Downtown Minneapolis Condos
3 Tips to Saving Money
Buying Minneapolis Condos is different in a lot of ways than buying a single family home. Minneapolis Condos have some of the same variables, but also additional ones to consider. In the video below we'll look at 3 things to consider to help you save money when purchasing Minneapolis Condos.
Know your numbers: With Minneapolis Condos , more than single family homes, the dollar/sqft is a very importan number to look at when determining a value. Other numbers to consider is the average sales price compared to the original list price, days on market and how much inventory there is.
2.) Understand the Home Owner Association dues. HOA dues vary from building to building in Minneapolis Condos. Is heat included? Cable TV? How is the financial health of the association in regards to reserves. If they are low then your dues could go up causing your cost of ownership to go up. In MN, Common Interest Communities (i.e. Associations such as Minneapolis Condos ) allow for a 10 day right of rescission period. Meaning once under contract you'll have 10 days to review the condo docs and financials and can rescind the purchase agreement without penalty if you find something that would effect your use of the property or you're not convinced the financials are healthy.
3.) Balance the emotional and business side of the decision making process when buying Minneapolis Condos. It's important to 'buy right' in a down market so don't let your emotions get the best of you.
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