Are your parents going into retirement? Are they still residing in that same big house that you lived in growing up? Are they considering downsizing? This is easy to say than to do, right? You see, moving from a house that you lived in for years will often come with emotional attachment and possibly financial challenges, not to mention the considerable about of stuff that is accumulated over the years.

The Financial Situation

You can do your loved ones good by helping them to make the transition into a new home, however you may need to provide financial help. Because most individuals who are retired are living on a small or fixed income, they might not be able to meet the strict mortgage lending standards, although you’re never too old for a mortgage and it’s illegal for lender to discriminate based on age. There are other options. You could consider selling their current home and using the acquired funds to buy a smaller home, co-sign on the mortgage or rent the property to your parents. Either way, your assistance will be truly appreciated.

The Financial Solution

You could also offer to help with the down payment on the new home. However, your loved one would have to qualify for the mortgage loan, unless you wanted to be a co-signer, which is allowed by most mortgage lenders. You could also purchase the home outright for your parents to live in. You could purchase the home as an investment and have your parents pay a small rent. Let’s review the options below.

1. Buying the Home
If you were to purchase the Denver home outright, you could consider renting it to your parents for a small fee. Property in Denver is hot right now and this would be a good alternative to paying a high rent to an apartment complex. You will reap significant tax benefits if you chose this arrangement. You would be able to deduct property taxes and mortgage interest. However, with this additional expense, you could see a dent in your budget and in your retirement savings. Consider long term savings objectives before making a final decision to purchase a home outright for your parents.

2. Cosigning
You could opt for cosigning on a loan with your parents. This could be the more recommended option since you don’t have to use your own money and could still keep your retirement savings intact. Your parents may actually prefer this particular option. However, if your parents were to miss a payment, you would be still responsible for payment. It could eventually damage your credit rating, if it gets out of hand. Open up a joint account with your parents so you can arrange for automatic payments on their mortgage each month.

3. Rental Property
For a lot of families, a rental property could be a win-win situation. You enjoy the benefit of being a landlord and having trustworthy and honest tenants. You also acquire equity in your investment property over time. Your parents will have a place to live while not having to be burdened by the thought of eviction, if they fell behind in payments.

There are a lot of smaller homes for sale in Denver, Colorado. If you are ready to help your parents to downsize there are many amazing neighborhoods to choose from including Observatory Park, Lowry Field, Montclair, University Park, Goldsmith, Hilltop and Hale to name a few. Contact Elevation Realty today at 303-579-3566. We are  the Denver real estate experts you can count on.

It’s no secret that our outdoor scene here in Colorado is world class. Our real estate market remains strong because people move here from all around the country to be close to some of the best skiing, hiking and biking trails, hunting, fishing, rafting and rock climbing around. Whether you’re thinking of purchasing real estate in Lowry, Observatory Park, Park Hill, University Park or other Denver neighborhoods, chances are you’ve considered what markets are near-by, which schools are in the area, and what roadways will get you to work - but what about parks and open spaces, proximity to your favorite reservoir or the mountains?

You don’t have to wait until the weekend to enjoy Colorado outdoor recreation, there are approximately 200 parks right here in the Denver metro area to enjoy after a long day at work, or on one of those surprise 65 degree days after a long cold snap.

City Park

Denver’s largest park is City Park, located in near the Park Hill and City Park neighborhoods. City Park covers several blocks north and west of 17th and Colorado Blvd. It is home to the Denver Zoo, Museum of Nature and Science, IMAX, and Planetarium. It’s also boasts the best view of the sun set with a mountain backdrop, in the city. There is plenty of fishing in the duck pond, peddle boats to rent, and 5k races. In the Summer, City Park Jazz puts on free concerts at the pavilion which are a huge hit for everyone.

Wash Park

No discussion of neighborhood parks would be complete without mentioning Washington Park, or Wash Park, as the locals call it. This spacious park was developed in 1899 and partly sponsored by the unsinkable Molly Brown herself. It runs along Downing Street between Virginia and Louisiana Avenues. It has two of the city’s most extensive flower gardens which were modeled after Martha Washington’s garden at Mount Vernon. The park also offers a thriving recreation center where you can take classes in anything from pottery to badminton. Throughout the park you can see people enjoying everything from volleyball to fishing, tennis to tai chi, and as always, good old neighborhood BBQ’s. It would be remiss here not to mention that after a fun day at the park, you’re within walking distance of dozens of top Denver restaurants and taverns.

Observatory Park

Observatory Park is on Evans Avenue and Warren. It’s a small park that houses the historic Chamberlin Observatory. The observatory opens hosts public nights and open houses where the public can climb up into the historic observatory and look through the telescope. While you’re waiting your turn, members of the Denver Astronomical Society set up their advanced telescopes, (some homemade!) out on the lawn and let people check out any celestial events that may be occurring. You can go to the Denver Astronomical Society website to reserve your place at the telescope and check the schedule.

