a great time to put a bit of money into rental properties.
Some might worry about dealing with their future tenants. After all, as a landlord, it’s usually on you to take care of the property and any non-tenant-caused damage inflicted on it. But taking such risks can still provide plentiful payoffs. Denver’s Capitol Hill has a near-0% vacancy rate, and apartments and homes in the area do not stay available for long, if at all.
Denver is Full of Renters!
The fact that spaces fill quickly should be a boon for those who worry about renting to college students and young professionals who don’t necessarily make a lot of money. The benefits of living in a central location should ensure that tenants keep up their end of the lease, and those who don’t can be readily replaced. Being a landlord often turns into a full-time job, but Denver landlords can find the salaries and schedule flexibility to be better than their previous lines of work.
So whether you are looking to find your own slice of homeownership or seeking extra income, investing in a house, building, or land in Denver is a great opportunity. The investment might be a large one due to the area’s popularity, but if you’re looking to get a foothold in a booming market, there is no time like the present.
Come talk to me and we can discuss what the best options are for your real estate investing!