Doing Neighborhood Research as a First-time Lake Minnetonka Homebuyer

If you are a first time home buyer, the excitement of finding your dream home may turn into a chore because of the number of things that have to be kept track of and the important decisions that have to be made. Any undue stress and headaches in your property search and purchase can be eliminated by going about your search in an organized manner. It is of utmost importance to spend some time to assess new neighborhoods and looking at prospective homes. It may also be necessary to do your own research to discover which neighborhood is the ideal area for you to live in.

One important thing that a first time homebuyer can do is to explore at least a five-block radius of their ideal neighborhoods to see all the available homes for sale. You can choose to drive around the area or use an online mapping tool to navigate around the area. This will greatly aid in identifying the areas you would like to purchase any of the homes for sale and give you a relatively large inventory to work with.

As a first time homebuyer, it’s also a good idea to find out where the nearest gas stations, public library, grocery stores and access points to the interstate or major highways are. Remember, you need to imagine what it would be like to actually live in this neighborhood. Make a mental note of the locations of different stores, service centers and roadways so you can be confident about running errands and commuting to work with peace of mind.

You may also want to learn about zoning laws in your particular neighborhood, especially if you’re considering moving to an entirely new area. While some first time homebuyers are satisfied with the layout and structure of their new home, others are determined to start remodeling within months of moving in. Make sure you understand basic zoning laws and regulations for building pools, decks and extending your home out into the garden or yard so you can make the best decision for your needs.

It is best to find out in order to be prepared to budget for expenses like that of association fees, taxes, and other fees that have to be paid before deciding which among the homes for sale to purchase. Local county tax collectors usually have a website from which you can get tax information by entering an address. For association fees and other fees related to the purchase of any of the homes for sale, contact a local lender or a licensed real estate professional for an estimate.

Doing your homework about the prospective neighborhood is an important step as a first time homebuyer. You can uncover some important details about taxes, zoning laws and fees associated with a property purchase by doing some basic research online and making a few calls to local real estate or mortgage professionals. Compile all of this data and organize it in a way that you can reference later. You will need this information to be available at your fingertips as you start narrowing down your decision for your new home!

Alexandria P. Anderson is a licensed Minnesota Realtor that uses the Lake Minnetonka real estate to help her clients to find and purchase Lake Minnetonka Homes for Sale.

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Closing Costs Essentials For First Time Lake Minnetonka Homebuyers

Beginning Lake Minnetonka homebuyers need to understand one essential aspect in the process of owning a house and sales contract, which is ‘closing costs’.Some are not aware that closing costs are typically set at 15 percent of the sales price, and most lenders would require for them to be paid upfront. Achieving your goal of efficiently projecting your available funds and discussing your preferences in the arrangement of final price means being more prudent to identify them earlier, even if some lenders can roll them into the loan package.

It may be best to keep in mind that the lender base the maximum amount offered to you not on the net price (the sales price minus the closing costs) but from the actual sales price paid by the buyer. There are various ways in which closing costs are allocated and this may need the help of your realtor and lender if only to come up with the most agreeable plan for you to stay within your budget limit.

As a home buyer, being knowledgable about your responsibilities is the first crucial step to understanding what closing costs are. The ‘Smart Consumer’s Guide to Home Buying’ book’s author, Barron, explicated how important it is to be aware that contrary to the belief of many, custom prescribes how closing costs are allocated as well as the buyer and seller responsibilities as stated in the contract, and not the law.

All the fees and discount points of the loan are part of the buyer’s responsibilities. The lender, on the other hand, adds all these at the end of the contract (but may vary significantly according to the financial institution concerned). Bankers typically assign this fee as part of your contract or may be waived for important customers, yet it is best that you have an exact idea what the estimated amount will be.

The buyer is also responsible in paying the premium of the homeowner’s title insurance policy and has to ensure that this be settled before the purchasing begins. An extra cash in your hands will be useful when paying for the premium so that it won’t get rolled into the loan. Note also how premium cost may vary from one insurance company to another. Before signing the contract, it may be wise to do a little research particularly on the insurance policy rates of homeowners or try to scout around for other possible choices. These costs constitute the seller’s obligations.

Sales Commissions – refers to the fees allocated to the agent of both the buyer and the seller. But these may be dependent upon the agent you are working with.

Inspection Costs – pertains to the expense of having various inspections and those that are required for homes prior to purchase.

Title Insurance – there is one misconception about title insurance since many first time homebuyers think that they will need to take care of any costs associated with the title company except it. However, title insurance costs are included in the closing cost and thus becomes the seller’s responsibility.

