As presented in a recent article in the Denver Business Journal, “Mountain region rents for single-family, 3-bedroom homes continue to trend upward, with a 5.7 percent year-over-year increase.” Colorado is part of the mountain region described, along with states Idaho, Montana, Wyoming, Arizona, Nevada, New Mexico and Utah.
Our firm has seen a correlating trend upward in recent client purchases of first homes, to avoid increasing rents and to create an ownership stake in their residence. With new lending programs from 2014 that make it possible for first time homeowners to purchase with only 3% down, many clients are looking to buy. Such clients may request assistance with contract or loan document interpretation.
Other clients seek to buy for investment purposes, to capture a piece of the rising rents as landlord. These clients seek our advice for everything from the sales contract terms, to business entity formation for the rental home ownership, advice on liability protection, and to provide solid leases to protect their new investments.
The report referenced in the recent Denver Business Journal article was compiled by Utah-based Real Property Management and Denver-based RentRange, and found that the average median rent for the region stands at $1,197 with rent prices expected to continue to rise.
If you are considering buying your first home, or buying an investment property, real estate attorney Katie James can answer your questions and provide guidance throughout the process. Call 303-688-3045 for a free telephone consultation.
