If you’re looking for an urban home in Minneapolis or St. Paul that features attractive interior & exterior design, modern amenities and a low-maintenance lifestyle in the Twin Cities, a condo or loft may be the right choice for you.
A condo is referred to as an individual unit in a low to high rise building. You can find anywhere from traditional to modern condo developments. Also, the shared amenities (amusement/party room, roof top deck, and exercise room) can vary from building to building.
The Homeowners Association (HOA) manages and governs the condo community, collect the monthly association dues and maintains the common areas.
Lofts are usually located in converted old factory or warehouses in the city. Lofts is a nice alternative for individuals who enjoy the benefits of urban living. The lofts floor plans tend to be more open space, higher ceilings, brick or concrete walls, etc.
If you’re considering buying a condo or loft, follow the steps listed below:
Step 1: Weigh the Advantages and disadvantages.
The condo lifestyle can be an attractive choice for most potential buyers,
Some of the advantages of living in a Condo or Loft buildings are listed below:
- Low maintenance
- Sustainability. You will find some condo developments have eco-friendly features.
- Some condo developments have resort-like amenities, such as pools, fitness facilities, roof deck with views, and valet service.
Step 2: Find a Minneapolis- St Paul Urban Realtor Who Knows the Market
Some individuals who are looking to buy a condo or loft are entry-level buyers. These new first time buyers should consider finding a real estate agent who has local experience with selling condos & lofts and who can explain the buying process
A knowledgeable local Real Estate Agent like RE/MAX Results – Shannon Lindstrom can help in your property search, whether you’re a first-time homebuyer or experienced. Shannon can help you achieve your goal of homeownership!
Step 3: Know What to Look For
Be a smart shopper. Some of the questions you should ask your Realtor once you’ve narrowed your search are listed below.
How many units are owner-occupied?
If a high percentage of units are rentals, it might affect the property’s value or difficult to obtain certain mortgage loan products.
How is the building maintained?
When you buy or own a condo, you have vested interest in the common areas. You should view the common areas to make sure they are well maintained by the Homeowners Association management. If the hallways are dirty than it might be a red flag the management company is not running the building as well as it should.
Step 4: Get to Know the HOA
Homeowners Association (HOA) is an association or group established by the project developer The HOA is also responsible for collecting monthly association fees. And maintaining the common areas.
In addition to these financial responsibilities, the Homeowners Association (HOA) can easily change the rules governing the property, like the operating hours of the pool or fitness center and the size or number of dog and/or cats that you can have.
Step 5: Consider Insurance
You find majority of the condo & loft developments in Minneapolis and St. Paul have hazard insurance, which covers the exterior of building and also for the common areas. The insurance fee is usually included with your monthly association fee.
Even though the building is insured, condo and loft owners should consider buying an insurance policy (HO6) to cover their belongings inside their unit. A HO6 Policy is a separate homeowner policy to ensure the contents of the home, similar to renter’s insurance. You find some associations require a condo or loft owner to purchase a HO6 policy. It’s important for the buyer and/or owners to read the association rules & regulations, covenants and declarations for the development to find what is required.
If you’re looking to buy or sell a condo or loft in Minneapolis or St Paul, please feel free to contact RE/MAX Results – Shannon Lindstrom, Urban Real Estate Agent @ 612-616-9714 or visit www.ShannonLindstromRealtor.com today.