North Oaks Rental Homes: Should I Rent Or Buy A Home?
If you are in the hunt for North Oaks rental homes
, letâ€™s pause for a minute and consider the difference between renting homes versus buying. Since it is more expensive today to rent homes than to buy one isnâ€™t it at least worth it to consider saving some money by buying a home?
North Oaks Rental homes: Is It Worth The Cost?
North Oaks rental homes will have the advantage that you can get out of the lease contract in 12 months. Remember,however, there is a cost to this advantage , in that your rental payments will often exceed those of a house payment. Additionally the security deposit may well be in excess of the necessary down payment cost required for buying a North Oaks homes after considering all of the down payment assistance programs available for first time home buyers. Finally, perhaps the highest cost in renting a homes is the fact that you are helping someone else buy their home with your rental payments helping make THEIR house payments.
The advantages may certainly be worth it, despite the high cost of renting, to rent if you are planning on moving again to a different city at the end of your lease. I tend to think that if you buy a home today you should plan on staying in it for a few years while the market develops.
Benefits To Buying North Oaks homes for the First Time Home Buyer
With all of the benefits available to the MN first time home buyer today, it is hard to know where to start in terms of benefits. The State of Minnesota now offers special loan programs through its Minnesota Housing Finance Agency to offer reduced interest rates as well as down payment assistance. Additionally many communities today offer additional down payment assistance loans or grants that both reduce what you need for cash to close as well as reducing your monthly payment.
Get Preapproved Today
The first part in the process of buying a house s to get preapproved for your home loan. This means that you meet with a local mortgage lender who will review your credit, income, etc. In the prequalification application they can tell you what types of MN first time buyer programs you might be qualified for. This important first step can be done right over the phone and most lenders will even do this with you when you are off from work.
Living in North Oaks
Are you planning to make a move to the community of North Oaks, Minnesota? Private cul-de-sacs, winding roads, and the absence of sidewalks and streetlights all contribute to the privacy and seclusion of the neighborhoods. Steeped in history, the city is located on the old North Oaks Farm, previously owned by railroad pioneer, James J. Hill. The North Oaks Home Owners' Association is responsible for the maintenance of roads as well as for recreational facilities and programs. From even the earliest days, the development of North Oaks has been skillfully planned to conform with the surrounding beauty.
If you have not yet thought of buying a homes I would like the opportunity to discuss with you about the benefits of both rental homes in North Oaks versus buying a home. I offer a totally free consultation, with no obligation and am eager to help.
Sales Executive, Licensed Realtor in Minnesota
Woodbury, MN 55125
With a focus on Woodbury real estate and surrounding communities.