Just because you may feel restricted by price ranges — especially if this is your first or second home purchase — don’t let anybody tell you that you can’t afford to be choosy when looking for a home to buy! You are unique. You have desires and needs, hopes and dreams for your new home that are different from your parent’s, friend’s or coworker’s. OK? So let’s get busy defining these homebuying parameters and writing them down. Â
Pros: Closer to many employers. Walking distance to theaters, restaurants, schools. Many period homes offer more distinctiveness in styles.
Cons: Often noisier. Higher crime rates. More expensive.
Pros: Often homes on streets with more traffic are thousands of dollars cheaper. If noise doesn’t bother you, don’t pass up homes on busy streets. Drive by at different times of the day / week to ascertain noise levels.
Cons: These types of homes will always sell for less than others in the same area. If bedrooms are located near the front of the home, sleep may be disturbed.
Pros: Number one choice of buyers with children.
Cons: Less privacy, neighbors know more about you.
Pros: Often larger lots. Fewer neighbors. More visibility.
Cons: More traffic noise. More vulnerable to vehicles jumping the curb. Kids might trespass at the corner. More sidewalk to shovel in winter.
Type of Home
Pros: Good appreciation. Opportunity for gardens. More privacy. Quieter.
Cons: More expensive than our next category. More maintenance.
Pros: Less expensive than comparable single-family homes. Generally newer so fewer repairs. Lock-n-go lifestyle. No yard or exterior maintenance.
Cons: Less privacy. Noisier. Common walls and/or floors and ceilings. Sometimes no private yard or balcony.
Number of Stories
Pros: Easy wheelchair access. Some medical conditions such as bad knees make it hard for certain individuals to climb stairs. Easier to clean.
Cons: Can be noisier if stereos or televisions are located on the same floor as bedrooms. Some people feel safety is compromised if bedrooms are located at ground level. More of the lot is absorbed by living quarters.
Pros: More living space on same foundation than a ranch home. Less noise if entertaining on lower level while other family members sleep upstairs.
Cons: More trips up and down the stairs to carry stuff to bedrooms. If laundry rooms are on the second floor, washer leaks are major. Might need dual vacuum cleaners. It is difficult to maintain consistent temperatures on each level without dual heating and cooling units.
Pros: Often less expensive if purchased with lower level unfinished. Higher ceilings are appealing. Downstairs family room separates noise levels from upstairs. More square footage on same size lots as ranch homes.
Cons: Less storage space. Hassle to take trash downstairs and carry groceries upstairs or vice versa. Kitchens tend to be smaller.
Interior Specifications
Pros: Common minimum requested configurations are 3 bedrooms. Newer parents prefer bedrooms located on one level.
Cons: 2 bedrooms appeal primarily to first-time home buyers, singles or seniors. However, don’t discount a two bedroom if an extra den will satisfy your space requirements.
Pros: More than one bath is preferred by most people. One bath homes are often less expensive.
Cons: Don’t pass up a one bath home is there is room to add a second bath. Sometimes it costs less to put in an extra bath than it does to buy a two-bath home.
Pros: larger spaces offer more room and cost less per square foot than smaller spaces.
Cons: Don’t be misled as lay-out is more important than actual square footage. Sometimes well designed smaller spaces appear larger.
Pros: Extra space for media rooms, art studios, children’s playrooms, gyms, den/study.
Cons: More expensive.
Source: About.com
Edina Realty. Blake Vanderhyde is a Realtor ® and Licensed Attorney dedicated to helping people with their real estate needs.
Minneapolis Condos & Homes
Minneapolis – Entire City Year to Date
New Listings for 2008 = 9,859 (-13.2 % from 2007).
Closed Sales = 4,496 (+3.1% from 2007)
Average Sales Price = $217,328 (-16.4% from 2007)
Percent of Original List Price Received at Sale = 91.3% (-3.4 % from 2007)
Avg Days on Market Until Sale = 128 (+24.7% from 2007)
Neighborhood Breakdown
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Camden - [...]
This charming three bedroom home enjoys a superb location. Meticulously maintained. Close proximity to shops and stores.Â
An abundance of improvements and amenities make this hard to beat:
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Brand new roof (35 year shingle) 2008
New top-of-the-line siding (Smart Side® Home Siding) 2008
New gutters and downspouts
4 new storm windows on north side of house
Refinished wood floors
New deck in [...]
9-24-08 - Market Update for Reflections Condos in Bloomington. As of this writing, there are 9 units available in this highly sought after development.Â
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The condos range in size from 700 square feet to 2423 square feet and range in price from $192,000 to $749,000.
Click here to see the available units
Featured Listing at Itasca Lofts in Minneapolis September 2, 2008
This 950 square foot loft has 7 foot arched windows with awesome city views. High Ceilings, Exposed Timber and Brick make this hard to pass up. The kitchen and bathroom are full of updates including new granite counters. This property is listed by Susan Schutter and Deb [...]
Minneapolis Truth in HousingÂ
If you are going to buy or sell a property, one thing you should familiarize yourself with are the rules in your city or municipality that govern inspections. Many cities require mandatory inspections in order to maintain quality control of the city’s housing stock and to provide accurate information regarding the condition [...]
Minneapolis Market Update for July 2008
For July 2008 there were 1,016 new listings, 473 closed sales, and an average sales price of $233,770 for Minneapolis, Minnesota.
Broken down by neighborhood:
Camden – 148 new listings, 71 closed sales, avg. sales price $83,278
Downtown – 126 new listings, 50 closed sales, avg. sales price $358,812
Longfellow – 63 new listings, [...]
Today, home buyers and sellers are constantly inundated with information from a variety of sources. Finding an answer to a simple question is sometimes very difficult. For example, one question that comes up frequently is how is the value of a home determined? The short answer is that there are several different approaches. One approach [...]