Finding the perfect condo or loft can be a dream come true, but locating your ideal one and owning one may take some effort. However, the vision of urban living in Minneapolis or St Paul and owning a condo can be potentially in your near future.
Please see below some quick tips to consider for Minneapolis/St Paul first-time homebuyers when you are looking to purchase a condo or a loft.
When it comes to buying a condo or loft, the most important thing to know is how much you can afford. There are various tools and mortgage calculators online to help determine the debt and expenses that one can afford basis their annual income. Preparing for mortgage finance is not just restricted to the purchase price of the condo. Additional costs will need to be factored in such as; property taxes, monthly association fees, HO6 policy, and energy utilities.
Getting mortgage pre-approved with a lender initiates the mortgage process and helps you to move forward in the process of starting your journey of condo-hunting. You may want to look at a few condo or loft options online in your locations of interest. Create a list of what you need in condo– number of rooms, location, amenities etc. Based on this, meet with a local real estate agent to discuss the home-buying process and also your residential property search options. Please feel free to call or email Realty Group, Inc. – Shannon Lindstrom, Realtor at 612-616-9714 or Lindstrom_S@msn.com today.
During this process, you will view condos with your local real estate agent, which may help pertaining to what type of condo that you will fit your needs and wants. The City of St Paul require condo homeowners to have a city inspection performed prior to listing the condo for sale. The City of St Paul Truth In Housing Report outlines the property code violations. You can find a copy of the report on the City of St Paul website. You could also check the city/neighbourhood crime statistic report on the city website.
Once you start the process of putting in an offer on a property, you may want to consider a private home inspection contingency. The inspector expert will inspect the property for the purpose of identifying any electrical, plumbing or structural issues. The private home inspection can take anywhere from 2-4 hours.
There is numerous housing finance agencies in the Twin Cities who can also assists new real estate buyers. They can help in connecting one-on-one to Homeownership advisors who are unbiased, non-profit experts who provide free consultation. You will find some first-time homebuyer programs will require individuals to attend low-cost, home buyer education course from Home stretch or Framework which are available in many languages. Based on the buyer’s income levels, down-payment and closing cost assistance is also provided to new buyers making affordable housing a reality. Details for this can be availed from the Housing Resource Center which lenders are aware of.
Housing finance agencies like Minnesota Housing Finance Agency also offer mortgage loans with affordable interest rates to first time buyers. It is worthwhile also knowing all options provided in mortgage financing. The Homeownership Works program (HOW) supports low income home buyers using federal funds. Options on affordable ownership, down payment and closing costs for military people is given by Homes for Heroes program.
If you need down-payment assistance and qualify, you may want to utilize the Minnesota Housing Finance Agency programs or Minneapolis-St Paul neighbourhood down-payment assistance programs.
If you are looking to purchase a condo, loft, or townhome in the Minneapolis-St Paul area, please feel free to contact me.