Stillwater Rental homes: Time to Buy or Rent?

By
Real Estate Agent with IBR Realty

Stillwater Rental Homes: Should I Rent Or Buy A Home?

If you are looking for Stillwater rental homes, pause for a couple of minutes and consider the difference in renting homes versus buying one. Since it is more expensive today to rent homes than to buy one isn’t it at least worth it to consider saving some money by buying Minnesota real estate?

Stillwater rental homes, of course, typically have the advantage that you can get be released of a lease arrangement in about one year's time. I want you to remember that this advantage comes at a cost, however, , in that your rent payments will often times exceed those of a house payment. In addition, the security deposit for the rental may actually be more than the entry cost required for buying a home when considering all of the down payment assistance programs available for MN first time home buyers. Finally, perhaps the real cost in renting a homes is the fact that you are helping someone else buy their home with your rent payments helping to make the payments of your landlord.

Benefits To Stillwater Rental Stillwater

Still, the advantages of renting may be worth it to rent if you are planning on moving again to a different city at the end of your lease. I tend to think that if you buy a home today you should plan on staying in it for a few years while the market develops.

Benefits To Buying Stillwater homes for the First Time Home Buyer

With all of the programs available to the MN first time home buyer today, it is hard to know where to start in terms of listing the benefits. The State of Minnesota now offers special loan programs through its Minnesota Housing Finance Agency to offer reduced interest rates as well as down payment assistance. Additionally many communities today offer additional down payment assistance loans or grants that both reduce what you need for cash to close as well as reducing your monthly payment.

First Step: Get Preapproved

The first step in the home buying process s to get preapproved for your home loan. This simply means that you talk with a local lender who will review your financial situation. In doing so they can tell you what types of Minnesota first time buyer programs you might be qualified for. This first step can usually be done right over the telephone and most lenders will arrange to talk with you when you're off work, even in the evenings or weekends.

Stillwater, MN

Stillwater, Minnesota is the county seat of Washington County and is a nice 20-25 minute commute from Saint Paul. Tucked in by the St. Croix River Stillwater is commonly referred to as the birthplace of Minnesota. While traditionally a popular day-trip destination to enjoy its historic features, there has also been a fair amount of new construction growth on the outskirts of the city in recent decades. Whether you are searching for an newer home or old, consider Stillwater a great place to call home. If you are thinking about buying Stillwater please call me to start your search.

If you have not yet thought of buying a homes I would like the opportunity to discuss with you about the benefits of both renting versus buying a home. My consultation is free and am glad to talk with you about the differences.

 

 

Casey Anderson
Sales Executive, Licensed Realtor in Minnesota
IBR Realty
caseyanderson@ibrrealty.com
Cell 651-245-1820
Woodbury, MN 55125
With a focus on Woodbury real estate and surrounding communities.

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