Real Estate Market. Thoughts?

[RblDiver]

So, perhaps this is a decent place to put this question, perhaps not, but forgive me if it's the latter I'm looking to become a first-time homeowner. I'm 30, single, and make a decent living. At the moment, seeing how low interest rates are, I'd like to get a house. Well, reading what you all are saying, plus seeing the places on the market, I'm not sure whether it's better to buy or build (or wait). Frankly, I don't like moving, so while it's conceivable I'd end up moving if I get married, say, ideally I'd like to have a place I'd be reasonably comfortable in over the course of the mortgage.

I was wondering, about what would it cost to build a modest house (say, 3-4 bed, 2-3 bath, that sort of thing)? I know there are a million variables (such as location: I'd be looking around the Longmont area, possibly out towards the Weld side of I25 but that general vicinity, not down in Denver), but precisely because of those variables and because I don't know what I want, it's hard to figure out how much it'd cost. So, I'm looking for a ballpark guesstimate, like "Probably between $100k-150k". That way I might have a tiiiiny bit better idea of whether to just look for a house flat-out or look at land to build on (my preference would be land, but given what I have at the moment it's not as likely).

(My parents keep pushing me to a townhome or apartment, but I've lived in apartments for a number of years and would rather get a house. I know it's more work and I'm bad at that sort of thing, but I think it being mine would give me more vested interest in such maintenance).

Any other thoughts and suggestions for a first-time buyer would be welcome too! Thanks in advance!

[Irving]

Town homes are deceptively attractive to first time home buyers, but are difficult to get rid of without taking a loss. I'd own a townhouse as a rental in a heart beat, but would not personally want one as my primary residence. Renting a townhouse was very desirable when I rented one.

[Madeinhb]

We have been looking all over and have debated about aurora but looking south in cherry creek school districts. I have no idea how aurora is

[Irving]

Aurora is very large. There are very nice areas of Aurora. Knowing absolutely nothing about you at all, I'm confident that you won't be looking for houses anywhere near where our place was.

[Firehaus]

We needed to exit the market we were in as the neighborhood was going down hill quickly (someone was actually killed in one of the buildings two days after sale). We didn't make enough for the taxes to hurt too bad, and the taxes were a better deal than paying the same inflated prices in the same area.

Otherwise, I totally agree. Having an exit plan is equally, if not more important than having an entry plan, imo.

I was warned by my broker to stay away from Aurora multifamily due to what you described.

Glad you made it out okay financially and physically!


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[EvilRhino]

We have been looking all over and have debated about aurora but looking south in cherry creek school districts. I have no idea how aurora is

Pretty much anything SE of 225/Iliff is decent. Not Rapsheet Field's aurora. Blue collar, etc. I think South of Hampden is CC schools, and Mission Viejo is the best entry level neighborhood there. My first house was at Yale/Chambers and never had a problem.

There is a neighborhood SE of Quincy and buckley with smaller homes, no basements, but much lower prices.

[Irving]

It was okay for a while, and our mentor's specialty was buying crack houses and cleaning them up. However, when every other building on the block is full of bad people and no one is around to police them, it becomes a fruitless fight. Other than that, it made okay money, but since that was our first venture into commercial real estate I have nothing to compare it to.

[Firehaus]

It was okay for a while, and our mentor's specialty was buying crack houses and cleaning them up. However, when every other building on the block is full of bad people and no one is around to police them, it becomes a fruitless fight. Other than that, it made okay money, but since that was our first venture into commercial real estate I have nothing to compare it to.

I was glad mine was pretty much already flipped and redone. New roof, boiler, etc.

Also glad it was an off market purchase.




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[DFBrews]

So, perhaps this is a decent place to put this question, perhaps not, but forgive me if it's the latter I'm looking to become a first-time homeowner. I'm 30, single, and make a decent living. At the moment, seeing how low interest rates are, I'd like to get a house. Well, reading what you all are saying, plus seeing the places on the market, I'm not sure whether it's better to buy or build (or wait). Frankly, I don't like moving, so while it's conceivable I'd end up moving if I get married, say, ideally I'd like to have a place I'd be reasonably comfortable in over the course of the mortgage.

I was wondering, about what would it cost to build a modest house (say, 3-4 bed, 2-3 bath, that sort of thing)? I know there are a million variables (such as location: I'd be looking around the Longmont area, possibly out towards the Weld side of I25 but that general vicinity, not down in Denver), but precisely because of those variables and because I don't know what I want, it's hard to figure out how much it'd cost. So, I'm looking for a ballpark guesstimate, like "Probably between $100k-150k". That way I might have a tiiiiny bit better idea of whether to just look for a house flat-out or look at land to build on (my preference would be land, but given what I have at the moment it's not as likely).

(My parents keep pushing me to a townhome or apartment, but I've lived in apartments for a number of years and would rather get a house. I know it's more work and I'm bad at that sort of thing, but I think it being mine would give me more vested interest in such maintenance).

Any other thoughts and suggestions for a first-time buyer would be welcome too! Thanks in advance!

similar situation 28 single 215k isn is the upper limits.
building is roughly 100-200 dollars a sq ft depending on the level of finish you want. Smaller houses the cost per sq ft is higher. This does not take into account utilities tapping fees which can run in the high thousands for example sewers
Finding a decent lot in the metro area at least looking at least 100k. Much more in desirable neighborhoods tack on a bigger house and it is cheaper to buy an existing home. Trying to find anything under 250k and it lasting more than the weekend before under contract is rare.

[Irving]

Also glad it was an off market purchase.

This is important for anyone trying to get into rental properties. Don't try to buy stuff off the MLS. You need to network with people who know stuff is going to be put up for sale so you can buy it before it gets listed.