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Eden Prairie Homes for Sale & Where to Find Them! February 26, 2013

Posted by minnesotarealty in Minnesota Homes for Sale.
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Looking for Eden Prairie, MN Homes for Sale? http://greatminnesotarealestate.com/ CLICK HERE for a short message about how (and where) to search for Eden Prairie properties that are currently on the market here in Minnesota.


Should You Rent Or Buy Your First Home? July 6, 2009

Posted by minnesotarealty in MN Realty.
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If you’ve considered buying a Minnesota home after renting an apartment or condo for several years, you will probably need to overcome several psychological barriers to become completely comfortable with the process.

Many potential homeowners simply don’t take the first step towards home ownership because of the responsibilities associated with buying and owning a home. When you buy a home, you’ll be responsible for more than your mortgage payment each month; home ownership involves paying maintenance costs, applying for homeowner’s insurance, and paying taxes and fees. If you’re interested in buying a condo, the process may be even more complicated. However,you can overcome this initial barrier that may be leaving you feeling overwhelmed – by understanding some basic principles of home buying.

It’s a good idea to make up your own checklist of all the different payments involved with your prospective home. You can typically get a lot of this information from your realtor; ask them for average fees, taxes and maintenance costs for the home and create a spreadsheet of all the different elements involved. If you do this in a digital format, you can create side-by-side comparisons of each home you’re interested in so you have an accurate view of all the costs involved and the total monthly expenses you’ll be responsible for.

Author Ilyce Glink of ‘100 Questions Every First-Time Home Buyer Should Ask‘ explains that buying a home also means you’re buying into your local community, because you’re responsible for local taxes, trash pickup and other services that may not accompany renting in the same area.

Next, you’ll need to do some extensive research about tax benefits. Home ownership usually does give you several tax advantages over renting, but this will vary significantly depending on your current income and the total amount of real estate property tax you will be paying each year.

The idea here is to figure in all your deductions and current income level into the calculation of your tax benefits. You can ask an accountant or financial advisor for assistance in determining the exact tax benefit you’ll get.

Owning a home is seen as a long-term action. Going through the whole home buying process is just not worth the time, effort and money if you only intend to settle in a particular location for a few months or a couple of years. If you’re not yet decided on where to settle in for the long-term, it might be better for you to rent a home on a monthly or yearly basis.

If you’re not feeling settled in a particular city or neighborhood, buying a home may be causing a lot of anxiety. Make some solid decisions about where you want to settle and where you’re willing to relocate to in the long-term so you can make the best decision about your new home.