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 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.
Yes, it’s time for the Holidays again, which means it’s time to decorate your Minneapolis loft. If you’re big on recycling, use eco-friendly products and try to keep your carbon footprint on a low scale, you may be trying to figure out how you can make your Holidays a blast without stepping away from your ideals.
Here are a few tips to help you get your Minneapolis loft decorated in eco-friendly style!
Tips for an Eco-Friendly Holiday:
1.Instead of buying wrapping paper, buy decorative wooden boxes, tin boxes, cloth bags or other eco-friendly packaging to hold your presents. You can get any of these with Holiday themes, most won’t get thrown away for years and, when they finally do fall apart, they’re biodegradable.
2.If you do use wrapping paper, save the paper and reuse it next year: recycling at its best!
3.Buy a real tree instead of a fake one and find an organization to plant one in its place. Once Christmas is over, you can have the Christmas tree recycledinto wood chips, mulch and other wood products.
4.Try buying your gifts from an eco-friendly store. Online or offline, these businesses offer gifts made from recycled, reused or all natural materials.
5.Create fantastic holiday decorations with reusable materials from around the condo. There are tons of decoration ideas around the Net, so you’ll be able to find some ideas that use things you already have lying around.
6.Send an e-card instead of a regular Holiday card, or buy Holiday cards made from recycled materials.
7.If you want lights, use LEDs (low-energy lights). Not only do they use less power, but also if one light goes out, the rest stay lit.
With a little bit of thought and ingenuity, your Minneapolis loft can be as bright and cheerful as you’ve always wanted without worrying about the impact on the environment. Have a Happy (and eco-friendly) Holiday!
If you’re looking for a condo or loft in the urban Minneapolis area to hang your eco-friendly wreaths in, I can help. Call me at 612.877.1676 or email me at ben@cityoflofts.com for more information.
If you’re looking at Minneapolis lofts or condos to rent but think you can’t afford them, you might want to take another look. This is especially true if you have a good credit history. When it comes to finding tenants, landlords have never been more willing to play “Let’s Make a Deal.”
Sitting Pretty
Why would any landlord be willing to make a deal? The reason topping the list is, of course, the economy. With so many people having lost their jobs, finding tenants who can afford the rent on time isn’t easy. Second, many renters are trying to save money by having roommates. Thirdly, because of the marketing slump there are plenty of homeowners renting out their Minneapolis lofts or condos rather than selling them. Lastly, because of the first-time buyer tax credit, many potential renters are becoming homeowners instead.
All of these points add up to a high amount of vacancies, which put landlords in a pickle and have renters sitting pretty.
Taking Steps
Many landlords are trying everything they can to keep their rentals occupied to help pay for the maintenance on their loft. The steps they’ve taken include such things as:
•Start with a good credit rating. If you have a history of paying on time, you have a chance at negotiation.
•Pay attention to the average rent in the area. If the rents on the Minneapolis lofts or condos you’re looking at are higher than average, you have a point to negotiate.
•Look at one-bedroom lofts or condos first, if they will work. Many two- and three- bedroom lofts or are taken by individuals sharing rent and families. There may be a surplus of one-bedroom houses, so you might have a better chance of snagging one of them.
If you’re looking for an affordable place to rent or buy, I can help. Call me at 612.877.1676 or email me at ben@cityoflofts.com for more information
When buyers are looking at a Minneapolis condo, they aren’t just looking at the place itself. Although how a loft or Minneapolis condo looks on the inside is important, many are also looking at the surrounding neighborhood. When you get ready to sell your loft, start thinking about what other things you can sell. Here’s a short list of other benefits to promote:
•Condo Association – Every Minneapolis condo has some sort of governing body like the Loft Owner’s Association or Community Association. How good is yours, such as a good reserve fund for repairs and capital improvements? Does your condo association listen to the needs of the owners? Do they keep the building in good repair? If your association is one of the best, brag about it!
•Cost of utilities – How much do your utilities cost? This could be a strong selling point in your favor. If the overall cost of your utilities is low, make sure you tell your real estate agent. They’ll know the best time to mention this information.
