Eden Prairie rental homes, of course, have the advantage that you can get out of the lease contract in 12 months. This advantage comes at a cost, however, , in that your rent payments will often times 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 real cost in renting is the fact that you are helping someone else buy their home with your rental payments helping make THEIR house payments.
Still, the advantages of renting may be worth it to rent 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 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.
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 will review your credit, income, etc. In this discussion they can tell you what types of MN first time buyer programs you might be qualified for. This critical first part can be done over the phone and most lenders will arrange to talk with you when you're off work, even in the evenings or weekends.
Located just 12 miles southwest of downtown Minneapolis, Eden Prairie is a popular commuter city to the Twin Cities. With over 60,000 residents, the city has more than tripled in size over the last 30 years. Business such as Digital River, Super Value and CH Robinson are headquartered here. Eden Prairie has consistently been listed in Money Magazines "Best Places to Live" in America since 2006. With low rates and plenty of affordable housing, this is a popular place for MN first time homebuyers and move up buyers alike. If you are looking to buy or sell a home in Eden Prairie please contact me.
If you have not yet considered buying a home I would definitely like to talk with you about the benefits of both renting versus buying. Please take the first step which is to email or call me.Robert Phyle,CSP,GRI,RSA