Denver Condominium Market

Denver Real Estate Market

The strong economy of Colorado has helped the housing market maintain its growth in recent years. The state has the lowest unemployment rate in the country, sharing the spot with Hawaii. The remarkable growth has improved demand for homes and condos in the city and surrounding regions.

Check out our original blog post at https://www.buyingdenvercondos.com/.

2019 Condominium Market Report

The Denver condominium market is one of the hottest housing markets in the country. Price of condos went up by 3% year over year to $356,841 at the start of 2019. Listings have an average of 60 days on the market. By April, the average home price has gone up to $365,646 while there has been a consistent 5-year trend of property price increase in the city, making it an excellent investment opportunity for home buyers.

Check out our original blog post at https://www.buyingdenvercondos.com/.

Things to Consider When Buying a Condo

1. Condominium Association or Property Management Team

There is a multitude of horror stories you've heard about unethical and incompetent property management teams. You'll want to review whoever is managing your condo before deciding to purchase. You'll be living in them for a long time, and you don't want to have a bad experience from bad companies down the line.

2. Owner Responsibilities

There are specific responsibilities a condo unit owner has to ensure. These include a variety of maintenance and repairs to guarantee that the overall quality of the condo is maintained correctly. You'll want to make sure you review these requirements when planning a purchase.

3. Insurance Coverage and Other Fees

There are recurring fees involved when living in a condominium. These need to be considered in addition to other mortgage fees you may be potentially paying for your home.

4. Rules and Regulations

All condos have their own unique set of rules and regulations for their residents. You need to be aware of these before deciding to move into a property. Rules that restrict age groups, visitors, pets, and smoking are excellent examples of things to consider.

5. Location

Probably one of the most critical consideration is the location of the property. Transportation to business centers, nearby schools, shopping centers, and your place of work is crucial to make sure your purchase is going to be right for your family. One of the worst things is realizing too late that the daily commute to and from these locations are a hassle.

Check out our original blog post at https://www.buyingdenvercondos.com/.