So, you’re finally ready to buy a house in the great state of Minnesota. Congratulations!
It can be quite an exciting time, especially if you’re a first-time homebuyer. But before you rush headlong into buying that house you fell in love with, there are key things you have to ask yourself.
Buying a house is a major financial undertaking that needs time and thought. To make sure you’re making the right decision, here’s how to purchase a house by asking yourself five key questions.
- What exactly do I want?
Do you want a bungalow in the suburbs? A townhouse in a gated community? A condo in the heart of the business district? How many rooms do you need? For many first-time homebuyers, knowing what they want is one of the hardest things to figure out.
It is important to note that what you want right now in a home may not be what you want in five years so you have to account for your changing needs. Are you planning on raising a family in the future? That one-bedroom condo may not be the ideal choice.
Or perhaps you’re looking at retirement homes in Minnesota. Make sure that you are buying a home in a place that will suit your changing lifestyle needs today and in the years to come.
- How much do I pay for a house?
It is crucial to know that you’re getting what you pay for in order to avoid buyer’s remorse.
Homebuyers typically look at the prices of other houses in the neighborhood for comparison However, there are other ways. You can:
- Ask the owner how much they originally paid for the home. This can give you a good idea of how much wiggle room you have for negotiations.
- Ask the agent how long the home has been on the market. If the house has remained unsold for quite some time, the house may be overpriced and you may be in a good position to negotiate a discount.
Of course, you have to understand that the price tag is not the only thing you’ll be paying for when you purchase a home. There are other costs to factor in, such as insurance, property taxes, and closing costs, among others. Talking to a real estate agent, lawyer, or mortgage broker can help you figure out exactly how much money you need to purchase your house.
- What’s the condition of the house?
The condition of the house is another important homebuying consideration. Are the walls properly insulated, especially in Minnesota where winters are long and cold? Has the house been renovated or undergone major repairs? Sellers are required to disclose this information by showing you building permits. How about the roof? Newer roofs typically have a life expectancy of 15 to 50 years, so if you’re buying an old house, it’s important to ask the seller when the roofing was last replaced.
When a seller accepts your offer, make sure you order a home inspection.
According to the American Society of Home Inspectors, a basic home inspection report will let you know the condition of the following:
- The heating system
- Electrical systems and interior plumbing
- Central air conditioning system
- Walls, ceilings, floors, windows, and doors
- Visible insulation, the roof, and attic
- The basement, foundation, and structural components
If the inspection reveals major issues with any of these areas, you can renegotiate your terms with the seller, or back out of the deal if you can’t reach an agreement.
- What’s the neighborhood like?
This is what to know when buying a house: the neighborhood is just as important as the home itself. Look beyond your property and assess the community. If you have kids, are there schools, parks, and other family-friendly amenities nearby? Will the peace and quiet of something like Minnesota rural property for sale work for you? Another factor to consider is the traffic. If you live near shopping centers or restaurants, will the hustle and bustle of the locale prove to be an irritant or a convenience? It is important to ensure that the community serves your needs.
- When do I buy?
Determining the best time to buy a house in Minnesota is important. For sure, you don’t want to buy a house when the market is hot and the prices are through the roof. Although there is no perfect homebuying date, there are advantages and disadvantages to the seasons.
Spring and summer bring longer days and warmer temperatures, and more homes are listed for sale during this time. Although there are more houses for sale, there is often a huge demand which drives the prices up.
Do you need to find the right Minnesota property? Whether you require help in shopping, negotiating, or closing the deal on a property, my partners and I at Prairie Home Realty would love to hear from you.
Call 320.589.2159 or email team(at)WeGetRealEstate(dotted)com for your best housing options in the West Central Minnesota cities of Morris, Hancock, Donnelly, Cyrus, Chokio, Alberta, Herman, and the Alexandria Lakes Area.