•Surrounding neighborhood – Nobody wants to move into a bad neighborhood. What can you say about yours that is positive? Are there sidewalks? (Sidewalks are becoming more and more important to buyers.) Are there nearby parks? Do you live in a low crime area? These are all good selling points, and should not be left out!
•Schools – Although most families aren’t looking for condos, there’s always the chance that a family will look at yours. They’ll also be looking at the quality of the neighboring schools. How do your schools rank? Are they strong on education? Again, make sure you tell your real estate agent!
Selling a Minneapolis condo or Minneapolis loft isn’t necessarily as hard as it may sound, even with the current real estate market. However, with the amount of competition out there, every little bit helps. Pay attention to all the good things you enjoy about your loft and make sure potential buyers know about them!
If you’re thinking of selling your condo, I can help. Call me at 612-877-1676 or email me at ben@cityoflofts.com for more information.
Are you looking for something to do around your Minneapolis loft this weekend that will also help the environment? Why not do a quick green renovation at loft. Incorporating green products and practices in your loft save our natural resources and are better for your health. Here are a few simple projects you can work on this weekend.
1. Floors. You can easily replace the floor in a room during a weekend. Bamboo and cork floors are excellent environmentally-friendly choices because they are renewable sources. They come in a variety of colors and styles so you can find something that will match your current décor.
2. Paint. Painting a room is a quick and easy way to change its look. However, traditional paint is loaded with toxic fumes that can aggravate respiratory conditions like asthma. When you paint your next room, choose a paint that contains less or no amounts of dangerous chemicals. Your room will look just as good, and your lungs will be happier.
3. Windows. If you still have older, single pane windows in your Minneapolis loft, it’s time to replace them with double pane energy efficient windows. These newer windows will lower your energy consumption by keeping your loft warmer in the winter and cooler in the summer. Additionally, you may be eligible for a Federal Tax Credit for Energy Efficiency of up to $1500 if you purchase Energy Star windows in 2009 or 2010.
4. Insulation. A well insulated condo saves you money and cuts back on the amount of energy you use. Make sure you have adequate insulation in your attic. Check your doors and windows for cracks and leaks that allow air to escape. Seal them with caulk or weather stripping. The Federal Tax Credit for Energy Efficiency applies to Energy Star insulation as well.
Are you looking for a green Minneapolis loft? I specialize in green lofts and condos and would be happy to help you find the one that fits your budget and needs. Call me today at 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
Whew—you’re finished! You’ve signed all the forms and the race is won, you think. Okay, go ahead and sigh that huge gasp of relief that your Minneapolis loft or condo is finally yours. That’s enough. Now, get yourself up and realize the heavy work is about to start. Oh yeah, you have to move all that stuff you’ve managed to accumulate over the past however many years you’ve been alive. Stuff doesn’t ever die; it just continues to follow you around. So, how do you get it to your new loft?
Send out invitations: You would do it for any other big event in your life. Send out invitations to your family and friends and invite them to help you on your big day. Make it sound like fun by promising a picnic on your new rooftop patio either the day of the move or soon after. It doesn’t have to be a big complicated affair. Order some take out sushi from Origami or pizza from Black Sheep Pizza and have plenty of cold beverages for sweaty tired helpers. Make it a real event that everyone can enjoy while laughing about the day’s adventures.
Store it: If you’re like most people, you have plenty of things you rarely use but can’t bear to get rid of. Take advantage of the fact that you’ll be packing all your things and put those items you never use into boxes and tote them to a storage unit. You get to keep them, at least for now, but they won’t be cluttering up your brand new Minneapolis condo. In six months, if you haven’t missed the items, take the boxes (without opening them) to your favorite donation location.
Safeguard your pets: Moving day is hectic and can be frightening for your pets. Board your cats or dogs at your veterinarian for the day. It will be worth the expense to make sure they don’t escape through doors propped open for moving.
For more tips like this, subscribe to my blog. It’s fast, easy and free. Just fill in your name and email address in the subscription form. A couple of times a week, you’ll get tips like this automatically sent to your email inbox.
