How to Research the Neighborhood as a Minnetonka New Homebuyer

If you are a first time home buyer, the excitement of finding your dream home may turn into a chore because of the number of things that have to be kept track of and the important decisions that have to be made. Any undue stress and headaches in your property search and purchase can be eliminated by going about your search in an organized manner. It is of utmost importance to spend some time to assess new neighborhoods and looking at prospective homes. It may also be necessary to do your own research to discover which neighborhood is the ideal area for you to live in.

One important step of the home buying process that should be done by a first time homebuyer is to explore at least a five block radius of their ideal neighborhood to see if there are any homes for sale. This can be easily done by driving around the area, or navigating your way through your chosen neighborhood using an online mapping tool. This will allow you to have a relatively long list of homes for sale to choose from in the areas of your preference.

As a first time homebuyer, it’s also a good idea to find out where the nearest gas stations, public library, grocery stores and access points to the interstate or major highways are. Remember, you need to imagine what it would be like to actually live in this neighborhood. Make a mental note of the locations of different stores, service centers and roadways so you can be confident about running errands and commuting to work with peace of mind.

It is also good to be aware of the zoning laws of each specific neighborhood, especially if your target area is entirely new. This is important because you may decide to renovate or remodel the house that you buy. Being aware of the basic zoning laws and regulations for building pools, decks and adding extensions to your home will serve you well for your future plans.

It is best to find out in order to be prepared to budget for expenses like that of association fees, taxes, and other fees that have to be paid before deciding which among the homes for sale to purchase. Local county tax collectors usually have a website from which you can get tax information by entering an address. For association fees and other fees related to the purchase of any of the homes for sale, contact a local lender or a licensed real estate professional for an estimate.

Taking the time and effort to take find out about the new neighborhood you plan to live in is a vital step in the purchasing any homes for sale. Find out the important details about taxes, zoning laws and other related fees associated with a real estate property purchase by doing online research and contacting a local lender, a mortgage professional or a licensed real estate agent. The data that you have gathered will greatly aid you in deciding which among the homes for sale to purchase.

Minnesota Realtor Alexandria P. Anderson helps people to find and purchase Minnetonka Homes and Minnetonka real estate in the Twin Cities of Minneapolis and St. Paul.

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Simple Tips For Beginning Minnetonka Homebuyers

Beginning Minnetonka homebuyers need to understand one essential aspect in the process of owning a house and sales contract, which is ‘closing costs’.Most people seem to be unaware that closing costs are usually set at 15 percent of the sales amount and loaners usually ask that you pay for it directly. Although some lenders can roll them into the loan package, it would still be advisable to identify them as early as possible so you can wisely project your funds and easily discuss what you want as far as terms of arrangement in the final price is concerned.

It may be best to keep in mind that the lender base the maximum amount offered to you not on the net price (the sales price minus the closing costs) but from the actual sales price paid by the buyer. There are various ways in which closing costs are allocated and this may need the help of your realtor and lender if only to come up with the most agreeable plan for you to stay within your budget limit.

As a home buyer, being knowledgable about your responsibilities is the first crucial step to understanding what closing costs are. As explained by Barron, the author of the book ‘Smart Consumer’s Guide to Home Buying’, homebuyers must know that custom dictates allocation of closing costs and designates buyer and seller responsibilities, and not the law, as many believes it to be.

It is the buyer who typically settles all the fees and the loan’s the discount points. The lender, on the other hand, adds all these at the end of the contract (but may vary significantly according to the financial institution concerned). Bankers typically assign this fee as part of your contract or may be waived for important customers, yet it is best that you have an exact idea what the estimated amount will be.

The buyer is also responsible in paying the premium of the homeowner’s title insurance policy and has to ensure that this be settled before the purchasing begins. Most will agree that it is beneficial to have some extra cash in your hands to pay for the premium and to avoid getting it rolled into the loan. Note also how premium cost may vary from one insurance company to another. Before signing the contract, it may be wise to do a little research particularly on the insurance policy rates of homeowners or try to scout around for other possible choices. The seller has the following responsibilities or obligations.

Sales Commissions – refers to the fees allocated to the agent of both the buyer and the seller. But these may be dependent upon the agent you are working with.

Inspection Costs – pertains to the expense of having various inspections and those that are required for homes prior to purchase.

Title Insurance – there is one misconception about title insurance since many first time homebuyers think that they will need to take care of any costs associated with the title company except it. But, the closing costs also covers the title insurance costs, making it a responsibility of the seller.