Lowry Field

Although Lowry is a newer development, there is a lot of history here. Located at the old site of the Lowry Air Force Base, you shouldn’t pass up the chance to visit one of the converted Hangars home to places like Lowry Beer Garden or the Wings Over the Rockies Air & Space Museum.

If you’re looking to move to any of the unique neighborhoods that Denver has to offer check out our website! We can assist you in your next home search in the Denver metro area. We offer personalized attention and know these Denver neighborhoods well. Let us be your local guide! Call now to set up an appointment at 303-579-3566.

Real estate is still one of the smartest places to invest to grow your wealth. The demand for housing in Denver is at a record high, meaning that buying a home to flip or rent out is a worthwhile investment. It also means that the market is competitive, so if you’re looking to enter the real estate realm, you’ll need to be educated and prepared. Coordinating with a local Lowry real estate agent can help you find the right neighborhoods in the city to look for investment opportunities, such as in hot spots like the Lowry area. There are several steps you can take to ensure that you’re ready to plunge into investing in the real estate market.

Assemble A Good Team

There are key people to include in your search for property, including a mortgage broker to help you secure financing, a real estate attorney for going over contracts, an accountant who has experience in real estate investments, a solid contractor to assist with any home repairs, and a savvy real estate agent with an understanding of Lowry market trends. Having these professionals on board will enable you to make offers on property that will be taken seriously.

Find Rehab Deals

Whether you’re interested in flipping houses―that is, buying houses to fix up and resell―or holding onto properties and renting them out to generate monthly income, you’ll want to consult with a real estate professional who can help you determine which route best suits your return on investment (ROI) needs.

Flipping houses is a good short-term ROI strategy, as it entails buying a property and investing in repairs to upgrade the appearance and functionality. This increases the home’s value, allowing you to sell it at a profit to recoup expenses and gain capital. Your search will focus more on fixer-uppers, properties that need obvious repairs; it helps to have a good eye for the potential improvements that can be made to a place to increase your profit opportunity.

These deals can be hard to find, given the current market, but once you get started, you can take the profits from rehabbing and selling one place and reinvest in the next property, either in a more desirable neighborhood or by making bigger and better repairs. Finding properties under market value in Lowry can be difficult; your local real estate expert can help you in your search.

Find Rental Properties

If your ROI interests lie in renting out a home for monthly cash flow, you’ll need to look closely at the operating expenses of a specific property. Consider where in the Lowry neighborhood the property lies; this will help you determine how much you can reasonably charge tenants for rent. Also factor in how much contract work needs to be done for upgrades and repairs initially, as well as long-term maintenance and emergencies. Securing an experienced property manager will be key to taking care of the necessary day-to-day elements of renting.

For guidance in investing in the Lowry neighborhood and other Denver areas, contact Elevation Realty at 303-579-3566. Our knowledgeable real estate professionals can assist you with finding properties with our in-depth understanding of current market trends.

One of the great things about Observatory Park is the variety of great places to eat! It’s great to get an early start to the day with your morning cup of joe and great food, savory or sweet. Any of these places would be a great way to kick off your workday or weekend!

1. La Belle Rosette: This family owned and operated restaurant is an espresso bar by day and wine bar by night. They opened their first location just west of the Mississippi in 2009 and then their second location in Denver in August 2012. Their extensive espresso and coffee bar is the perfect way to start your day or a pick-me-up in your afternoon. La Belle has traditional espresso and coffee, or mix things up with specialty espresso drinks such as their “Black Forest Mocha” (cherry syrup and chocolate) “Bananas Foster” (caramel, banana syrup and cinnamon) or “Cremosa Con Panna” (vanilla and hazelnut syrups, whipped cream, cinnamon and cocoa powder).  For something a little stronger, try a Nitro Coffee. As for the food, it certainly doesn’t disappoint. One of the owner’s specialties are pastries, so you are sure to find a great sweet treat. Or, try a delicious breakfast panini or burrito! Stop in at 2423 S. University Blvd. 6 a.m. to 9 p.m. Monday through Friday, 7 a.m. to 9 p.m. on Saturday and 8 a.m. to 2 p.m. on Sunday.
    
2. Jelly U: The classic brunch spot for University students and neighbors of the Observatory Park neighborhood in Denver. Known for their hipster decor and cinnamon roll pancakes. It’s a fun and inviting atmosphere with delicious food good for a Monday morning bacon and eggs meeting or an boozy Sunday brunch. Other fan favorites are the Smoked Salmon Benedict and the Biscuits and Gravy. If that doesn’t make your stomach growl, then I don’t know what will. Jelly is opened 7 a.m. to 2 p.m Monday through Thursday and 7 a.m. to 3 p.m. Friday, Saturday, and Sunday at the University location on 1700 E. Evans Ave. They also have a second location in Capitol Hill.
    
