3 Things First-Time Home Buyers in the Twin Cities Should Keep In Mind
With more millennials entering the marketplace and searching for that perfect new place to live in the Twin Cities, it’s important to know what home ownership entails should you happen to be someone who will soon be transitioning from renting to owning a house.
For the most part, renting a home or apartment in the Minneapolis-St. Paul area is easy. Once your application is approved and you’re all moved in, sending out that rent check every month is about all you’ll need to worry about, as long as you don’t experience any unforeseen issues with the property of course. But as a home owner, the list of responsibilities you’ll have to manage is a bit more daunting, especially if you’re going to be a first-time home owner. So while buying a home can certainly be a fun and exciting time in your life, here are a few things to keep in mind if you’re going through the process for the very first time:
Understand the finances
As mentioned above, paying rent every month is a pretty simple process. But what you may not fully grasp is what a portion of that money actually goes to that your landlord is responsible for every month or year. Expenses like taxes, insurance, garbage pick-up, water, and on-going maintenance all add up—and if you’re not ready for some of these added costs as a new home owner, bills can start to pile up rather quickly.
The long-term aspect
Unlike renting a home, condo, or apartment in the Twin Cities, where a lease either expires or is renewed every year, most home buyers will settle into their new place for a much longer period of time. After all, selling a Minnesota home isn’t always easy, even in the best of times. So as a home buyer, do your homework and make sure the location you choose fits all your needs, wants, and lifestyle preferences.
So you’ve finally bought a house. FREEDOM! No more dealing with the landlord’s silly rules, right? Well, not so fast. Depending on where you buy, you may need abide by the rules and regulations of the community or HOA. Exterior modifications to a condo or townhouse residence are usually always prohibited, and proper lawn maintenance, noise levels, and various other rules are strictly enforced in neighborhoods all over the Twin Cities Metro Area.