Richfield Rental homes: Time to Buy or Rent?

Richfield Rental homes: Advantages of Buying vs. Renting

If you are looking for Richfield 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 a home?

Richfield Rental homes: Is It Worth The Cost?

Richfield 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. Additionally the rental deposit may well be in excess of the entry cost required for buying a home after considering all of the down payment assistance programs available. 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.

Benefits To Look For Richfield Rental Richfield

Still, the advantage may certainly be worth it to rent a homes if you will be moving again to a another city at the end when your lease expires. 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 Richfield homes for the First Time Buyer

With all of the great 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.

Get Preapproved Today

The first step in the process of buying a home is to get preapproved for mortgage financing. This simply means that you talk with a local lender who analyzes your credit, income, assets, and debts. In the prequalification application they can tell you what types of MN first time buyer programs you might be qualified for. This important first step can be done right over the phone and most lenders will even do this with you when you are off from work.

City of Richfield, MN Community Information

A popular spot for the MN first time home buyer to find affordable homes for sale, Richfield has a robust real estate market. Fortunate to be the home to the world headquarters of Best Buy Company, Richfield has experienced some of the highest job growth numbers in the Twin Cities metropolitan area. As an inner ring suburb, home owners in Richfield also find a quick commute to major employers in either Minneapolis or St. Paul. If you are thinking of buying or selling real estate in Richfield please send me an email or give me a call.

If you have not yet considered buying a homes I would like the opportunity to talk with you about the benefits of both rental homes in Richfield versus buying a home. My consultation is free and am glad to help you consider the differences.




Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet
rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124
www.facebook.com/robphylerealestate
Visit my website to find Minnesota homes for sale