When you know what closing costs are, you can have a better idea as to what your home’s final price will be during the signing. In fact, in doing so, lenders can already provide you with information you needed earlier in the financing process such as the fees you will have to pay, the discount points, and everything else you need to know.

About the Author: Alexandria P. Anderson is an Lake Minnetonka real estate agent that helps people to find and purchase Lake Minnetonka homes and properties in the Twin Cities of Minnesota.

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6 Ways to Get Started with Buying Your Lake Minnetonka Home Online

To make it easier for you to find homes for sale or any other real estate property in the US from any point you are in the globe, a number of licensed real estate agents and professional realtors have created websites with a database of the latest real estate property and homes for sale listings. This was done to make it much easier for real estate buyers to be able to find prospective homes for sale in the location of their choice by being able to accessing it easily with the aid of the real estate website listing search.

This can be a very valuable opportunity when you are considering moving out of state or across the country, but there are still several important things to consider as you proceed with an online search. Whether you’re a first time homebuyer or looking for vacation home property, here are some important considerations when buying your Lake Minnetonka homes online:

1. Set a limit on how many homes you will browse in a given day. The Internet opens up thousands of listings in a given area, but there is only so much you can take in on a given day. Avoid getting into a situation of ‘brain overload’ by limiting the number of properties you are willing to research on any given day.

2. Search for a website that will give you access to Lake Minnetonka real estate property listings by state. It is possible to search for individual properties, but that would take up much more of your valuable time and might be even a waste of time if the property is no longer available and ad is still there. By finding a website that has an adequate number of updated listings, you will be able to have a more effective search.

3. Get an aerial view of the property. It is possible to a bird’s eyes view of the neighborhood and to take a closer look at your prospective homes for sale buying using Google Maps satellite images and other tools. You will be able to get to see the look at the outside of the home you want to purchase, the garden space, the garage and see the surrounding areas.

4. Don’t rely solely on listing pictures. Make a list of the Lake Minnetonka homes for sale that you are interested in purchasing and make an appointment with the licensed real estate agent or professional realtor of the website that you found the property in so that you can get to conduct a home inspection when you visit your prospective area. This will be able to get a ‘feel’ of the home, take a better look at its advantages and disadvantages, and help your be better prepared to make the purchase of your new home.

5. Assess the real estate agent. If you get to find a good real estate agent, you will have an invaluable aid to your home buying search and purchase as a lot of the headaches associated with the home buying process can be handled by a professional. Do a background check on the real estate agent by finding out how established they are in the business, if they have credentials, what their track history is, if they are licensed, and what kind of listings they have.

6. Use a variety of search tools. Shelley O’Hara and Nancy Lewis, authors of the book, “The Complete Idiot’s Gide to Buying and Selling a Home” encourages prospective homebuyers to use several different sites and home buying tools when doing their research. For targeted search engine results, type in the name of the state you would like to buy property in, and then type in the words ‘buy homes for sale’ to ensure more accurate results. You may be able to find your perfect new home right away.

Author and Realtor Alexandria P. Anderson helps clients to find and purchase Lake Minnetonka Real Estate as well as Lake Minnetonka Homes in Minnesota.

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1st Lake Minnetonka Home Buyers’ Guide To Choosing The Right Mortgage

First time home buyers often are befuddled when it comes to choosing the best mortgage package. In addition, there is no guarantee of getting your preferred mortgage loan even if you are working with a mortgage professional. First time homebuyers in Lake Minnetonka must not sign away the loan they qualified for but instead consider a smaller, more affordable loan.

How does this happen? Loan officers will qualify you for a loan based on your income ratio and not necessarily how much you’re prepaid to pay in housing payments each month. If you borrow the entire loan amount that you “qualify” for, it’s likely that your monthly payment will be pushing your monthly budget to the max.

Setting your own limits for the loan will help you resist the temptation to just borrow up to the limit that your loan officers offer s and help you stay within a comfortable housing expense range based on your income level. Here are some more tips for selecting the mortgage for your new home purchase:

1. Know your tax benefits. When selecting the right mortgage for your Lake Minnetonka home, you can ask about the tax benefits. Some loans are ‘interest only’ loans that allows you to subtract the entire cost on your taxes intended for that year. But loans with negative amortization scale won’t permit deduction of interest on the monthly payment.

