When you've made the important decision to stop renting and buy your own home, you'll need a plan to get started on your search. Buying a home is a major investment, so to ensure that you are making the best decision, ask the advice of a professional and highly experienced Realtor and specify your needs.
First time home buyers will discover that there are a lot of decisions to make during the home buying process and it may cause them to be overwhelmed. Questions like the distance of the house from your work place or if the house is livable enough to move into pops up in your mind when you start your home buying process. Making sure you've asked yourself the right questions and creating a 'wishlist' for your ideal home will make the home buying process much easier, and also help you get over many of the challenges involved in finding that perfect home. Start creating your wishlist with the following essential questions and considerations in mind:
1. What are the essential amenities you're looking for? Think about fireplaces, swimming pools and kitchen appliances that you want to have in your new home. Prioritize these so you can simply say 'no' to the prospective homes for sale if it doesn't meet the basic amenities criteria. Be as specific as possible with this section so you can narrow down the hundreds of options available.
2. Be specific about your location. Author Ilyce Glink of '100 Questions Every First-Time Home Buyer Should Ask' explains that location is one of the most important factors when considering different homes. Where you will live has to take into account your accessibility to your work place, to school, to worship places, to malls, and to your family and friends. Your final location will determine how much you may need to drive each day - and if it's worth the extra effort.
3. What is the ideal size? Do you need more than three bedrooms? Is your family growing? If you know that you will need extra space in the future, invest in a home that will suit your future space requirements. Project your home needs for at least the next three to five years so you select the right size.
4. Are you willing to invest in renovating or refurbishing the home? How much is your budget and what you are willing to spend for renovations and other maintenance causes if the house you are planning to buy is not in moving-in condition? Setting some guidelines in this area can help you eliminate certain real estate property from your radar as you search.
5. Will safety and security be an issue for you? If you have small children or are living alone, safety and security may be a top priority. Ask yourself what you will need in order to feel safe in the new neighborhood so you can eliminate homes that don't meet the criteria. By asking yourself specific questions about your preferences, goals and dreams, you'll be able to narrow down the vast field of choices and find the home for sale that truly meets your needs.
When searching for Minnesota homes for sale, the world wide web is an invaluable resource. New homebuyers can use the MN MLS to view current listings of homes and real estate throughout the state.
Are you thinking of buying your first Minnesota home? After renting for quite some time, you may need to overcome a number of psychological barriers that hold you back from becoming a first time homebuyer.
There are some who hesitate becoming a first time home buyer because of what they need to do to purchase and own 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. The process of buying a condominium unit might be even more complicated. Yet, you can be assured of the fact that once you have learned some of the basic principles of home buying, there is a definite advantage to being a first time homebuyer.
It's a good idea to make up your own checklist of all the different payments involved with your prospective home. A professional Realtor can give you all the information that you need about what are fees, taxes, maintenance costs, and other expenses related to purchasing a new home. 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.
As explained by the expert Ilyce Glick, author of the book '100 Questions Every First Time Home Buyer Should Ask', buying a home also means that you are buying into your local community as it is your responsibility to pay for local taxes, trash pick-up and other similar services that usually are not paid by people who rent.
Find out what are the tax benefits you may be qualified for. There are many incentives being given to first time home buyers and the other tax benefits you can get will depend on your current income and how much is the yearly property tax of the home you will buy.
Estimate how much tax benefits you can get and take into account all the deductions and your current income level to get an idea what is the grand total of all the tax benefits you can get when become a first time homebuyer. It may be a good idea to work with an accountant or financial adviser for assistance in this area.
Finally, think about your future for the long-term. Are you planning to stay in the same are for the next 5 years? What are your plans 10 years from now? Where will you live when you retire? Renting a home has psychological benefits from the ease of moving out of a temporary residence. Since you can choose to rent a place on a month-to-month basis, sign a short term lease or just renew from year to year, there is a sense of freedom involved with renting.
There is a possibility you may be anxious about becoming a first time home buyer because you do not feel like living in a particular city or neighborhood. 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 which among the Minnesota homes for sale to buy.
Are you among the thousands of people planning to buy your first home? National statistics indicate that most people move between five to seven times during their lifetimes, which means you're likely to move at least once every 5-10 years.
There are different types of homes that will suit your needs at whatever stage of life you are in; from condos for newlyweds to townhouse for families, with a wide variety of styles and floorplans to choose from. One of the first things about home buying is what the different types of homes for sale are.
The Condominium: Condos first became popular in the 1970s as more people wanted to live in urban areas without paying the high price of a home. Ilyce Glink, author of '100 Questions Every Home Buyer Should Ask' explains that when you buy a condo, you don't necessarily own the unit. Your actual investment is in the common elements of the real estate property which is shared with the other condominium owners, and the airspace inside the walls, ceilings and floorings.
The Townhouse: Townhomes are also called 'row houses' because they're grouped together with shared walls. The ownership status of townhomes is similar to that of a single-family home though there are some townhomes that may impose a homeowner's association fee for the maintainance costs of common areas like the parking lot, fitness centers and laundry room.
Single-Family Homes: The detached single-family home is one of the most popular types of homes for first time homebuyers, and available in a variety of sizes, styles and floorplans. These single-family homes can be part of a small community or a stand alone in their own lot. Almost all single-family homes will have separate ownership and maintenance fees, which means you'll be wholly responsible for all expenses to keep your home safe, clean and secure.
Mobile Homes and Pre-Fabricated Homes: Mobile homes are designed to be moved whenever needed, so you never purchase the land that the home sits on. Mobile homes are fully equipped with basic home amenities and appliances, and can be an affordable alternative to purchasing a regular home.
Pre-fabricated homes are a step above mobile homes, and are typically designed with sturdier materials and better construction. The quality of pre-fabricated homes is higher than the average mobile home and these can still be moved from site to site. Similar to mobile homes, pre-fabricated homes allows you to rent the property you will occupy instead of purchasing it.
When you know what the different types of homes for sale are, it will be easier for you to decide which to buy.
Forecasting your future for the next three to five years can also help you narrow down your choices; if you have a large family and want to stay in a particular neighborhood, a single family home or townhouse may be the best fit for you. For example, if you are single and have no plans to get married in the next 5-10 years, the perfect choice for you as a first time homebuyer would be a condominium.
Homebuyers looking for homes for sale in Minnesota can go on the internet and search for homes by price, location and neighborhood by using the Minnesota MLS listings to find properties throughout the State.