So you want to own a home in downtown Colorado Springs, walk to restaurants, be where the action is? Living in downtown Colorado Springs and the Old North End is awesome, both for investment proposes and for convenience, but I think there are a few things to consider before buying a home in the Central part of the city.
If you’ve driven around downtown Colorado Springs you know almost every home is different, different in style, design and size. These neighborhoods are eclectic and diverse. On one street you may see big Victorians and the next craftsmen style bungalows.
So, what do you want? How much space do you truly need? What is your budget?
If you want a 4,000+ square foot Victorian that is completely updated you should be prepared to spend $800,000 plus. Late 1800’s feel with 2018 upgrades are desirable, and you’ll have to pay up. Most of these bigger Victorians are on Nevada.
Now, a craftsmen style bungalow might be more your speed. These are awesome, most are less than 2,200 square feet, on quite streets with decent sized lots. But depending on where you look, the price could be totally different. On Franklin St near Patty Jewett you’ll see 2,200 square foot bungalows listed for $500,000. Go 3 blocks west and two blocks south, that same home is now $350,000.
If you want to see some real growth in both home values and community investment, check out the Hill Side Neighborhood. This neighborhood is the last frontier for homes under $250,000 in the downtown area. The last few years we have noticed a considerable amount of investors going into this area. Home sizes vary, some are 900 square feet, others might be 3,000+.
This home was build in 1897…WHAT?
Most of these homes are from when Colorado Springs was founded. No really! Mid 1800’s to brand new homes. Stack stone foundations, old boiler systems, coal shoots and sometimes knob and tube electric.
Take a close look at the foundation and condition of the floor joist, these are the expensive issues to maintaining older and historic homes. Next, check out the electric, if the home doesn’t have knob and tube, it will possibly have a Federal Pacific Stab Lock panel. Panels can be changed easily and will be around $1,400 to $1,800. The final things to consider is the plumbing, more specifically the sewer lines running from the house to the main city line. In older homes these pipes are made from clay, yes clay. Trees and shrubs can destroy these pipes. Changing out these pipes could run up to $15,000, depending on the scope of work. You’ll definitely need to get a sewer scope for the older homes!
Older homes are cool! They have tons of character and history. And if a house is 115 years old, and still in good shape, it goes to show you older homes are build with integrity and with the right maintenance they will last another 115 years!
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