Buying a house in Minneapolis, St. Paul or the surrounding area is a big decision and requires some serious commitment from your end. Given that it’s probably the biggest investment you’ll make in your life, you don’t want to go wrong with it. Here’s a guide on what you should consider before buying a house.
Budget
It goes without saying that budget is the most important factor to consider when buying a house. You need to evaluate your financial situation and see if you can afford a house within your budget after taking into consideration your monthly income and amount of debt.
Home loan
Once you’ve assessed your financial situation and decided on your budget, you need to check home loan options to be able to finance the purchase of your house. Home loans can come with a fixed interest rate or variable interest rate for different durations, so you need to check on the best one for you. It would help if you also decided based on the down payment you will be required to make for the house.
Location
You need to choose a house that’s located conveniently from your workplace, hospitals, and other areas to avoid spending time and money on travel. You also want to check how well connected this location is to other areas via transport facilities to enable easy commute.
Age of property
The property’s age can impact the maintenance it’ll require, so decide on whether you want to buy an old property or one that’s newly been constructed. Each has its own pros and cons with a different charm, so make sure you’re clear about what you want.
Features
Features of the house need to be carefully assessed before you buy it. Make sure you’re happy with its size and number of bedrooms/bathrooms. Evaluate the layout, space, and style of the house so that you can truly feel at home in a place you love. You’ll also want to check for any signs of damage, roof condition, and risk of flooding.
Legality
You must ensure that the seller’s title is clear and that there are no dues pending on the house before you buy it. All legal requirements must be met before you decide to buy the house, and getting the help of a real estate attorney will ensure this.
If you’re looking to buy or sell a condo, a townhome, a single-family home, or a multi-family residence in Minneapolis, St Paul or the suburbs, please feel free to call, text or email RE/MAX Results – Shannon Lindstrom, Realtor @ 612-616-9714 or visit www.ShannonLindstromRealtor.com today.
