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.
If you own a Minneapolis loft, you’re probably trying to figure out how you can save money. One of the best ways to add a bit of cash back into your pocket is create a budget, and work on paying off your mortgage early. With a little research and a lot of focus, you can be mortgage free.
1. Make Additional Monthly Payments
One of the easiest ways to pay off your loft mortgage is to simply make extra payments towards your principal balance. This helps decrease interest over the years, which helps you pay off your mortgage loan at a faster rate. You could pay as little as $100 extra a month and make a huge difference in the amount of interest you’ll pay over the life of your loan. Use a mortgage calculator to check out figures and help you get an idea of how much you could save over the years.
When you make principal only payments, be sure to write a separate check and write “Principal Pre-payment Only” and your account number in the memo area of the check. Also enclose a letter instructing the mortgage company to apply this to pay down your principal balance. If you don’t do this, the bank may apply it to your next mortgage payment instead of just to your principal.
2. Pay Bi-Weekly
Another way to pay off your Minneapolis loft mortgage early is to pay twice a month, or bi-weekly. Paying bi-weekly could potentially subtract up to nine years off your loan. You simply make two smaller payments, instead of one big one. Therefore, you save a significant amount of money in interest charges.
However, if your loan company requires that you pay a fee to pay bi-weekly, or if they require that you switch plans whereby you are required to make a bi-monthly payment, don’t do it.
Instead, stick with your current monthly payment schedule and simply pay more on your principal each month as described above. This way you’ll still save a significant amount of interest, but you won’t be locked in to making bi-weekly payments. If you run into a rough patch, you can go back to paying your normal monthly amount. This keeps your options open, rather than being locked in if you converted to the bi-weekly payment plan.
3. Refinance Your Loan
When you refinance, the goal is usually to get a lower mortgage payment. But if you want to pay off your mortgage early, you could refinance, get a lower interest rate, but continue to make the same payments you were initially paying on your previous loan. This would allow you to pay more on your interest charges, and ultimately shorten the life of your loan.
When trying to pay off your Minneapolis condo mortgage early, you have several options. Just make sure to thoroughly research all the available plans of action until you find the one that’s right for you.
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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.
There are many items you own that never move from the spot you placed them when you brought them home. Some of these objects are very large like televisions or cabinets. Other belongings are lighter but extremely delicate. Valuable items can either be very expensive or just full of sentimental value. How do you protect them from possible damage or loss during a move to your new Minneapolis loft or condo?
• Beg, borrow, or buy bubble wrap. It protects your valuables better than just paper. However, when paper will do, go to news outlets and ask for old papers you can get either at a great discount or for free for wrapping.
• Use old carpet or moving pads to protect your furniture. Even if items are unlikely to break outside of a catastrophe, they can still get scuffed or bruised. Padding protects your wood furniture from dings and your cloth furnishings from tears or rips.
• Get Insured. Yes, you can get moving insurance, and if you have valuables you can’t afford to replace, it is well worth the expense. With many televisions costing upwards of a thousand dollars a piece, it’s a good idea to make sure that if the unspeakable does happen you can replace them. While some things can’t be replaced, at least you won’t be without both the item and the money it was worth if you have your things insured. Accidents happen whether you hire professionals or move your possessions yourself. So, having insurance is the smart way to go when moving to your new Minneapolis loft or condo.
Don’t forget to protect your most valuable possession—yourself. When moving heavy objects, use care and lift properly to avoid hurting your back or pulling muscles. Keep small children out of the way of traffic. Board your pets, or get a friend to pet sit, to ensure their safety on a hectic moving day.
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If your Minneapolis loft has been sitting on the market for more than three weeks, it’s already an “old property.” Being an old property hurts sales because buyers looking in that community wonder what is wrong with your loft that’s keeping it from selling. Even in today’s slower market, that holds true. It’s human nature to think something must be wrong with an item that hasn’t sold quickly. There are things you can do, however, to spruce up your loft or condo to make it more appealing and help it sell faster.
A second look from potential buyers can be a life-saver to you when selling your Minneapolis loft. If a previous looker was on the fence, just a few little changes might make them reconsider. Ask your real estate agent to share negative comments from walkthroughs. Don’t be offended, instead, find a way to overcome that dissatisfaction. If one person felt a room was too dark, too crowded, too cluttered, it is likely others will too.
After you address those issues, consider how your Minneapolis loft really looks. If you haven’t had time to do much landscaping get out there and plant a few border plants along the walk, or line the front of your condo with some attractive flowers. At the very least, make sure lawn, trees and shrubs are trimmed, pruned and weeded to make your yard look as neat as possible.
Paint the inside. If you walls haven’t been painted recently, chances are they could use some sprucing up. Your buyers want a loft to sparkle and a new coat of paint is a cheap way to make that happen.
If you would like more ideas on how to make your loft more attractive to buyers, I can help. Contact me now at 612.877.1676 or email me at ben@cityoflofts.com.
