New Denver Laws Continued

Denver is growing and so are the laws in effect. Denver is growing, and with that comes new laws to keep up with the changes. Here are some of the new laws you need to know about.

Denver is a growing city, which means that more and more people are moving here. As a result, the number of people who own homes has also increased. The increase in homeownership has led to an increase in rental properties and rentals are very popular right now because they're easy to maintain and don't require much work on your part. However, there's one downside of renting: it's not always easy to know what kind of building you're buying into or whether it's been maintained properly by previous owners.

What makes rentals so appealing

Renting makes sense for people who are moving to a new city and don't want to buy a house. It's also a good option for people who want to live in a nice neighborhood but don't want the responsibility of owning a home. You can rent an apartment or house and feel like you have your own space without the hassle of maintenance or other property issues. You can live right in the middle of a city instead of having to commute from far away. The biggest advantage of renting is that it gives you freedom: the freedom to move when you want, the freedom to live in a nice place without having to pay off a mortgage. It's also cheaper than buying a house; with rent, you only have to pay for what you use.

What is an inspection?

o  An inspection is a full run down of the whole home/ condo, requiring access by a licensed inspector.

·       How often are inspections required?

o  Every four years

Inspections may be required more frequently depending on the type of building, use or occupancy and/or the presence of any identified deficiencies.

·       What is the purpose of inspections?

o  Inspections are good for everyone but costly, inspections cover the owner from liability if the tenant destroys something in the property and tries to put it on the owners. They also protect the tenant from bad living situations.

Denver laws requiring inspections

Now that we have covered rentals and inspections, let’s go over how this new law will affect the rental market. Inspections have a cost associated with them; most inspections are $300-500. Now that landlords are going to be required to not only license their property, which I went over in last week’s blog, they will have to have a percentage of properties inspected. This is going to bring a larger burden to the Owners of these rentals, which in turn may cause rentals to go up in price more than we have seen in the last year.

What to do

While these laws may seem like a hassle, they're there to protect you and your investment. However they are costly. I will continue to do articles on this topic until it is full in effect as these issues directly affect thousands of Coloradans. I hope these are helpful posts, please reach out if you have any questions, we are here to help.

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