Reasons to invest in Denver, Colorado:
Even though Denver is consistently rated as one of the best places to live in America, the interest rates are lower compared to other big metropolitan cities. Saving on interest rate could potentially mean lower monthly mortgage payments.
Not everyone could bring 20% down payment to the table while purchasing a house. To facilitate this and to make sure that everyone could have a right to own the home of their dreams, there are some interesting down payment programs in Denver. Fannie Mae and Freddie Mac Home Programs are few popular ones amongst others. So even if you have a credit score of 620, you could still be eligible to qualify for a house with just 3% down payment.
Rental rates have been on a rise in a lot of places in America and Denver is definitely not an exception. According to some studies, people in Denver are paying more to rent a property than to own a comparable property such as the ones of lakehouse17.com.
It is a known fact that having a 20% down payment would eliminate the extra private mortgage insurance (PMI) on monthly mortgage bill. Homeowners in Denver have access to federal mortgage insurer programs in case they are thinking of putting in just 3.5% down payment.
There is an influx of technology companies in the Denver area in the recent past which has provided avenues for decent paying jobs for the common man. Legalization of recreational marijuana also contributed positively to an increased employment, which in turn means a higher level of confidence while affording a luxury home.
Even though Denver has a decent residential neighborhood, there is often more demand than supply as people are always looking to buy homes. With this, existing property owners are seeing a price increase if they sell their homes but would end up paying a lot more if they are to purchase it elsewhere and hence they are ending up not selling. Because of this supply and demand effect, prices might soar up considerably in the near future.
Considering all these factors and very low unemployment rates, now could be the right time to invest in a luxury home in the mile high city.