When you know what closing costs are, you can have a better idea as to what your home’s final price will be during the signing. As a matter of fact, if early on the financing process you have done so, the lender may give you necessary information like the fees you will have to pay and discount points among others.

Author and Realtor Alexandria P. Anderson helps clients to find and purchase Minnetonka real estate as well as Minnetonka homes for sale in and around the Twin Cities of Minneapolis and St. Paul.

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Buying Your Minnetonka Home Online – Things to Consider

With the wealth of realtor websites, bank financing options and home search tools available online, more people are finding it easier than ever to buy their home online. Buying your home online can make it easier to conduct a search of the latest listings, narrow down the field of choices and learn more about your prospective neighborhood without ever visiting the property in person.

Using the search facilities of a Minnetonka real estate website to find the latest listings of homes for sale within your state or any other state across the nation will help you save time, money, and effort. There are some essential things that you need to be aware of to be able to conduct a more efficient real estate online property search. Here are some things are to be taken into consideration when searching for any real estate property online:

1. Set a limit on how many homes you will browse in a given day. The Internet opens up thousands of listings in a given area, but there is only so much you can take in on a given day. Avoid getting into a situation of ‘brain overload’ by limiting the number of properties you are willing to research on any given day.

2. Keep track of all seller’s contact information. Set up a separate address book or spreadsheet to keep track of seller contact information for various properties so you have that information at your fingertips when you need it. This makes it easier to set up your appointments or second and third showings of a property; you won’t have to start the entire listing search from scratch when you create your own easily-accessible reference system.

3. Get an aerial view of the property. It is possible to a bird’s eyes view of the neighborhood and to take a closer look at your prospective Minnetonka homes for sale buying using Google Maps satellite images and other tools. You will be able to get to see the look at the outside of the home you want to purchase, the garden space, the garage and see the surrounding areas.

4. Don’t rely solely on listing pictures. If it is possible, after making a list of the homes for sale that you are interested in, prepare for your trip to your prospective area by contacting a local licensed real estate agent or a professional realtor of the website that you found the property in. The real estate agent or realtor will take you for a home inspection of the properties that you are interested in and you will be able to get a ‘feel’ of the home, take a better look at what its advantages and disadvantages are, and the home inspections will greatly aid in your making a studied decision towards the purchase of your new home.

5. Take a virtual tour. Many home listings now offer virtual tours where you can click through rooms and see 360-degree views and different orientations of each area. Take the time to seek these out, especially if you want to get a feel for a particular look and style of new floorplans and designs. This can save you time on visits, and also help you narrow down exactly what you are looking for in your ‘dream home’.

6. Use a variety of search tools. Shelley O’Hara and Nancy Lewis, authors of the book, “The Complete Idiot’s Gide to Buying and Selling a Home” encourages prospective homebuyers to use several different sites and home buying tools when doing their research. For targeted search engine results, type in the name of the state you would like to buy property in, and then type in the words ‘buy homes for sale’ to ensure more accurate results. You may be able to find your perfect new Minnetonka homes right away.

Author and Realtor Alexandria P. Anderson helps clients to find and purchase Minnetonka Real Estate and Minnetonka Homes in Minnesota.

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How To Effectively Choose The Best Minnetonka Homes Mortgage

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Minnetonka Homes For Sale

Selecting the right mortgage package as a first time home buyer to be able to buy one of the Minnetonka homes can be a confusing process, and working with a mortgage loan officer isn’t always the best way to get the mortgage loan that you can afford. One of the biggest mistakes that first time is to sign on the loan that they qualify for, instead of taking a smaller loan that they can actually afford.

After the loan officer had assessed your qualifications based from your income ratio, evaluate first your readiness in terms of your monthly payment or budget. People who fall into the trap of borrowing the entire loan amount they qualified for may find their monthly budget exhausted and can end up regretful.

Being specific about the amount to be borrowed can spare you the possibility of having trouble with the payment terms offered by the loan officer. This can also help you adjust your housing expenditures based on your income. These are several ways to help you choose the best mortgage to buy any of the Minnetonka homes:

1. Consider the tax benefits. Some mortgages are ‘interest only’ loans which means you can deduct the entire payment on your taxes for that year. However, loans that are designed with a negative amortization scale won’t allow you to deduct interest from your monthly payment.

