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Rob Phyle's Blog

By Rob Phyle | Agent in Apple Valley, MN

Time To Buy St. Louis Park Townhomes?


Searching for St. Louis Park townhomes for sale?

As you begin your property search for St. Louis Park townhomes for sale, I would like to share with you some of the pros and cons of townhome living. Millions of Americans have enjoyed living in townhomes and it just might be a perfect solution for you as well. As with any type of real estate purchase it’s important that you understand the pros and cons of the home style that you purchase before signing the purchase agreement.

St. Louis Park townhomes for sale are often priced significantly less than traditional single family houses 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 St. Louis Park townhome especially appealing to busy first time home buyers as well as to retirees who prefer not to deal with that type of upkeep.

Townhome Association Dues

This fact does not mean that the maintenance of the home is free, of course. As a part of your responsibility for living in a St. Louis Park townhome you will have a monthly dues you must pay to the association. This monthly fee covers a number of things but as to what it covers can vary from one St. Louis Park townhomes for sale association to the next. For example while your association dues might include insurance for your dwelling in one association, you might have to shop and buy that on your own in another. It is important to review this information before you sign a purchase agreement to buy a St. Louis Park townhome since your monthly association dues can vary significantly.

As one of the largest first-ring suburbs to Minneapolis, Saint Louis Park, MN is becoming a popular destination for the MN first time home buyer. With plenty of affordable homes for sale, residents of St. Louis Park have easy access to major employers in Minneapolis, as well as surrounding western suburbs. Major employers in St. Louis Park include the Novartis, Park Nicollet Clinic, and Japs Olson. Now famous as the birthplace to the movie directors Joel and Ethan Cohen, St. Louis Park is also the hometown of Senator Al Franken, football coach Marc Trestman, and New York Times columnist Thomas Friedman.

FHA Financing and St. Louis Park townhomes for sale

If you are using an FHA loan to buy your St. Louis Park 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 which was a cost saving measure for the townhome developer. If the townhome association is actually a condo, FHA will require that the association has been approved by FHA. If the association is not yet approved by FHA, the process for getting it approved can be fairly time consuming and a bit aggravating for all involved and may delay your purchase closing.

St. Louis Park townhomes for sale: Pros

  • Lifestyle with low maintenance
  • Less expensive prices for homes
  • Shared amenities such as recreational areas l
  • Often a small back yard
  • No neighbors located below or above as is common in condos

St. Louis Park townhomes for sale: Cons

  • Monthly association fees
  • Smallish yards
  • You will share walls with neighbors

Get Preapproved Today

The first step in the home buying process s to get preapproved for your home loan. This simply means that you talk with a local lender who will review your financial situation. In the prequalification application they can tell you what types of MN first time buyer programs you might be qualified for. This first step can usually be done right over the telephone and most lenders will even do this with you when you are off from work.

Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet
rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124
www.facebook.com/robphylerealestate
Visit my website to find Minnesota homes for sale

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