Are you considering buying your first loft? I’m sure you already know that now’s an amazing time to buy your first loft. You have the perfect combination of low interest rates, low Minneapolis loft prices and President Obama’s stimulus plan which gives you additional incentive to buy now.
To help make your first time Minneapolis loft buying experience the best it can be, here are some tips:
1) Know What You Can Afford
It is easy to get carried away with what you want versus what you can actually afford. Start with reasonable expectations.
2) Know your Needs and Wants
Consider your current family status and what your immediate future might hold, then decide on the number of bedrooms you require and the amenities you feel you can’t do without. If you love to cook, a well-equipped and spacious kitchen will be important. If you eat out 90% of the time, it is wasted space.
3) Use the Internet to your Advantage
If you’re like millions of other Americans, you spend a lot of time online. Make use of the many available free programs and calculators to give you a better idea of what you can afford and what your mortgage payments will be. There are mortgage calculators that give you an instant idea of what each loft you find will cost you monthly.
4) Always Ask Questions
Call around to get insurance quotes so that you have a reasonable estimation of what to add to the total cost of your monthly mortgage. Check the information on the Minneapolis loft properties you are interested in to find out what the taxes are. Add that amount to your total monthly mortgage cost too.
Buying your first Minneapolis loft should be the thrill of a lifetime and with proper planning it can be.
If you’d like to work with a real estate agent who specializes in helping first time loft buyers get their dream loft at the best price, call me today at 612.877.1676 or email me at ben@cityoflofts.com.
Kermit the Frog may beg to differ, but it really is easy being green. There are several simple green steps you can take to keep yourself clean and healthy in your Minneapolis loft.
Surprisingly, one of the most common places chemicals that are hazardous to the environment and your body are found is your bathroom cabinet—and I’m not talking about house cleaning supplies. Do you know how ‘natural’ that stuff you put on your face really is? Keep yourself and your family clean and healthy by choosing truly natural skin care products or with easy to create homemade cleaning solutions.
Oatmeal isn’t just for breakfast anymore: You can buy oatmeal scrubs in the stores but they are often full of extra additives. Read the label, and if you are not completely satisfied that a scrub is all natural, make your own. Not only are homemade oatmeal scrubs usually healthier than store bought items, they’re cheaper too. All you need is some instant oatmeal and water—that’s it. Mix it to the desired consistency: thicker for a masque and thinner for a scrub. It removes dead skin and dirt from your pores and leaves your skin silky soft.
Yogurt is yummy: That plain yogurt in your Minneapolis loft refrigerator has a place in the bathroom too. It makes a fantastic all natural face cream to replace chemically produced cold creams.
Baking soda cleansing: Baking soda is a wonder of nature. Mix it with a little water to form a thick paste that cleans your teeth. Baking soda also makes a rejuvenating facial masque used in much the same consistency as you would for brushing your teeth. Apply a thin layer to your skin and let it set until hardened. Simply wash off with warm water and you’ve given yourself a natural facial.
Going green in your Minneapolis condo really doesn’t take much time at all and the benefits to your loft or condo and family can’t be measured in mere cost.
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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 loft 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 612.877.1676 or email me at ben@cityoflofts.com.
With the current economy, it may seem like a better idea to rent a Minneapolis condo instead of buying one. Let’s explore some of reasons why it’s still better to buy rather than rent.
Throwing Money Away
When you rent that’s basically what you’re doing. You give your money away in exchange for a ‘perishable’ item—one month of living space. Once that month is over, the money is gone and you didn’t get anything of long term value in return.
When you buy a Minneapolis condo or Minneapolis loft you still spend money for a month of living space, but in addition, you’re building long term equity. It may take longer and property may not increase in value as quickly as it did in the past, at least for now, but the money you spend becomes a back end asset instead of just disappearing.
Tax Breaks
When you buy a home, you can deduct the interest and property taxes that you pay every year on your income taxes. That can be a sizeable amount of money. If you buy your first home in 2009, you get an even bigger tax break of $8,000 as a result of President Obama’s stimulus plan.
Saving Money
Yes, you actually end up saving money in the long run if you buy a home rather than rent. According to The New York Times, over a 16-year period you can save as much as $5,000.00 by owning your own home. And, that number doesn’t include the $8,000 tax credit first-time home buyers get when they purchase a principle residence in 2009.
The bottom line is that the housing market troubles have nothing to do with the ‘evils’ of homeownership. They have to do with bad lending practices, and people wanting more than they can afford.
Choose your Minneapolis condo or loft wisely, only buy what you can afford to pay for each month, and pay attention to the loan you are being offered. If you need any advice on the best types of loans or condos available, I’d like to help. Call me today at 612.877.1676 or email me at ben@cityoflofts.com.
Kermit the Frog may beg to differ, but it really is easy being green. There are several simple green steps you can take to keep yourself clean and healthy in your Minneapolis loft. 
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.