3. Maddie’s Restaurant:  Family and kid friendly breakfast and lunch spot Maddie’s is a great neighborhood restaurant with a fun environment and house-crafted and freshly made menu items. If you’re looking for a sweet way to start the day, the cinnamon sticky buns or challah French toast are popular choices. For the guests who like a more savory option, the huevos rancheros plate with Mexican beans, veggie green chili, two eggs and tortilla with tomato relish and sour cream. What Came First is another popular option, which is their house-made chicken schnitzel, country gravy, two eggs, potatoes and toast. They have a variety of traditional beverages or you can also enjoy brunch with a Maddie’s House Bloody Mary, mimosa, bellini, bloody Maria, screwdriver, tiramisu or Colorado Coffee (Stranahan's Colorado whiskey, coffee, brown sugar and whipped cream). They are located at 2423 S. Downing St. and are open 7 a.m. to 2 p.m. Tuesday through Sunday.
    
4. Bruegger’s Bagels:  For some of the best bagels denver has to offer, visit Bruegger’s Bagels. They still use the same bagel making process they did in the early 1900s! True to their NYC roots, Bruegger’s serves delicious bagel menu items with basic ingredients and no preservatives. Plus, they bake in small batches to ensure that you have a fresh bagel every time. Drop in for a regular bagel with cream cheese, or a specialty breakfast sandwich such as the Smoked Salmon with plain cream cheese, tomato, red onion and capers. Or try the Sriracha Egg Sandwich with egg, sausage, cheddar cheese, fresh red peppers and sriracha sauce on a plain bagel. Visit Bruegger’s at 2000 S. University Blvd. 5:30 a.m. to 8 p.m. Monday through Friday and 5:30 a.m. to 6 p.m. Saturday and Sunday.

As you can see, Observatory Park is the perfect neighborhood with it’s mix of collegiate lifestyle and delicious restaurants. If you’re ready to move to a great neighborhood, Elevation Realty can help. The Observatory Park, Denver area is great for singles, families or those wanting to be close to the University of Denver. It’s 10 minutes from Downtown and has easy access to the light rail! Contact the Elevation Realty team now or give us a call at 303-579-3566 to begin your search.   

It can be a challenging process to buy a home, no matter what the time of the year or the status of the real estate market in Observatory Park or anywhere else in the state of Colorado, however there are certain times during the year that can prove to be more challenging than others.

The Inventory Level
Some real estate markets go through high periods and low periods as it relates to the level of inventory. When the housing inventory is low, it can result in providing real benefits for the home seller by creating a seller’s market. What should you do to ensure that you prepare for buying a home in a seller’s real estate market? These are the questions to consider because in some cases, it is best to wait to see whether the real estate market shifts in your favor.

The Preparation
There are certain actions to take in preparing to buy a home in a seller’s market. Let’s start by understanding what is meant by a “seller’s market”. A seller’s market is when several buyers are in competition for the same house because there are fewer available housing options. For example, there are more people moving to Denver looking for homes than there are people selling their home. Many real estate professionals talk about housing inventory and its significance to the seller’s market. Top realtors usually use different measures to help clients to know when the market will shift in their favor. The experienced realtor, at the same time, will calculate the market absorption rate to decide how fast homes will sell and in how many months this will happen. If the months to sell the inventory are fewer, then a seller’s market will exist.

Things to Consider
Prior to purchasing a home in a seller’s market, there are a few things to consider:

• Interest Rates
• Competition
• Price
• Choosing the Available Home
• Financing

Interest Rates
A major factor to consider when making your purchasing decision is the interest rate. If the rate is low enough for you in a seller’s market, you could take advantage of this.

The Competition
There is a good chance that there will be multiple buyers and multiple offers in a seller’s market. When there is competition, you need a good realtor to help you with your bargaining and negotiation power in order to get the best price.
 
The Price
Price is also an important aspect. In a seller’s market, if you really love the home and want to get it over your competition, you may have to pay the full price that the seller wants. In some cases, you may have to pay a little extra to compete.

Available Homes
Usually, the real estate inventory is lower in a seller’s market. If you have specific criteria for a home, you may not get everything you want in a seller’s market.

The Financing
One of the most essentials steps in purchasing a home is to get a pre-approved mortgage before you contact a real estate professional. With a pre-approval, the seller will take you more seriously. You should also limit the criteria and contingencies, if you want to get the home. Most sellers don’t want to have too many hurdles in closing the sale.

And last but not least, make sure you have an aggressive sales offer and most importantly choose a realtor that knows the market well. Contact Elevation Realty, focused and reliable realtors with experience in the Observatory Park neighborhood of Denver,Colorado. Call us at 303-579-3566 to discuss your home buying goals today!