Colorado is a booming state, rightly claiming to be one of America’s most popular. And property values in Colorado are rising right now — Denver has been seeing the hottest market it has ever experienced(opens in new tab). We briefly explore a few things you definitely want to keep in mind if you’re thinking of buying a home in Colorado, The Centennial State.
Different Colorado regions have properties at a range of prices
Colorado tends to be most expensive along the I-25 corridor. This runs from north to south, starting at Fort Collins, which is a college town that some consider to be the jewel of the state. You can also buy good property in the more remote Red Feather Lakes, about a forty-minute drive northwest from Fort Collins.
Properties in remote Colorado locations can be comparatively affordable, although the expense of goods and services is greater there owing to the cost of transit. Houses in the mountain towns, however, can be quite expensive.
On the eastern plains or down the western slope, things change a little bit. As you get near the Colorado-Utah state line, costs become more reasonable. The same is true near New Mexico to the south and states like Kansas or Nebraska to the east.
Shaun Martin, owner of Watson Buys, a real estate investment company based in Denver, Colorado, said: “Metro areas and resort towns like Vail, Aspen and Breckenridge command the highest prices. Prices are lower the further away you get; however, deals in Colorado are relative, with house prices appreciating right across the board, and for good reason. Colorado offers people the lifestyle choices we all want so demand keeps going up!”
Go south in Colorado for some good deals
Many incomers who are not set on buying a house in Denver swing south for good deals and reduced legal infrastructure. Continuing on the I-25 will take you to Colorado Springs, large enough to give a lot of opportunities but with a pleasant small-town feel. Further on there is the relatively affordable city of Pueblo and then Trinidad near the New Mexico border.
You need to carefully search the market to find the right house. To get an idea of how things look right now, go online and find Colorado Springs real estate(opens in new tab), for example, and then explore the available units. There will be similarities between the market there and in Fort Collins (plus nearby Greeley), so if you can’t find your ideal home in one community, check out the other.
Colorado is a great place to build tiny homes
El Paso County, which is home to Colorado Springs, is a prime location for many tiny house(opens in new tab) enthusiasts. Walsenburg, further south, is a small town at an intersection of several key highways, and it is also friendly toward tiny-home living(opens in new tab).
Such homes can be situated in RV parks or on single lots, or they can be considered as ‘accessory dwellings’. They must be built to ANSI standards, but if you’ve got the resources, time and some skills, this could be the way to go for you in Colorado.
Sub-renting in Colorado, after getting approval
It can make great economic sense to rent out a property you own with Airbnb or a similar company(opens in new tab). But you’ve got to get localized approval first(opens in new tab), and that process can be a bit of a hassle. Also, you’ll have to pay listing agency fees, and cleaning costs too(opens in new tab) if you’re not living on-site.
However, there are luxury vacation rentals that go for as much as $360 a night in cities like Fort Collins, and twenty of those in a month add up to $7,200. So, all in all, this can be a good way to make some extra money on your new property and it helps cover the costs of a mortgage.
Find your perfect home in Colorado
Whether you’re wanting to know how to buy a house in Colorado or you’re thinking of building your own tiny home there, knowing some basics about property in the state will help you. Searching based on region can reveal cost-effective deals and will help you find the Colorado real estate that is best for you(opens in new tab). It’s an exciting state to move to right now. Take your time and locate a few different properties to choose from so you can find the very best match.
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