Is Buying a Minneapolis Condo Your Next Move?May 3, 2019 by DRG
You’ve been paying rent for the last 3+ years, but you soon realize you have nothing to show for it—except less money in your bank account. As your rent continues to increase, the size of your living room decreases, leaving you feeling a little stuck.
Perhaps, you may, or may not, have made financial decisions in your past that make you cringe anytime your credit score is pulled up, and you’re pretty sure you wouldn’t qualify for a mortgage anyway. THEN, there’s the issue of coming up with enough money for a down payment on a loan. Sound familiar?
You’d be surprised by how many people are living this exact same scenario. You may also be surprised to learn that I, myself, was once there, too. Because of this, I know how frustrating, and even embarrassing, it can feel, but rest assured that I’ve helped many individuals out of this same situation and into a new home they love!
4 Steps to Buying a Minneapolis Condo
The scariest step is usually the first step:
Step 1: Ask for help!
Glad we addressed that; now, moving on!
Step 2: Find a Minneapolis real estate agent (I know a great one!) who can give you the right contacts to locate the perfect condo for sale. Think of this step as a marathon rather than a sprint. Your Minneapolis realtor should be able to get you in touch with a trusted lender (or 3) to begin a conversation about getting approved for a loan. If you’re not currently qualified, a great lender will teach you the steps on how to get back on track at no cost. I also recommend signing up with a credit monitoring service (there are many free services offered through major credit card companies and banks), so you can keep track of your progress. It’s sort of like going to the dentist after 3 years of absence: you know there’s a good chance you’ll need to address a few issues first. Of course, you hope there’s nothing surprising like a root canal, but you may also get out of the chair with nothing more than a quick cleaning.
Step 3: Work with your lender and Minneapolis real estate agent to make sure you find a home that allows you to make a secure financial decision. In many cases, it costs more to rent than it does to own. Plus, when you’re paying down a mortgage, it’s more or less paying into a savings account for yourself (i.e. home equity). You get to live in a sweet pad AND put money back into your nest egg. Bonus!
Step 4: The final step is to breathe. You don’t have to do this alone, and it doesn’t have to be stressful. As a DRG agent, I work hard to give the best experience to my buyers and sellers because there are so many other things in life to worry about. This experience CAN be fun and, in the end, the ultimate goal is for you to turn the doorknob and open the door to a new place you’re excited to call home.
Let’s do a quick recap! Before getting started with buying a Minneapolis condo, remember these helpful tips:
- Seek out someone you trust to help
- Be aware of where you are and where you need to be
- Relax, this process doesn’t have to be stressful
How to Find a Minneapolis Real Estate Agent Near You
To find a Minneapolis condo in your neighborhood, visit the DRG Condo Guide! While there, you’ll have the exciting opportunity to search for fabulous condos in the best downtown neighborhoods, such as the North Loop, Mill District, Business District, and more! And if you’d like to get started with the process of buying a condo today, contact your local Minneapolis real estate agents at DRG!
We can’t wait to meet you and help you find your ideal home!