twin cities real estate
Twin Cities Real Estate-Investment Property In Minneapolis St Paul
June 9, 2011 by financemyhome1 · Leave a Comment
This is a recent power point I’ve just put together. It gives you some ideas and information before you begin investing in real estate.
twin cities real estate
New Minnesota Home Options – Custom Build – Purchase Modular – or Buy Existing
June 11, 2010 by financemyhome1 · Leave a Comment
New Minnesota Home Options – Custom Build – Purchase Modular – or Buy ExistiBy John Mazzara
When you decide that you want to own your own home, you have to decide if you want to look at the current homes on the market, or if you want to look into new homes. Comparison shopping usually involves looking at new developments and existing homes. There are many building developments where you can get a new home, or you can build one on your own. Because most of the Twin Cities real estate is already built out, you will be looking at in fill projects or outlying developments that might be 30-60 minutes from your job. Though I think many people would rather build their own, most don’t want to put the time and the money into it. I can understand that. Though it would be great, there is considerable work involved, even if you aren’t the ones doing the building. Even if a ‘Tract builder” builds your home, you should plan 90-180 days.
You can find new homes that come as kits. Some of the kits come with everything you need, and others are just pre-planned homes that you can build on your own. These modular homes can be less expensive. Those who want to build new homes, but aren’t really into designing the entire thing, might want to go with a kit to save time and some money. You may encounter difficulty financing these homes, as not all mortgage lenders will finance the completed project. This is yet another reason why the pre-approval process is so important-BEFORE you start.
Some new homes are built in great places, and this is often why some choose to build on their own. They may have fallen in love with some land, but that land does not come with a house. Some parents have land that they give to their children, and that means they have to build new homes when they decide to use it. Others like to buy new homes simple because they like the idea of being the first and only family to live in their house, and they hope to keep that house in their family for a long time to come. Today, the only place you can find a large tract of land to build on are areas that are not serviced by city water and city sewer. Well and septic are the only forms of water and sanitation available. This is neither good nor bad, it is just different.
If you want something new, you should talk to someone at your mortgage broker about what it might cost, and if this is something that you can afford. You may have to make mortgage payments while your home is being built, and that means paying rent at the same time until you can move in. It is also more expensive to build, so that is another consideration. Plan on your projecting costing 25-50% than you have budgeted. Also, plan on it taking longer than you expect. From personal experience-coming from someone in the business- I can tell you both will happen. You have to think about what you want the most, and if you have the money and the time, there really is no reason why you can’t build your dream house on the perfect spot of land if that is what you want to do.
John Mazzara CFP CLU CHFC CEBS CMB MBA MS is an independent financial planner in the Twin Cities, MN. Officing out of Edina, Minnesota-John is centrally located within the 7 county metropolitan area. John owns three separate businesses-a licensed real estate broker associate selling Minnesota Real Estate since 1986-affiliated with RE/MAX Associates Plus http://www.selling.mn , an independent CFP-certified financial planner since 1989 with an independent Minnesota financial planning firm-Financial Planning Associates and the owner of a Minnesota mortgage broker firm-Venture Development Inc-specializing ins residential, commercial and investment mortgages http://www.ventureloanapp.com John has a wealth of knowledge and experience that surpasses most other advisors. If you are looking for someone to help you in the areas of real estate sales/purchase, mortgages, or and/or financial planning and insurance you should call John for a free 1 hour consultation to see if he can meet your needs. 952-929-2577.
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