What for many real estate buyers was formerly true north has now shifted: downtown is in again. And with this shift comes a reinvigorated appetite for condo ownership. But despite fluctuations in the existing and new home markets, Minneapolis Condo sales have remained strong.
The wisdom of Condominium ownership is not lost on buyers who may have previously been looking to purchase a split-level house or a rancher as location and convenience become the watchwords of the real estate market. Also, in many cases, buyers formerly seeking a house are now in line with the economies of scale that a townhome or condominium purchase brings with it.
Young people and first-time buyers are also shifting the proverbial spotting scope to condominiums and townhomes in downtown and city locations. Often a search on the Minneapolis MLS shifts perspectives and broadens horizons in discovering what options are available. Along with low maintenance and easy upkeep, the city life has a way of seducing its habitants to feel connected. Connectivity has numerous benefits, among them, low transportation costs, proximity to place of work, proximity to the necessities, to luxury shopping and to culture and entertainment venues. With lush parks and green spaces incorporated into modern city design, a leisurely stroll or vigorous jog is a mere foot-fall away.
The following are a few helpful tips to consider when you're looking at buying a condo in Minneapolis to ensure that your bases are covered:
Enlist the services of a real estate professional. Realtors are trained and familiar with the ins and outs of purchasing a home. They can help you steer clear of some of the pit-falls that come with the territory, or help you navigate the steps and stages involved with a successful real estate purchase.
Consider talking with your banker or financial advisor in advance of shopping for a home to find out what kind of mortgage you can afford and what types of mortgage are available to you. Pay keen attention to the fact that there are additional monies involved with real estate purchase that may not be considered up front such as closing costs, moving expenses, taxes and legal fees.
Keep your ideal home in mind but make room for options at both ends of the spectrum: be willing to consider fixer-uppers at the low end or a higher-priced condo in a nicer neighborhood that may only be slightly out of reach. In either case, there may be some wiggle room to make it work if it fits your budget and your vision.
At some point you may want to sell. Seek advice and best practices in terms of selling value down the road. Number of bedrooms, the view, the character of the neighborhood, and even whether there is existing direct sunlight streaming through the windows during the day can be important factors.
Consider storage, parking and accessibility. Is there a decent locker available to store seasonal gear? Is parking easily accessible? Is your condo entrance right across from the elevator?
Pay close attention to the state of repair to the rest of the building: aromas or odors in stairways and lobbies, dilapidated or well-kept entryways and stairwells, clean or dirty windows etc.
Are there maintenance or strata fees? If there is a strata board, are they repressive or diplomatic? Do they have vision or lack clarity in decision making and policies?
Are most of the other residents tenants or owners?
These are just a few of the many things to consider and which a real estate agent will be able to assist you in researching on your condo buying adventure.