Well, after living in Texas since 2004, my wife and I will be packing up the kids and moving to Denver! I am taking a promotion with my company and it will be a big step for my career. I'm not going to lie though, we are very excited but equally nervous about the move. She will be quitting her teaching job here and I will also be taking a small temporary pay cut (I know it seems counter intuitive but I'm moving from logistics to operations and it'll open up many new doors and opportunities down the road for me). What scares us the most is the cost of housing in Denver. With the median family income being in the $70,000 range, I don't understand how every decent house is $400k++!! My company has a very generous moving package which definitely helps relieve a lot of the stress but we are still facing lots of tough decisions. We will be selling our house here (the company will buy it if we don't sell w/in 60 days) and aren't sure if we should rent or buy in Denver. The rentals that would work for us are in the 2400-3k range it seems, and the ones we would look at buying would put a 30 year mortgage in the $2k range, but obviously we would be responsible for maintenance. We've never rented a home and I'm concerned that having 2 large dogs (1 being an "aggressive breed" Doberman) would limit our options on rentals. Also, I'm worried that the Denver market might be in a bubble. With going into management, there's a really high likelihood we will only be there 2-5 years and I don't want to get stuck holding the bag on a house if the market tanks in that time as we wouldn't be able to just ride it out and sell once it recovers. With all that said, I would love to hear some advice from others who have been in a similar situation before or anyone that has some insight into the Denver market or where a good place to live would be with 2 elementary school-aged children! My office will be in downtown Denver and I'll be working 3 on 3 off 12 hour shifts so I'd like to keep the commute reasonable.
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Rent a yurt for a few yrs
. You guys will automatically acclimate to the local culture inside of that thing. If the smell doesn't kill you first.
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Just stay west of I-25, unless your out toward Parker or points south of Parker.
Traffic absolutely sucks in Denver.Comment
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We're looking hard at Castle Rock, Castle Pines, and Parker. 25 and 85 run right into my office. Luckily I'll be working 0600-1800 and 1800-0600 so hopefully I'll miss a lot of the traffic.Originally posted by Ironman View PostComment
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That will definitely help with traffic. All the places you mentioned would be good.Originally posted by kae006 View PostComment
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Will your company buy your house in Denver if they transfer you again? Do they take into consideration purchase price or market value at the time of transfer in the future? I too would be concerned about buying and having to resell in a few years. The selling costs and closing costs to buy are tough to recoup in a few short years.Comment
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Castle Rock area is nice my wife's sister lives there. We go back ever couple of years to visit. Used to go to chatfield reservoir a bunch when I lived there and Waterton canyon is a close fun place to hike. There's a herd of bighorns in there with some great rams.Comment
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Dang brother...I would be frazzled about a move like that after living on the border for almost 5 decades.
Congrats on the job front!!Comment
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Yes they will buy the house if we get moved again (assuming the package doesn't change again) however they will buy it at current market value so if the market were to tank we would still take a big loss. Closing costs are not a concern as they are also covered (non recurring costs, such as title fees, etc.). The only true concern is a market drop.Originally posted by thegrouse View PostComment
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If that is the case I would buy in a good area i.e. not an area with new houses going up everywhere. A nice area that is established and always desirable. Even if you take a loss you have some cushion because if rentals are $500-1000 more a month that equates to 18K-36K over 3 years minus maintenance costs. There could be some tax interest savings depending on your situation but the new tax law raised the standard deduction to around 24k for a married family. Good luck with your new adventure up there.Originally posted by kae006 View PostComment
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Moving to Denver - Looking For Advice
Originally posted by thegrouse View Post
Thanks! The new tax law does kinda stink for our situation since we would have such high interest payments during this timeframe. One good thing is I believe there is clause in the relo package to cover a large portion of the loss if you sell a home for less than you paid. It’s not an extreme amount but it would definitely help mitigate some risk.Last edited by kae006; 03-24-2018, 10:56 AM.Comment
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Following.
Interviewing for a spot in Denver currently.Comment
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Originally posted by 150class View Post
Nice! We could be roomies until our families moved [emoji23]Comment
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Turn the state red on election day.
Some good hunting there, going to buy a lifetime hunting license for each state?Comment
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