Lakeville rental townhomes will usually have the advantage that you can get out of a lease arrangement within 12 to 24 months. This advantage comes at a cost, however, , in that your rent payments will often times 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 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 townhomes is the fact that you are helping someone else buy their home with your rent payments helping to make the payments of your landlord.
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.
With all of the great benefits available to the MN first time home buyer today, this list of benefits is long. 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 Minnesota 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 prequalified for a home loan. By doing so you find out how much of a loan you are qualified for so that we can research homes in a comfortable price range.
For anyone considering buying Lakeville real estate you will be glad to know that Lakeville is one of the fastest growing areas in the Twin Cities metro area. As a suburb of the Twin Cities metro in Dakota County the population of Lakeville is now over 55,000 people according to the 2010 census. It seems there is always something to do in Lakeville, MN because of its highly active Park and Rec Department. Minnesota first time home buyers will enjoy the benefits of special financing qualify for the Dakota County First Time Home Buyers Program If you're planning to make a move to the south metro now is a good time to check out Lakeville real estate.
If you have not yet thought of buying a townhomes I would like the opportunity to discuss with you about the benefits of both renting versus buying. I encourage you to take the first step which is to call or email me.Robert Phyle,CSP,GRI,RSA