Savage townhomes for sale are quite often priced more favorably than traditional single family housing 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 Savage 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 does not mean that the maintenance of the home is free, of course. As a part of your responsibility for living in a Savage 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. For example while your association dues might include insurance for your dwelling in one 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 since your monthly association dues can vary significantly.
Having developed into a popular bedroom community to the Twin Cities, Savage, MN has almost tripled in population over the past twenty years. Filled with affordable real estate for sale, Savage, MN has become a great spot to look for homes for the Minnesota first time home buyer. Conveniently located just southwest of Bloomington, living in Savage means you will have a short commute to the major employers in Minneapolis and St. Paul. Since the community has a busy Park and Rec program, it seems like homeowners of Savage always have something fun to do. If you're thinking of buying or selling Minnesota real estate, please take a moment to send me an email or give me a call.
If you are using an FHA loan to buy your Savage townhome, be certain to investigate how the homeowner's association was originally formed before you make your offer. In many cases in MN, townhome associations were formed as a condominium association 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 part in the process of buying a house is to get prequalified for financing. This means that you meet with a local mortgage lender who analyzes your credit, income, assets, and debts. In the prequalification application they can tell you what types of Minnesota first time buyer programs you might be qualified for. This critical first part can be done over the phone and most lenders will even do this with you when you are off from work.
Sales Executive, Licensed Realtor in MinnesotaÂ
Century 21 Premier GroupÂ
1660 S. Highway 100, Suite #578
St. Louis Park, MNÂ 55416
With a focus on Twin Cities real estate and surrounding communities.