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Buying or Renting in Minnesota

Choosing between renting or buying a home can be overwhelming. There are a few factors to consider to help you make your decision before buying or renting a home in Minnesota.

What can you afford to pay? Most experts say you can afford a home that costs 2 ½ times your annual income. Income is all of the money you have coming in including salary, social security benefits, alimony, public assistance, etc.

People sometimes underestimate the cost of a home the cost of the monthly payments, maintenance expenses, utilities, property taxes and insurance.

Consider all of your monthly obligations including groceries, entertainment, medical bills, etc

Have You Saved Up Money for a Down Payment? Do You Have Enough to Cover Closing Costs?

Mortgage Lenders can prequalify you for a mortgage loan which will help you figure out how much you can afford. Prequalifying isn’t an approval, rather it is an evaluation of your credit worthiness and what amount you qualify for.

Renting may be a more viable option if you haven’t saved a down payment or don’t qualify for a mortgage loan.

Another viable option is a Lease Option which allows a home buyer to lease a home with an option to buy. The buyer can lease a home from the seller for a specified time. The lease contract will give the buyer the opportunity to purchase the home at the end of the lease agreement for an amount predetermined in the contract.

The buyer will typically pay a sum at the beginning of the lease which is called option money. The terms of the lease are negotiable and should be clearly spelled out between the parties. This is one solution to the rent or buy issue. Minnesota Home Rentals can assist you through this entire process and discuss the viable options with you.

Give us a call to discuss with one of our experienced professionals at 612-293-5154.