Prior Lake rental homes will typically have the advantage that you can get be released of a lease arrangement in about one year's time. I want you to remember that this advantage comes at a cost, however, , in that your rental payments will often exceed those of a house payment. In addition, the security deposit for the rental may actually be more than 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 advantage may certainly be worth it to rent a homes if you will be moving again to a another city at the end when your lease expires. 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.
With all of the programs 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.
For many MN first time home buyers the big, intimidating question is where do I start the process? Your very first step towards buying your first home is to get preapproved for a first time buyer's mortgage. By doing so you find out how much you are qualified for so that we can research homes in a price range with comfortable payments for you.
Known as the sister city of Shakopee, MN first time home buyers and move up buyers alike, the city has doubled in size over the past 20 years. The combination of Upper and Lower Prior Lakes make up the largest lake in the lower Twin Cities area. With 54 city parks and a well established Park and Rec, it seems like there is always something to do in Prior Lake. If you are looking to buy or sell a home here, 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 rental homes in Prior Lake versus buying a home. My consultation is free and am glad to talk with you about the differences.
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.