Edina townhomes for sale are often priced significantly less than traditional single family houses due in part to the use shared walls and common areas. The townhome association to which you will be required to belong is responsible for upkeep of these common areas as well as some of the exterior maintenance of your home as well. This can make buying a Edina townhome especially appealing to busy first time home buyers as well as to retirees who prefer not to deal with that type of upkeep.
This fact does not mean that the maintenance is without cost, as you know. As part of your financial responsibility for owning a Edina townhome you will be required to pay a monthly association fee. This fee covers a variety of things but the extent to what it covers can vary from one association to another. While your monthly association dues might include insurance coverage for your dwelling in one homeowner's association, you might have to pay that separately for that in another. It is important to check into these things before you make your decision to buy as your monthly costs could vary significantly depending upon the association.
Conveniently located in Hennepin County, Edina is a beautiful first-ring suburb of Minneapolis. As a fully established community, the population has remained stable at around 47,000 over the past 40 years. While large employers such as Jerry's Foods and Fairview Southdale hospital are here, many residents enjoy an easy 20 minute commute to downtown Minneapolis. While often considered one of the most affluent communities of the Twin Cities, MN first time home buyers may be interested in one of the Edina's downpayment assistance programs which offers up to $60,000 to qualified buyers. If you are interested in buying or selling a home in Edina please give me a call.
An important note to those buyers using an FHA loan to purchase your townhome, be sure to check out how the association was formed before you make you write any purchase agreement. In many cases, the associations for townhome communities were actually formed as condominium associations to save fees for the developers. If the townhome association is actually a condo, FHA will require that the association has been approved by FHA. If the condo association is not yet approved by the FHA, the process for getting FHA condo approval can be time consuming and a bit aggravating for all involved and may delay your purchase closing.
The first step in the process of buying a home is to get prequalified for financing. This simply means that you talk with a local lender who analyzes your credit, income, assets, and debts. In the prequalification application they can tell you what types of MN first time buyer programs you might be qualified for. This first step can usually be done right over the telephone and most lenders will arrange to talk with you when you're off work, even in the evenings or weekends.
Sales Executive, Licensed Realtor in Minnesota
604 Bielenberg Drive, Suite 100
Woodbury, MN 55125
With a focus on Bloomington real estate and surrounding communities.