If you’re tired of renting but don’t want a huge loft to manage, consider purchasing a Minneapolis condo. You can enjoy the benefits of loft ownership and leave your renting days behind you.
By owning a condo, you can:
Build equity
When you make payments on a condo you own, you are constantly building equity in the property. With renting, you pay for years and own nothing.
Avoid payment increases
Unlike renting, when you own your Minneapolis condo and have a fixed mortgage rate, you can feel confident that your monthly payments will remain the same. No more surprise rent hikes. You can just sit back, relax and plan your finances around that peace of mind.
Make upgrades
As a renter, you probably never had the pleasure of painting the walls any color that suited your style. Your only choices were white and builder beige. As a condo owner, you have the freedom to do what you want to the interior of your loft without worrying about penalties from the landlord.
Break away from landlords
Now’s your chance to escape the watchful eye of your landlord and start living life the way you please. As a property owner, you call the shots. And best of all, you don’t have to be concerned with your landlord selling the property and leaving you without a place to live. Now you can secure your future as condo owner.
There is an array of benefits to owning a Minneapolis condo. All you have to do is get out of the renter’s mindset and step out on your own. You’d be surprise how great you’ll feel once you do.
Search for Minneapolis condos (and lofts) for sale at www.thbuyers.com. Or, let me do the work for you. I’d be happy to send you a list of available properties that meet your criteria. Just give me a call now at 612-877-1676 or email me at ben@cityoflofts.com.
When you’re looking for your new Minneapolis condo you probably know how many bedrooms you want, what kind of kitchen is important to you, how many bathrooms are necessary, but there’s much more to consider before you fall in love.
More to Surroundings than Just Landscaping
When you walk into a prospective Minneapolis condo and fall in love, it’s often easy to lose the big picture. Take a look around outside too. Is the condo close to factories, railroads, airports, power plants or other disturbing or potentially dangerous installations?
Older Lofts Have Classic Beauty and Classic Hazards
Older lofts were often built with materials we now know are hazardous such as asbestos and lead (pipe solder, paint). These materials may be costly to cover up or dangerous to remove without professional help.
When it comes to a purchase as important as a new Minneapolis condo, be sure you know exactly what you are getting before you jump. If you would like any more information on what to look for when considering a new condo, give me a call today at 612.877.1676 or email me at ben@cityoflofts.com.
Although the housing market has had its fair share of ups and down, many loft buyers, particularly first-time loft buyers, are reaping the benefits. If you’re thinking about purchasing a Minneapolis loft, there are many good reasons to make your move today. Here are six of them:
1. Low interest rates – Right now, interest rates are lower than ever before. This means you can get an extremely affordable loan and save big on interest payments.
2. Cheaper loft prices – Not only are interest rates low, but lofts all around are cheaper. Since the market is packed with lofts for sale, selling has become harder. As a result, prices have fallen significantly, allowing you to get a more expensive loft for less money.
3. Potential tax credits – As a first-time buyer, you could be eligible for thousands of dollars in tax credits. Best of all, you do not have to pay it back, as opposed to previous years.
4. Less competition – Many people no longer have the money to purchase lofts, so fewer people are visiting model lofts and open condos. This is great news for you. If you’re ready to buy a Minneapolis loft, you don’t have to worry about floods of people bidding up the price on the property.
5. Huge inventory – With new lofts constantly being built, not to mention an array of existing lofts, you can take your pick from a wide variety of available properties.
6. Big bargaining power – Because so many people are trying to sell their lofts, they’re more willing to be flexible. As a buyer, you could greatly benefit and may be able to save on closing costs, upgrades, repairs and more. Work with a skilled real estate agent who can negotiate a great contract for you.
If you have the funds to step out and purchase one of the many Minneapolis lofts for sale, now is the best time to take advantage of all the possibilities. I’m ready, willing and able to negotiate the best price and terms for you. Call me today at 612.877.1676 or email me at ben@cityoflofts.com.
