by John Stegner and Brian Lehnerz , Downtown Lofts and Condos
Five Things That Will Insure the Future Value of a Denver Loft or Condo.
Downtown Denver Lofts and Condos: Buy for Resale Value too.
I love to find just the right loft or condo for a downtown Denver real estate buyer. Downtown has so much to offer as a lifestyle. It’s fun. It’s practical. It’s convenient to everything. But,I am always careful to look for five qualities that will insure my Buyer’s future condo value.
A Denver loft or condo can be a great investment for virtually any family. It can be an ideal choice for first-time buyers looking for roommates, newlyweds or anyone who desires a low-maintenance home. Lofts and condos also make great residences for empty nesters due to their low upkeep costs and manageable size. Also keep in mind that most condo and loft communities (if not all) take care of the exterior maintenance and yard work for their residents.
Of course Denver’s real estate market has plenty of condo and loft projects to choose from. It is important to ask what on earth do you look for in condos and lofts to ensure future appreciation and resale value? We share 5 key components that anyone in the market for a loft or condo needs to look for when purchasing in the Denver area.
Now for the 5 things to look for in a loft or condo (please note that these are not listed in any particular order):
Number one is:
LOCATION, LOCATION, LOCATION!
This is common sense. If you’re looking to plunk down a pile of cash, why buy a loft or condo in an location where you won’t be comfortable living for various reasons including a high crime area? If you come across a bargain and you’re unsure about the neighborhood, just log on to the web, call the local Denver police department and/or the area utilizing your Denver Realtor. One site we find particularly useful is www.spotcrime.com.
Number two:
SCHOOLS
Depending on size, a loft or condo in Denver may not always be the first choice for a growing family. The reality however, is that a loft or condo is traditionally cheaper than a single family home; making it a good alternative for families both with and without children. Always take the school district into consideration and make sure its academics are at least at the state minimum. It’s all about research and more research. School districts can have a huge impact on the resale value of your loft or condo. We highly recommend www.greatschools.net if you are looking to research Denver area schools.
Number three:
THE SALES PRICE
Okay this also falls in the “common sense” category. If you find the perfect loft or condo in downtown Denver, Uptown, Capital Hill or any other neighborhood – research the value of the other sold lofts and condos in the area as well. Brian and John can help you with this of course. By doing this you’ll make sure you are paying fair market value for the Denver area. By paying market price and keeping your loft or condo in good shape, resale value likely won’t suffer over the time you own your unit. While some websites like www.zillow.com offer value estimates on lofts and condos, our experience is that most if not all of these sites are very general and usually don’t provide an accurate “market value” for you loft or condo. It is always best to work with an experienced, highly knowledgeable Realtor (like Brian and John) in the downtown Denver market to help you gauge the true value of your loft or condo.
Number four:
PARKING
Why is parking in downtown Denver so expensive? We are asked this question all the time and the reality is that land in downtown areas is a precious resource in ANY major city. When you’re shopping for a loft or condo in Denver, it’s very important to choose a community that has adequate parking or access to good public transportation. If it’s a chore to park, then it’s going to be an even bigger chore to sell when it’s time to move on. Of course, if good public transportation is a stone’s throw away from your building that will always help overcome the “parking” issue. For instance some loft and condo projects have been built close to Denver’s light rail system (www.rtd-denver.com) for this very reason – why deal with the hassle of a car and parking if you don’t need to?
And number five:
THE FLOOR PLAN OF YOUR DENVER LOFT OR CONDO
It’s critical to find a loft or condo with a sensible layout that appeals to the largest audience of buyers. An open floor plan in a loft or condo is typically more desirable than a cramped “chopped up” floor plan. A typical Denver loft has an open floor plan. The reality is that everyone likes to entertain these days and show off their “pad” in Denver. Hosting get-togethers with family and friends will require you to pursue a loft or condo with a large family/great room, a 2nd “guest” bedroom and bathroom, patio or balcony or dine-in kitchen. Depending on your price range, you may or may not be able to locate all of these features in your loft or condo, but try to find as many of these items as possible to ensure the future resale value of your purchase!
6 Comments
These are great things to keep in mind. I mean yeah, maybe several of them are common sense, but still, when people are going through the sometimes complicated process of buying a home, it can be helpful and comforting to have things written down in a concrete form, whether they are common sense or not. More importantly, these things are not specific to Denver. People considering a loft or condo in almost any urban area could benefit from these suggestions. Thanks!
In Moraira there are not a large number of condos to choose from. However most towns and cities in the UK have a wide range to choose from. Some have been a great success but sadly some have seen their values plummet.
Most of these are due to ad locations – a key point you point out above. Many have been bought by investors looking for a profit. They would have been well advised to follow your guidance – particularly about location.
I have a friend that owns 3 condos in downtown Austin and they have appreciated in value over the last decade. Here in San Antonio we really don’t have many loft options considering the size of our city. I wish we had some more loft and condo options to choose from.
This is very true in buying condos. People should not only consider the price of such condo but should also consider other aspects that’s more convenient and worth it for living. We are gearing towards the convenience of each family.
Yes, parking is definitely important…not something to be casually overlooked. There is nothing more inane than having to constantly find new parking spots around your own apartment, depending on what day it is, whether the parking police will be out and what spots are available.
I totally agree! Location is one of the most vital aspects that should never be overlooked when investing in real estate. Investments like these are for long-term use, thus it is imperative to ensure that your property will not depreciate in value due to varying reasons such as crime rates, lack of development in the vicinity, or proximity to a toxic environment.