Buying a house in Minneapolis – tips and hints
If you are moving to the capital of Minnesota and you are buying a house in Minneapolis, there are a few things to consider. Owning a home is a core component of the American Dream, so this can be the wisest decision that you’ve ever made. Minneapolis is a great city for raising a family, but it is also convenient for the young professionals. Since it’s a big city, it has many interesting activities, museums, sports stadiums, hip restaurants and bars, nightclubs. Before buying a house in Minneapolis, here are some steps you have to take.
Important things to consider when buying a house in Minneapolis
There are many factors to consider when buying a house. Especially if you are moving a long distance to Minneapolis.
- Budget – Before you even start looking to houses, you should set a clear budget. Don’t go above your financial limits because it can cause a lot of problems in the future.
Take into consideration only the houses you can actually afford.
- How big should it be – Your new home should be cozy and fit the needs of all your family members. A number of your family members will determine the size of the house.
If you are single, you may be tempted to buy a smaller house. That may be enough at this stage of your life, but if you start a family maybe you will b forced to search for a bigger home.
When buying a house, it’s always better to go a little bigger.
- Neighborhoods – When buying a house in Minneapolis, you should research the neighborhoods. Take your budget into consideration – some neighborhoods can be much more expensive than the others. If you can’t afford them, cross them off your list.
- Schools – If you are moving to Minneapolis with your family then you should consider neighborhoods in a good school district. The education of your children is the most important thing, but the excellent school also adds resale value.
- Make a list of the features you want in a house – Write down all of the things that you want your new home to have: number of bedrooms, square footage, a garage, a yard, granite countertop, new plumings, wooden floors, etc. Rank them by priorities. The first items on your list are the unnegotiable ones. The last things on your list should be the features of the house that you can live without if the compromises are necessary.
Be patient and flexible
- Finding the ideal home, in the neighborhood you prefer, at a price you can afford is a really hard task. It takes time and patience. Realistically, you maybe have to make some compromises and adjust some features that you are looking for a new home.
Buying a house in Minneapolis – real estate market
If you are considering a local Minneapolis move then you know how competitive real estate market can be.
If you are relocating from another town or country than you should get acquainted with it.
Buyer demand is strong and inventory of homes for sale is limited and even shrinking in the housing market for several years. A strong economy with low unemployment has transformed Minnesota real estate market into buying mania. Historically low mortgage interest rates are also contributing.
It doesn’t mean that you can’t find a house for buying in Minneapolis, but it can be a difficult task.
The time is of the essence. When your decision of relocation is final, you should start looking for a perfect new home.
Hiring a real estate agent is the best way to get ahead, especially if you are not the local in Minneapolis. Find the most reliable real estate agent, so you would avoid scams.
Let your agent know what are the “must have” features of your new home, which neighborhoods are you interested in and set a clear budget.
The real estate agent will probably show you some of the houses that cost more than you are willing to pay.
So that you don’t fall in love with the house that you can’t afford, be firm in determining your budget limits and ask a realtor to respect them.
The best neighborhoods in Minneapolis
The neighborhood of Linden Hills is located in southwest Minneapolis. It is nestled between Lake Harriet and Lake Calhoun, and it’s full of parks and greenery.
Linden Hills has a character of an urban village. People who live here are friendly and welcoming, and the neighborhood is very safe and has a great school district.
It has a small town vibe mixed with eclectic urban living. That makes it one of the top neighborhoods that you should consider when buying a house in Minneapolis.
Historical neighborhood Downtown East was neglected in the past but now has bloomed into one of the best locations for buying a house in Minneapolis. It is an extension of the downtown core, so commute to the city center isn’t long as in the other neighborhoods.
This is the perfect place for the art lovers because of a center for the fine arts in Minneapolis. It is also a home of the massive U.S. Bank Stadium that is hosting the 2018 Super Bowl.
Downtown East has many new restaurants, shops, and activities for all generations to enjoy it.
Up-and-coming neighborhood Ericsson in southeast Minneapolis is a hidden gem of this town. It has a unique character reflected in the original architecture and the tree-lined streets. It’s charm, affordability, accessibility to downtown Minneapolis and many interesting shops and activities make it one of the best neighborhood that you should take into consideration when buying a house in Minneapolis.
Houses here are more affordable than in the other similar neighborhoods – median home sale price is $238,000.
Ericsson offers a great outdoor amenities since it’s located between Lake Hiawatha and Minnehaha Falls.