If you’re thinking of buying a Minneapolis condo, then you’re probably looking forward to the convenience of condo life. Freedom from landscaping chores and home maintenance tasks is just ahead. But, first you must determine how much condo you can afford to buy.
Before you do anything else, make a detailed list of your finances. You’ll need to factor in all your income, and list all your normal monthly debts. Make a separate section for things you don’t want to do without, but can if it’s required. These are the first things that are eliminated when looking to save money in your budget.
Next make a budget for your household. Remember to include extras like going out to eat. A good budget will have all of these elements:
• Fixed expenses. These include food, clothing, housing costs, car payment, even taxes that are regularly billed are included in this category.
• Retirement. At least 10% of your income should go into a retirement account.
• Savings. This is any money that has been put aside for big purchases, to pay off debts, or for home repairs. Your savings budget should be 20% of your income.
• Miscellaneous. You should put 10% away to cover entertainment expenses. Going out to dinner and a movie would come out of this section.
Most finance experts will recommend that you don’t spend more than twenty-eight percent of your income on housing costs. Still, some lenders may offer loan packages that are more than what you have budgeted to spend. No matter how great that Minneapolis condo deal sounds, you need to stick to your budget.
Once you know how much you can afford to pay for your Minneapolis condo, you can shop around for the best mortgage rates and loan terms for your personal situation. With careful planning, you can avoid making a mortgage mistake, and getting more condo than you can afford.
Need more help determining how much mortgage you can afford? Give me a call today at 612-877-1676 or email me at ben@cityoflofts.com, and I’ll give you my professional advice.
Preparing to buy Minneapolis lofts for sale can cause much excitement. But before you start daydreaming about all the possibilities, you need to concentrate on ways to save for a down payment.
♣ First, pay off debt
One of the best ways to save for a condo is to get out of debt first. From credit cards to personal loans, if you’re still sending more of your money out of the condo than you’re keeping in, you need to make a point to significantly cut debt.
♣ Get an extra job
Although not glamorous, another job will put money in your pocket to help you buy Minneapolis lofts for sale. Just make sure when you see the fruit of your labor, you set it aside as a down payment for your new loft.
♣ Hold a garage sale
Got clothes you’re not wearing? What about that CD player you never use? Holding a garage sale is an excellent way to quickly rake in cash. Some people make hundreds of dollars!
♣ Seek professional help
Even though putting 20% down is ideal, there are many available plans to assist you in coming up with a down payment. Depending on your situation, your down payment could be significantly less. Talk with your real estate agent or a trusted mortgage provider to get professional advice.
♣ Get a promotion
While this may seem like an odd way to save for a down payment, it’s very practical. Have you helped save your company a lot of money? Did you work especially hard on a big project? Don’t let all your talents go to waste. It can’t hurt you to simply ask for a raise.
♣ Use your tax refund
Instead of buying a new television or washer and dryer set, use your tax refund toward a down payment on your loft.
With a bit of effort and focus, before you know it, you’ll have your down payment and be on your way to owning your own loft.
If you’re thinking of buying, now’s the time to start working with a professional real estate agent. I can recommend a mortgage provider who will help you get the financing that best fits your needs. I can also help you find Minneapolis lofts for sale that fit your budget and criteria. Give me a call today at 612-877-1676 or email me at ben@cityoflofts.com.
Selling a loft requires preparation. While there are many things to consider, one of the first things you should do is to ensure that your loft makes a great first impression. That’s why it’s important to de-clutter in an effort to prepare your Minneapolis loft or condo for sale.
1. Start with the kitchen
Potential buyers will open drawers and cabinets. So, be sure to de-clutter your pantry, cupboards and drawers. Throw away trash and unsightly items. Organize things such as pots, dishes and utensils for a fresh, tidy appearance.
2. Organize your closet
We’ve all been there. You have company coming over and the quickest way to clean up is to throw everything in a closet. While this may be okay if you’re having a visit from friends, it’s not okay if you’re preparing your Minneapolis loft for sale. Buyers want to see everything, so don’t forget to organize your closet. Make sure all clothes are folded neatly or on hangers, and if you have carpet, make sure to vacuum. If your closet is stuffed, remove clothing you rarely wear and either give it away, sell it or neatly store it.
3. Make bathrooms shine
Nothing’s worse than a dirty bathroom. This is an extreme turn off for buyers. You want your property to have the look of a model loft. This means clearing off countertops and removing personal items, in addition to cleaning showers, bathtubs, toilets, floors and mirrors.
4. Remember the Common Areas
Curb appeal is the first thing buyers see when they visit your property. If buyers view a driveway filled with kid’s toys, unsightly lawn furniture and an un-kept lawn, they may turn away without bothering to go in. Remind your HOA to keep these areas clean and in good shape and make sure they know your unit is being marketed for sale.
These small changes can give the appearance of a well-maintained, clutter-free loft. If you want your property to stand out from the competition, follow these easy steps to prepare your Minneapolis loft for sale.
