So you’re looking at buying your first time home Minnesota? If you’ve been paying monthly rent for a while, you know that you don’t get that money back. However, buy a house and you can deduct the cost of your mortgage loan interest from your federal income taxes. Not bad, huh?
When buying a first time home Minnesota, look for an area to live where you think you’d feel safe and comfortable. It should be in a place that’s near to the things you love, such as a particular church, library, shopping center, or friends/relatives. Keep in mind the distance between the potential house and your job—will it be no commute (working at home), a quick commute (10-15 minutes by car or bus), or a long commute (over an hour) to get to and from work? That’s one of the major decisions you have to make when considering your first time home Minnesota. If you’re the kind of person who doesn’t mind a “fixer-upper,” you can probably find a very affordable first time home and remodel it to your liking.
A home can be considered an investment, as it may appreciate in value in the coming years. For example, you might buy your first time home for $100,000 and ten years later it’s worth $150,000. There are usually some good deals on first time homes in Minnesota, so be on the lookout, in particular, for “HUD homes.” The lender (usually a bank) has foreclosed on a HUD home because the person who purchased it couldn’t make the payments, so the lender then owns it and wants to sell it at market value quickly.
As a first time home Minnesota, you may be eligible for some good deals because of the fact that you are a first time home buyer. To find out about Minnesota down payment assistance for your new home, contact Lake Area Mortgage at 651-209-2900.