Downtown Living

There are a lot of benefits to living in a downtown metropolitan area especially here in Colorado. What are the most important questions to ask when looking for a property downtown? We’ll break down some of the big ones so you don’t have an unpleasant surprise after you move-in:

-Is There Parking? Having a car and living in an urban area can sometimes be a nightmare. Make sure you ask where it is located, how many spots are available, will it cost extra and where can my guests park. Many times higher end properties will have underground parking available. Making sure that the parking is secure is important as well as learning how easy it is to get in and out of the garage. Check to see how many transponders you will be provided with. You may have two spots but only one transponder which can be an issue. In terms of guest parking sometimes there is none! Checking to see parking costs and time limitations around you can be a valuable asset so your guests aren’t hit with large parking fines.

Where is The Nearest Grocery Store? This question isn’t usually your first concern, but it can be very important. Yes, you may be surrounded by shopping, restaurants and entertainment but when you want to cook dinner it can become a much bigger task then planned. If you live and work downtown you may not have a car which means that you’re either walking, biking, or taking public transportation to the grocery store. If it is far away lugging groceries may become a pain and having groceries delivered is another expense so make sure you check out the neighborhood and see what is closest to you and the fastest way to get there and back.

How Will Living Downtown Effect My Utilities? In many downtown locations utilities actually tend to be lower! HOA’s will cover a lot of your utilities (Water, Sewer, Trash) and sometimes even electric or gas. Make sure you find out who the utilities provider is before you move-in and even give them a call for an estimate on utilities. Living in a large residential building actually can save energy by having a centralized heating and cooling system which uses less energy and in many cases your neighbors apartment/loft can help keep your apartment warm in the winter meaning you don’t have to touch your thermostat as much!

Where Are The Parks? If you have a dog, living downtown can sometimes be a hassle! Learning where the parks are nearby as well as dog parks can save you some time when you’re walking your best friend. If you don’t have a furry friend, maybe you just want to take a stroll or read outside. Take some time to walk around the neighborhood in every direction before moving in to get a feel of what is around and how busy it is, who knows maybe you’ll find a nice pocket park no one knows about!

How Much Rent Is Too Much? When you’re looking to rent a property, sometimes everything can seem like too much money. Living downtown or close to downtown will in most cases cost more than everything else you find. Some things to keep in mind are that if you like going to dinner, drinks, shows, movies, etc. living downtown can save you a great deal of time and money. No longer will you need to drive to downtown, search for parking wasting gas and then usually pay for parking. As mentioned previously, utilities can be lower for many apartments meaning you’ll save some money there too. Another factor to consider is that you don’t have a lawn to water & mow, leaves to rake or snow to shovel! This can save you a lot of extra money that can be better spent elsewhere. So if the rent seems high, keep in mind all of the other expenses you aren’t paying.

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Rental Properties In The Winter Months

The winter months can spmetimes be the toughest months in terms of finding a renter for your rental property. What causes this? Typically there are a few factors that go into what drives the demand. 
    One major factor is the school year, many families don’t like to move during the school year and having to enroll their children in a new school mid-year. This also applies to college students, many students secure their rental properties months in advance and leases usually run from August to August making the winter month’s off limits for searching.
  A Second major factor is that many companies looking to relocate employees will do this during the spring and summer months when there are more properties available, business picks up and the weather is better.
     A third factor is the weather! In the winter the last thing many renters think about is moving in the frigid cold and dealing with the threat of snow. The winter holidays are also a major factor when it comes to moving. Most people do not want to be packing or unpacking their belongings when they have shopping to get done, decorations to put up and cards to send out. There is already a lot of stress during the Holidays no need to add more! 

What do most renters do in the winter? Typically leases have a clause that when a lease ends it will go onto a month to month lease until there is 30 day notice. A lot of renters take this option and wait until June, July or August when there are more options and better weather for moving. This is ideal for property owners as well since there are many more renters searching in the spring and summer making it easier to secure a tenant.

 If your rental comes up vacant during the winter months there are a few different things to consider:
   – Are you asking a fair price for the time of year and in comparison to other properties in your area?
   – Consider the length of a lease that you want: do you want to have the same vacancy issue at this time next year?

Sometimes the best option is to ask a very discounted price for a short term lease until the spring when securing a tenant will be easiest. 

Have any further questions or concerns? Please feel free to give us a call

Happy Holidays!