Factors to Consider When Looking to Buy a Condo or Loft in Downtown Minneapolis
The Benefits of Buying a Condominium
There are plenty of benefits that come with buying a condominium. For example, some downtown Minneapolis condos & lofts provide a variety of amenities and services, such as:
- Outside lawn or snow maintenance and upkeep.
- Minimum to full shared amenities such as amusement or party rooms, fitness centers, rooftop decks, pools, saunas, and guest suites.
- Fulltime onsite managers and/or security.
- Assigned and/or unassigned parking spaces and some mid to high-rise condo buildings offer you a space in their parking garage.
- Storage areas, storage lockers, and/or bike racks.
These are just a few of the benefits you could receive if you choose Minneapolis urban living.
However, there are some things you should be aware of before finalizing any condo contract.
Questions You Might Want To Ask Before Buying Any of the downtown Minneapolis Condos & Lofts
1. Pet Policy
Do they allow pets, if so, do they allow cats and/or dogs? Is there a weight limit or any breed restrictions? How many pets do they allow?
2. Dog Parks
Is there a dog park nearby? If so, is there a fee?
3. Monthly Fees
What are the monthly association fees and what do they cover? For example, do the fees cover building maintenance, professional management, snow and lawn care, any utilities such as heating, air conditioning, cable, internet, or anything else?
4. Association Restrictions and Covenants
Do you have a copy of the association’s covenants, conditions and restrictions sometimes called the CC & Rs? These are the rules and restrictions for the community along with the recourse and fees that will be assessed if they are not followed. The CC & Rs pertain to the rentals, shared amenities, noise, parking, and any other potential violation they see fit to include.
Always make sure you read and understand the CC & Rs thoroughly.
Quality of Life Features To Consider
If you’re considering buying a downtown Minneapolis condo or loft, there are other area amenities you should also look for that would provide you with a better quality of life.
- How close is your chosen condo to the downtown Minneapolis area? This will determine how long of a drive or walk you will have each day.
- What conveniences does your chosen condo location offer?
- Is your chosen condo in a walkable neighborhood? This means it’s in walking distance to the things you use on a daily basis. For example, is it close to shopping, casual to fine dining restaurants, a Farmers Market, pubs, or other nightlife, art galleries, theaters, etc.?
- Are there any GREEN Spaces where you can go to relax in nature, read a book, walk your dog, or just get some fresh air?
- How easily accessible is the condo to public transportation such as buses and/or light rail trains?
The Bottom Line
The condominium lifestyle is a great way to live for many people due to all reduced maintenance and other time-saving benefits that come with owning a condo. However, whether you’ve chosen downtown Minneapolis urban living, you should always perform a reasonable amount of due diligence before making any final buying decisions.