Buying a condo or a home is an exciting time in anyone’s life. However, for as exciting as the home buying experience can be, it is also a complex process that can become a bit confusing for first time home buyers.
Fortunately, this first time home buying suggestions listed below will help you effectively complete your Real Estate home buying journey.
Calling All First Time Home Buyers MN.
The following home-buying suggestions will help you on your journey to purchasing your first condo, townhome, or home in Minneapolis St. Paul.
- Determine A Budget — One of the first steps to buying a home is to determine your budget. Keep in mind that a budget for purchasing a condo or a home involves more than the home’s sale price. Your budget should include the estimated closing costs, down payment, mortgage payments, and any repairs that might need to be completed before you can move-in.
- Get Pre-Approved For A Mortgage Loan — Before you even consider making an offer on a condo or a home, you should ensure that you have been “pre-approved” by a mortgage lender.
- The “pre-approval” letter will tell you the amount of money that you are qualified to borrow. While this letter is not a loan commitment, it will show sellers that you are serious about purchasing the home and that you have the financial capability to do so.
- Work With A Minneapolis St Paul Real Estate Buyer Agent/Realtor — It is no secret that buying a condo or a home is often the largest financial investment that a person will make. With the large sum of money that is involved, as well as the paperwork, negotiation phase, and final contract, home buying can easily become a complex process.
- To provide you with best experience, while simultaneously helping you find the condo or home of your dreams in Minneapolis-St. Paul, it is recommended that you work with a Minneapolis St Paul Real Estate Buyer Agent. Your chosen agent will work with you one-on-one so that your Real Estate dreams become a reality.
- Learn About Minnesota First Time Home Buyers Programs — The City of Minneapolis and the state of Minnesota offers a number of homeownership programs that are specifically designed for first time home buyers. If you meet the qualifications, these programs can help you with making the initial down payment, and also finding the most affordable mortgage.
- Complete Research On Home Buying For First Time Buyers — As a first time home buyer in the Twin Cities, it is important that you spend some time researching the home buying process. Fortunately, you’ve started in the right place by reading this list.
- With this in mind, additional research that should be conducted includes: analyzing the home sales trends for the past 6 months for any neighborhood that you might want to live in; look-up data on local school districts; understanding economic zoning and planning factors that could contribute towards the future value of your home; and also discovering what types of condos or homes that meets your needs/wants in the Minneapolis, St. Paul area.
With these tips in mind, you may enjoy a smoother journey towards the purchase of your first condo or home. As you continue your journey remember to reach out to Realty Group, Inc., Shannon Lindstrom, Realtor at 612-616-9714 and/or Shannon@MplsUrbanLiving.com to answer any of your questions and provide you with the professional guidance that you need to find the home or condo of your dreams.