2. Think long-term. If you’re planning on staying in the home for 30 years or more, you will be a good candidate for a fixed-interest rate loan. While these types of loans may have a slightly higher interest rate than ARM loans and other loan products, they will protect you from changing market conditions. Still, there are some drawbacks of the fixed interest-rate loan. Barron’s Smart Consumer’s Guide to Home Buying points out that the demands of the escrow account associated with the fixed interest-rate loan may cause your payments to increase.

3. Ask about other home payment options. Flexibility in your mortgage loan’s payment can help you maximize your funds. For instance, there are mortgage loans that allow making extra payments toward the principal balance without worrying about a penalty. You may inquire about this type of loan so that you would not be problematic of your debts in the future.

4. Find ways to keep your payments manageable. Keep your payments affordable by setting a limit on your loan amount even if you have been offered a huge amount by the lender. As much as possible, find a low interest rate, long loan term, and the ability to make interest-only payments.

5. Avail yourself of mortgage insurance. Nowadays, majority of people do not have enough resources to pay for down payment. However your down payment can no longer be a problem since it can be provided by mortgage insurance and in some instances, you can even apply for your desired loan without making any kind of down payment.

Alexandria P. Anderson is a Lake Minnetonka real estate agent that helps people to find and purchase Lake Minnetonka homes and properties in the Twin Cities of Minnesota.

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Lake Minnetonka Homes

If you’ve spent any time at all around the Twin Cities, Minnesota, you’ve heard about all the gorgeous homes on Lake Minnetonka.  It’s one of the premier areas to reside in the Twin Cities, and with good reason.  Lake Minnetonka lies just minutes from anywhere you need to go in Minneapolis and St. Paul, but it offers the outdoor, land of 10,000 lakes environment that Minnesota is known for.  Lake Minnetonka homes often go hand-in-hand with luxury, pristine settings, and convenience, but that doesn’t mean that ownership for most is out of the question!  With dozens of Lake Minnetonka homes for sale right now, you can find the one that fits your tastes and budget perfectly. There are MANY examples of fine homes for sale on Lake Minnetonka…let’s look at one!  On Shady Oak Road you will find a three bedroom, two bathroom home located right on a lake!  The house sits on a beautiful lot with mature trees abound.  You’ll have 60 feet of sandy shore just steps from your two-story home with charm galore! The property is selling for right at $500,000. That’s right!  You can have a beautiful home amongst trees right on a pristine lake for just $500,000. And that’s just one example of all the homes available. Contact us today for more information!

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Lake Minnetonka Real Estate

When you’re in the market for homes on Lake Minnetonka, you can begin your research by reviewing MLS listings and working with a real estate professional who is familiar with the area. Lake Minnetonka is an attractive venue to build or buy a home, and is located just 20 miles west-southwest of Minneapolis and St. Paul. The resort community offers scenic rivers, lakes and streams and several unique attractions rooted in history.

Investing in a Lake Minnetonka property offers several benefits, and the area is growing at a steady pace as more homeowners and renters continue to settle in the area. Lake Minnetonka means ‘Big Waters’ in the native Dakota language, and is home to 110 miles of shoreline and several unique attractions throughout the fishing village. The area was originally settled by Native American tribes, and underwent dramatic changes during its boom years at the turn of the 20th century. Hotels, luxurious homes and resort-style attractions soon made this fishing village a thriving resort town. Today, Lake Minnetonka has grown to become one of the Midwest’s premier fishing destinations, and boasts several fishing tournaments throughout the year.

The resort community offers plenty of activities for families, singles and retirees, and is one reason why finding Lake Minnetonka homes for sale continues to be a worthwhile endeavor. Local community celebrations and festivals such as the Hopkins’ Raspberry Festival, the annual 4th of July Celebration, a Lutefiske Eating contest, and live music and entertainment from local acts fill up the average residents’ calendars. Cruises and steamboat rides along Lake Minnetonka are also popular activities for locals and visitors alike, and these are prime opportunities to enjoy the beautiful views of the lake and landscape, take in the classic steamboat experience, and discover Lake Minnetonka’s historical sites.

Unlike many other resort destinations in the Midwest, Lake Minnetonka homes continue to be a popular choice for both new and veteran homeowners, and homes are scattered across several unique communities and small neighborhoods.

If you’re ready to begin your search in the Lake Minnetonka MN real estate, consulting with a real estate professional and reviewing regional MLS listings online can help you track down your ideal property. Some of the available properties are listed online with detailed descriptions, photographs and even virtual tours so you can learn as much as possible about life in Lake Minnetonka and find a home that best suits your needs.