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Joe Scherer's Blog

By Joseph Scherer | Agent in Dakota County, MN

Little Canada Rental homes: Is It Better To Buy or Rent?

Little Canada Rental homes: Advantages of Buying vs. Renting

If you are in the hunt for Little Canada rental homes, pause for a couple of minutes and consider the difference in renting homes versus buying one. Since it is more expensive today to rent homes than to buy one isn’t it at least worth it to consider saving some money by buying a home?

Little Canada Rental homes: Is It Worth The Cost of Renting?

Little Canada rental homes will usually have the advantage that you can get out of a lease arrangement within 12 to 24 months. I want you to remember that this advantage comes at a cost, however, , in that the amount of your rental payments will often times exceed those of a typical house payment these days. Additionally the rental deposit may well be in excess of the entry cost required for buying a home when considering all of the down payment assistance programs available for MN 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 rent payments helping to make the payments of your landlord.

Still, the advantages of renting may be worth it to rent if you have plans on moving again 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 Little Canada homes for the First Time Buyer

With all of the great benefits available to the MN first time home buyer today, it is hard to know where to start in terms of listing the 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 Pre-qualified

The first part in the process of buying a house 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 Minnesota 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.

City of Little Canada

Little Canada, MN is an inner ring suburb conveniently located just north of downtown St. Paul. With an easy commute of about 15 minutes, residents here benefit from all of the employment and entertainment opportunities of St. Paul. With plenty of affordable housing, MN first time home buyers may benefit from the Ramsey County First Home program. If you are interested in buying or selling a home in Vadnais Heights please give me a call.

If you have not yet considered buying a homes I would like the opportunity to talk with you about the benefits of both renting versus buying. My consultation is free and am eager to help.

Joe Scherer
Sales Executive, Licensed Realtor in Minnesota 
Century 21 Premier Group 
Cell 612-991-6365 
1660 S. Highway 100, Suite #578
Parkdale Plaza
St. Louis Park, MN  55416
With a focus on Twin Cities real estate and surrounding communities.

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