Key Questions to Ask

  1. Should I Buy or Rent? – Your housing search can be more efficient if the decision to buy or rent is made before you even start your search for housing. Buying usually involves a 4 to 5 year commitment and calls for a little more due diligence. The Advantages to Buying document on this web site can be a great help to making the buy vs. rent decision.
  2. How Much Will a Housing Unit Cost? – Condos and town homes cost approximately $100K to $150K per bedroom. The home owner’s association (HOA) fees are in the range of $150/Mo to $250/Mo. The HOA fees usually cover outside building and ground maintenance and common amenities (tennis courts, etc.). When the HOA fees are higher they usually cover some owner specific utilities (heat, water, sewer, etc.) and additional amenities (athletic center, pool, etc.). Most utilities are paid by the owner and are usually based on usage. The average/median prices for Boulder attached homes (condos and town homes) in 2010 are $300K/$250K. On the other hand, single family homes can range from the low $300Ks for a 3 bed room in Martin Acres to a $1M-$2M 4-5 bed room designer home west of Broadway. The average/median prices for Boulder single family homes in 2010 are $650K/$530K.
  3. Who Will I Live With? – Make sure that the students that will be living together are compatible and share the same values regarding studying, partying and maintaining living the quarters. There should be an understanding up front on the amount of monthly rent plus utilities that each person will pay – usually $450 to $800 per month plus utilities. As the number of students living together gets above three, things start to get more complex. Most Student owned property is in the 2-3 bed room size.
  4. Would a Single Family Home or Attached Unit Be Better? – A condo or town home requires less maintenance on the part of the student/owner due to the home owner’s association managing the outside of the property and part of the inside. A single family home is usually more cost effective from a $/sq ft perspective. There is more freedom in terms of what the student/owner can do with/on/in a single family home than a condo or town home.
  5. How Close to Campus Should I Live? – Closeness can be in terms of minutes to campus or distance to campus. Due to the extensive bus system in Boulder, that is reliable, timely and regular, the distance to campus is best measures in minutes and not miles. Students can live several miles from campus and still get to campus faster by bus than they could walk to campus from some locations on the “Hill”. Graduate students seem to be less interested than undergrads in living on the “Hill”. If the living on or near campus experience is not a priority, the cost effectiveness and number of options increase.