Thinking of selling your loft? I specialize in selling lofts in this area fast and for the most money. Give me a call today at 612-877-1676 or email me at ben@cityoflofts.com.
Great 02 floor plan, 1 bedroom / 1 bathroom NEVER lived in unit in great Skyscape building - Asking 193k for 875 square feet, 2nd level. Call me for details as this will go fast, 612-877-1676 or email me at ben@cityoflofts.com
Just when you think you’ve done everything you need to do to get your loft ready for the market, months pass and your loft doesn’t sell. Consider a few factors that can effect your goal of selling your loft.
Priced Too High – If your loft has an excessive asking price, it will be harder to sell. With so many Minneapolis condos available today, a big price tag may turn buyers off. And, your competition down the street may have the same loft but a better price.
The Market – No longer can you simply put a loft on the market and watch the offers roll in. Nowadays, you have to be diligent and knowledgeable in your approach. Research the market value of Minneapolis condos in your neighborhood and know what kind of competition you’re up against. And, understand today’s buyers and what they need in order to make a good offer on a loft.
Unfavorable Location – No matter how gorgeous a loft is a bad location can hurt sales. Although you can’t change the location, you can be creative in figuring out ways to appeal to buyers. Offer incentives to attract buyers or lower your asking price.
The Appearance – Does your loft need some work? If so, you want to attack those issues first before putting your loft on the market. Things like dirty carpets and broken appliances can turn buyers off. Try doing some different things like staging your loft. This will help to ensure your loft dazzles potential buyers.
You Didn’t Consult a Professional - Trying to sell a loft yourself can be an extremely daunting task. That’s why you need a real estate professional who knows the ins and outs of the industry and can market your loft in the right way.
The good thing is that you can make changes that will improve the situation. Go over all the points listed and address any problems. Once that’s done, you’ll have a better chance of watching your loft sell.
Let me give you a free analysis of your loft’s value in today’s market. Just click the following link and fill out the short form: www.cityoflofts.com
Most people are familiar with the new stimulus plan that helps many get tax rebates for buying a condo. The incentive is centered on first-time condo buyers and a lot of people automatically assume they aren’t eligible because they have owned a condo in the past. This incentive shouldn’t be dismissed so quickly. It is worth as much as $8,000 during the calendar year of 2009 and is a great reason to consider entering or re-entering the Minneapolis condo buying market. Yes, that’s right “re-entering” the market.
Three Year Rule
If you have not owned a Minneapolis condo in the past three years, for tax purposes you are considered a first-time condo buyer and are still eligible for the tax credit. This, however, includes you and your spouse if you are married so neither of you can have purchased a condo in the last three years.
Principle Residence Rule
Even if you have owned a condo in the last couple of years, if it has not been your primary residence, you may still be eligible for the tax break. This means that if you own property that you use as rental or other investment real estate such as flipping or reselling, you may still be able to get the tax incentive if you purchase a new condo for you and your family to actually live in.
The new stimulus plan rules may be confusing but a qualified real estate professional can guide you through the possibilities.
If you are entitled to the tax rebate, 2009 should be the year you buy your new condo. The tax rebate on a new condo purchase is only good for the year.
If you purchased a Minneapolis condo any time during the 2009 calendar year and didn’t know you might be entitled to the rebate, now is the time to check into it.
If you have any questions regarding the new stimulus tax breaks for first-time condo buyers, please give me a call at 612-877-1676 or email me at ben@cityoflofts.com. I’d be happy to help.
These days, the thought of taking a vacation can lead to more stress than relaxation. So instead of worrying about booking hotels, buying plane tickets and taking time off work, enjoy a wonderful vacation without leaving your Minneapolis condo.
1. Turn off the news. Rent a video instead.
This is a great way to escape for a while without all the hassle. Think of places you’ve always wanted to go, but couldn’t. Rent travel videos of a few of the places you’d like to visit and sit back, relax and let your mind wander.
2. Get lost in your favorite novel.
Do you enjoy the world of mystery, romance or even science fiction? Well, now’s your time to relax in your Minneapolis condo and get lost in another world. Just visit your favorite bookstore or library ahead of time and stock up on some good reads.
3. Send the kids to the grandparents.
There’s never been a better time to let kids bond with family than the present. Pack up their favorite toys and goodies and send them on their way. Remember – you’re on vacation!
4. Take a bubble bath
Instead of hopping in and out of the shower, take some time and revisit your bath tub for a long, refreshing bubble bath. Light some scented candles, put on soft music and just let stress drift away.
5. Get a massage
You may be thinking you’d need to leave your property for this, but you don’t! Plenty of massage therapists make house calls. Book one in advance and have him or her visit you on your vacation at your condo.
When you’re thinking of your next vacation, take some time to explore your own surroundings. With a little planning, a lot of imagination and a bit of creativity, you can enjoy a wonderful, affordable vacation in the luxury of your own Minneapolis condo.