2. Think long-term. If you’re planning on staying in the home for 30 years or more, you will be a good candidate for a fixed-interest rate loan. While these types of loans may have a slightly higher interest rate than ARM loans and other loan products, they will protect you from changing market conditions. Still, there are some drawbacks of the fixed interest-rate loan. Barron’s Smart Consumer’s Guide to Home Buying points out that the demands of the escrow account associated with the fixed interest-rate loan may cause your payments to increase.

3. Ask about other home payment options. Flexibility in your mortgage loan’s payment can help you maximize your funds. For instance, there are mortgage loans that allow making extra payments toward the principal balance without worrying about a penalty. You may inquire about this type of loan so that you would not be problematic of your debts in the future.

4. Look for ways to keep payments low. Even when the lender offers you a large loan, consider cutting back on the loan amount so that you can keep the payments within an affordable range. A low interest rate, long loan term, and the ability to make interest-only payments are a few ways to keep payments as low as possible and within your budget range when buying Minnetonka homes.

5. Avail yourself of mortgage insurance. Nowadays, majority of people do not have enough resources to pay for down payment. However your down payment can no longer be a problem since it can be provided by mortgage insurance and in some instances, you can even apply for your desired loan without making any kind of down payment.

Alexandria P. Anderson specializes helping people to find and buy Minnetonka Homes as well as Minnetonka Real Estate for her MN real estate clients.

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Minnetonka Real Estate

Minnetonka Minnesota real estate has SO much to offer!  If you’re not familiar with the Twin Cities, MN area, Minnetonka is located on the west side of the metro area.  Minnetonka homes are a great place to live for those that want to be close to all the action that happens in the Twin Cities– professional sports events, shopping, nightlife, fine cuisine– but still want to have some peace & quite and know their neighbors just like the good ol’ days.  The great part is that dozens of  Minnetonka homes for sale right now probably fit your budget. That’s right, it’s a buyer’s market! Minnetonka Minnesota real estate consistently remains a popular due to its superb location, but right now you can find great homes at great prices in great locations! We specialize in making you comfortable and happy by finding a home that is perfect for you.  Our job has been made even easier recently due to the large number of great homes to choose from in today’s market. And don’t believe all the hype in the media about the “risky” real estate market!  The truth is that now is an excellent time for you as a buyer to consider purchasing a home, especially in a location like Minnetonka, Minnesota.  Contact us soon to find out how we can help you find real estate in Minnetonka to fit your lifestyle.

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Minnetonka Homes, Condos and Real Estate

With its rich history dating back to the Louisiana Purchase and its boom years during the Industrial Revolution, the city of Minnetonka has grown into a vibrant and friendly community in the Midwest. Minnetonka shares its name with Lake Minnetonka, but the city is just a small village on Gray’s Bay on Minnehaha Creek. It can be found just eight miles west of Minneapolis, and as the 14th largest city in Minnesota, it boasts a diverse population of over 50,000 residents. Minnetonka homes for sale can be found in local and regional MLS listings, and a Minnesota real estate agent can help make the search for an ideal home an easy process.

Minnetonka offers a wealth of opportunities for all residents, and has become an attractive place for families, singles and couples alike. Minnetonka homes and condos cater to a variety of tastes, and each neighborhood in the area has easy access to several community amenities. Minnetonka is home to several parks and recreation facilities, a strong public education system, an active community and local government, and a thriving business sector. Residents can take part in several community events, festivals and gatherings that take place in the unique neighborhoods scattered across the city. Local community developments are managed by the city council, and residents are able to take part in several key decisions and policies that affect their city.

Finding a Minnetonka property that complements your lifestyle is easy with the help of a realtor who has up-to-date information on the local real estate market and can help you keep track of MLS listings in the area.

Real estate in Minnetonka continues to grow at a healthy rate despite the country’s fluctuating economy and ongoing price shifts. Single family homes, condos and even apartments are priced at affordable rates and the standard of living in Minnetonka continues to be higher-than-average compared to other cities and towns across Minnesota. Attractive and affordable properties around the lake continue to be popular choices for the new homeowner.

When you’re ready to find a home in the city of Minnetonka, you can begin your search by reviewing MLS listings online for Minnetonka Minnesota real estate. These may include in-depth descriptions of the property, photo galleries and slideshows that give you a better overview of available properties. Working with a professional real estate agent who is familiar with the area and can identify your key needs can also help you find the ideal match for you and your family.

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