South St. Paul Rental homes: Advantages of Buying vs. Renting

If you are in the hunt for South St. Paul rental homes, hold on for a moment and consider the differences between renting homes versus owning. 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?

South St. Paul Rental homes: Is It Worth The Cost of Renting?

South St. Paul rental homes, of course, have the advantage that you can get out of the lease contract in 12 months. 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 highest cost in renting a homes is the fact that you are helping someone else buy their home with your rent payments, versus buying your own home.

Still, the advantage may certainly be worth it to rent a homes 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 South St. Paul homes for the First Time Buyer

With all of the benefits available to the MN first time home buyer today, it is hard to know where to start in terms of 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 To Buy A Home: Get Preapproved

For many Minnesota first time home buyers the big, intimidating question is where do I start the process? Your very first step to home ownership is to get preapproved for a mortgage. By doing so you find out how much of a loan you are qualified for so that we can search for homes in the right price range.

South Saint Paul: A Great Place To Live

Just south of downtown Saint Paul, MN you will find the great city of South Saint Paul. Deep with Minnesota history, South Saint Paul is one of the historic major meat packing districts of the United States. Due to its location within Dakota County qualifying Minnesota first time home buyers can stand to benefit from the Dakota County first time buyer program. With a good Park and Rec program available in South Saint Paul there is always something to do for everyone. Due to an ample supply of affordable housing now available this is an ideal location for the MN first time home buyer. Are you ready to search for homes in South Saint Paul? I would be honored to talk with you about the possibilities!

If you have not yet thought of buying a homes I would like the opportunity to discuss with you about the benefits of both rental homes in South St. Paul versus buying a home. I encourage you to take the first step which is to call or email me.

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.