Saint Paul Rental homes: Should I Rent One Or Buy?
If you are searching for Saint Paul 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 real estate?Saint Paul Rental homes: Is It Worth The Cost of Renting?
Saint Paul rental homes will usually have the advantage that you can get out of a lease arrangement within 12 to 24 months. 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 Saint Paul homes after considering all of the down payment assistance programs available for 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 rental payments helping make THEIR house payments.
Benefits To Saint Paul Rental Saint Paul
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 Saint Paul homes
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 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
One of the critical first steps in searching for a home is to get preapproved for mortgage financing. Many buyers leave this part to the last minute because it is the least fun part of the entire home buying process. It is very important, especially for the MN first time home buyer to get preapproved for financing before buying a home. Please call or email me and I will help you get started in the process with a Minnesota mortgage banker.
City of St. Paul Information
As both the capitol of Minnesota and the county seat of Ramsey County living in the city of Saint Paul is filled with things to do. Popular attractions such as the Xcel Energy Center, the Science Museum of Minnesota, and Ordway Center for the Performing Arts make St. Paul a popular destination for both its residents as well as those living in surrounding suburbs. Employment opportunities abound in St. Paul with major employers such as Ecolab, Lawson Software, Gander Mountain, and nearby 3M. St. Paul housing can be especially affordable for first time home buyers through the Ramsey County's First Home program. Residents enjoy popular regional events such as the Minnesota State Fair and the Winter Carnival. If you thinking of buying or selling a home in St. Paul please send me and email or give me a call as I'd love to help you accomplish your goal.
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 Saint Paul versus buying a home. Please take a moment to email or call me.
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
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