Tell me about your stay-at-home vacation. What did you do? Did you enjoy it as much or more than an “away” vacation? Post a comment here and help us all learn how to vacation at home.
You’ve finally decided you want to buy a piece of Minneapolis real estate. What do you do now? Here are a few tips for getting the best deal for your money:
Check Out Your Credit
The first thing you’ll want to do is order a copy of your credit report from the three major credit bureaus: Experian, TransUnion, and Equifax. Look for inaccuracies in:
• Name
• Address
• Creditors
• Late payments
• Delinquencies
After you’ve reviewed your credit report and know your credit score, you’re ready to make improvements to your report, if your credit score is too low. Send a written “Notice of Correction” to the credit bureaus. It can be up to 200 words. If needed, you can explain why you fell behind on a particular debt, and every time a lender accesses the report, they’ll see your explanation.
It can take several months to for your credit score to go up. However, it’s well worth the effort to get a better interest rate. It can save you thousands on your Minneapolis real estate.
Get Pre-Approved
Before you start looking at properties, it’s a good idea to get a pre-approval letter from a lender. The lender takes into consideration your income and credit history. Then the lender determines the loan amount for which you qualify.
Most pre-approval letters list the maximum amount for which you are approved, not necessarily the amount you can afford. Look carefully at your budget so that you don’t get too excited about the number and get into more condo than you can afford.
There are several benefits to getting pre-approved. It allows you and your Minneapolis real estate agent to narrow down the condo search. That way you won’t waste time seeing properties you can’t afford. Also, sellers will give your bid more weight if you’re pre-approved.
Are you a first-time buyer? You have just made a fabulous decision for your future. There are tons of great buys in the Minneapolis real estate market. I’m a specialist in this community and would love to help you buy the loft of your dreams. Call me now at 612.877.1676 or email me at ben@cityoflofts.com.
If you’re like many people today, you not only want to live comfortably you want to live responsibly. That means having a Minneapolis condo that is as eco-friendly as possible.
If you don’t buy a condo that’s already eco-friendly, you’ll have to do your own improvements. Why not look for Minneapolis condos that had eco-friendly features originally built in or recently installed. Here are a few things you can look for to see if your prospective new condo is “green” no matter what color it’s painted.
• Double-paned windows are one very important eco-friendly feature. They keep the cold out in the winter and hold heat in, and vice versa in the summer months.
• Eco-friendly appliances already in the kitchen and utility rooms mean you won’t have to go running out to buy brand new ones. Look for Energy Star symbols and ratings on all major appliances such as stoves, refrigerators, washer/dryers, heating and cooling systems.
• Low water flow fixtures keep your costs down while saving the planet’s water supply.
• Even something as simple as awnings over the windows adds a great energy saving resource to a Minneapolis condo. Retractable awnings are even better because they will keep the heat out in the summer, and in the winter, you can put them up to let the sunlight help heat your condo.
• Color counts: The color of your condo’s exterior should be light to reflect heat, rather than a dark color that will attract and hold heat.
• An on-demand hot water system saves energy because it only heats water when it’s needed.
Looking for an eco-friendly Minneapolis condo or loft? I can help. Call me today at 612.817.1676 or email me at ben@cityoflofts.com.
Many people go through life one paycheck to the next and never bother to figure out where their money is going. It’s important to know where your money is going and what you can afford if you are thinking about buying a new Minneapolis loft.
Here’s how to start up a monthly budget that will keep you in the know about where your money is running off to each month.
• Find a program you’re comfortable using. Your computer probably came with a spreadsheet program. If you are not used to using one open it up and become familiar with the program. It’s a great tool to use to create a budget. If by chance your computer doesn’t have a spreadsheet program, you can use an online program like Budget Pulse, or other useful online budget systems such as Mvelopes.
• Enter your absolute monthly expenses such as car loans, utilities including cell phone bills, and credit card expenses.
• Enter your monthly bills that can vary such as food, gasoline, entertainment. These expenses can be changed to help improve your bottom line, but make sure you give them fair limits so you don’t cut yourself short on necessities such as food or transportation costs.
• Make sure you figure in some savings for vacations and other unexpected expenses that may pop up throughout the year. Trimming your budget so severely that you have no extra money to cover you when something breaks down, or an extra bill comes in is a sure method for disaster and will make you new life in a Minneapolis condo miserable instead of the happy time it should be.
Once you realize where your money is going, it’s easier to see if you are spending frivolously or strapped to your limits. It is the best way to determine if your dreams of a new Minneapolis loft are realistic or not.
If you have any questions about your ability to afford a new loft, I can help. Call me today at 612.338.3524 or email me at ben@cityoflofts.com.
If you’re like many people today, you not only want to live comfortably you want to live responsibly. That means having a Minneapolis condo that is as eco-friendly as possible. 
