man sitting in Minneapolis condo

Should I Buy or Rent in Minneapolis?

September 20, 2019 by Paul Begich

I can’t believe summer is already coming to a close! Every year the season seems to absolutely fly by, only to leave me in the dust wondering what the heck I even did during the last few months! Now, it’s time to dig out that goose-down jacket and prep for the upcoming cooler months of the year—and in my business—that also means it’s time to start chatting about housing plans for 2020.

Here’s the big question I get ALL THE TIME: “Should I Buy a Condo or Rent a Minneapolis Apartment?”

The answer isn’t always so simple, and I genuinely feel it’s my duty to educate and help guide my clients to the right answer that makes the most sense for their lifestyle.

So, let’s dive into this!

In response to the above, I always ask two questions to guide the conversation:

1.) How Long Do You Plan on Living in Minneapolis?

If you’re only in Minneapolis for a contracted position with your company, it probably makes WAY more sense to rent. New to Minneapolis? If the answer is yes, then again, it’s probably more reasonable to rent than own a condo. On the flip side, if you KNOW you’re going to be here for AT LEAST the next two years, it may make more sense to purchase—both from a monthly cash flow standpoint and a long-term equity play.

2.) Are You Comfortable in Your Career?

Buying a place can be scary! And commitment is downright tough! Buying a property comes with some added responsibilities and that monthly mortgage can be a hefty one at that. So, it’s important you’re comfortable with where you are in your career. Comfort in that you have a stable income and that, if for whatever reason, you were to part ways with your current employer, you’re marketable enough to find another job quickly. The last thing we’d want is for you to be tied down to a mortgage with no monthly income!

This conversation tends to go in many different directions, but I find it starts things off on the right foot by asking the two above questions. So, ask yourself: should you be buying a condo or renting a Minneapolis apartment?

Get Connected

As always, I’m here to be your Minneapolis resource and help guide you through your 2020 plans. Feel free to reach out anytime via email, text, or instagram: paul@drgmpls.com | 952-847-3406 | @penthousepaul

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