Minneapolis – St. Paul Condo and Loft Homebuyer’s Guide

Minneapolis St Paul Urban Loft

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.

Minneapolis St Paul Lofts

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:

  1. Low maintenance
  2. Sustainability. You will find some condo developments have eco-friendly features.
  3. 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.

Home Issues That Shouldn’t Be Deal-Breakers and a Few That Might Be

House Hunting

Finding the right home can sometimes feel like hunting for a needle in a haystack. Unless you’re buying brand-new construction, every home has some drawbacks, whether it’s style or real maintenance issues. If you’re looking for your next home, understanding the difference between minor issues and true deal-breakers can help you evaluate your options and make the best possible choice.

Home Repairs

Manageable Annoyances

Cosmetic – All aesthetic concerns can be fixed – for a cost. The key is to understand the difficulty and level of effort or money involved. A dying lawn can be addressed with new sod. Is the kitchen dated? A new backsplash is relatively inexpensive. With some fresh paint and new lighting fixtures, you can easily brighten a room and make a small space seem more expansive.
Healthy Homes – Many homes have older carpet, drapes, and other elements that can irritate allergies. Home air filtration systems are affordable and very effective in clearing the particulates out of the air. Replacing the attic insulation and cleaning the vents are easy and inexpensive ways to correct these situations.

Rehab Home

Deal-Breakers

Foundation Problems – Foundation cracks and other issues can be expensive or impossible to correct.
Mold – While treatments for mold are available, they normally involve major demolition to open walls and flooring for access. Unless the sellers will correct the mold issue before closing, it’s better to reconsider on this one.
Water Leaks – Signs of water damage or existing leaks could be a reason to search for a different home. Leaks and water issues will most likely bring you to the mold issue above.

Home Repairs

Tips For Selling Your Home When You have Kids

Family Time

Selling a home when you have young kids can be rather stressful and challenging. Fortunately, you find below some helpful things that you can do to make the sales process easier on you and your children.

Create a new daily routine

Selling your home can change your daily routine upside down and sideways. Intentionally design a new routine, Things will be easier when you plan quick & easy meals along with adding the daily cleaning tasks to your daily routine. You may find there will be less interruptions to your day.

Writing a Schedule

Clean, clean, clean

Your home should be dirt free when the buyers view the home. And there is a high probability that even if your kids are pretty clean, they might clutter some areas as they go about their playtime.

You need to be prepare for this challenge as you move into showing the property to potential buyers. Usually, sellers trying to sell quickly will always make sure their homes are as clean on a regular basis—and be prepared to clean up right away if the buyers are coming to check out the property. 

House Cleaning

Make the home appealing to the masses.

There are many things you do to your home to make it more attractive and fun for your kids. Some of these attractive designs include Impressive murals on the walls, fun neutral colors in the specialized play areas—these things make your life and your kid’s lives more enjoyable, full of fun and may provide good memories.

Paint Colors

However, your Realtor might recommend that you revert the playrooms to more general areas, paint the rooms with more neutral colors, and take down your family photos for showings.

Don’t take the changes personally. You are making a business transaction, since the goal is to obtain the best possible price for the sale of the home.

Strike a balance

Just like other rooms in the house, the kids’ rooms should be clean and dirt free. Does this mean playtime is prohibited while your house is on the market for potential buyers or clients? No. But it does mean you’ll might need to take an inventory on what needs to stay.

One of the best methods to make the home inviting besides making it dirt-free is depersonalizing. We don’t mean transforming it into open space, just a neutral home that could comfortably belong to anyone, even a buyer with kids or without kids.

Child with Airplane Toy

If you’re looking to sell your home in the Twin Cities and the surrounding suburbs, please feel free to call or text RE/MAX Results – Shannon Lindstrom, Realtor at 612-616-9714.

Consider Upgrading Your Twin Cities Condo or Home before You List

Kitchen

Most people have wandered through new condo or single-family home developments in the Twin Cities & surrounding suburbs and wished their own home looked as modern and chic. Model homes showcase the latest upgrades and decorating trends; for home sellers these homes are their competition, and it can feel daunting to offer an older floorplan and design.

While it might seem like a smart idea to simply offer a buyer credit and list, there are downsides to this plan, and taking the time to update on your own first could possible mean thousands of dollars in your pocket.

White Kitchen


Here are a few reasons why offering a credit might not be the best strategy:

Buyer Impression – A dated home looks old and not all buyers can see the potential.
Lower Offers – Offering a credit for repairs or updates could be viewed as high seller motivation, resulting in lower offers.
Value Differences – You and your buyer might disagree on the value of needed upgrades. For example, you might feel $2,500 is a fair cost for a new countertop whereas your buyers might expect considerably more; this can lead to more negotiations and lower sales price.
Home Condition – A property that shows its age can prompt the buyer to worry about the overall condition.
Loan Approval – Lenders are wary of buyer credits; in fact, upgrade or repair credits can be an issue. You might have a buyer unable to take advantage of the credit at all.

Home design trends change quickly. If you’re ready to sell, it could be tempting just to list your home in its current condition. Before you just add a credit to the listing, consider some simple updating so your buyers can see the value of your home.

Is This the Year to Sell Your Twin Cities Condo or Home?

Twin Cites Home

If one of the questions you’re asking yourself is, “Should I sell my condo or home this year?” consumer sentiment about selling today should boost your confidence in the right direction. Even with the current health crisis that continues to challenge our nation, Americans still feel good about selling a condo or home.

Condo Kitchen

Here’s why.

According to the latest Home Purchase Sentiment Index from Fannie Mae, 57% of consumer respondents to their survey indicate now is a good time to buy a home, while 59% feel it’s a good time to sell one:

“The percentage of respondents who say it is a good time to sell a home remained the same at 59%, while the percentage who say it’s a bad time to sell decreased from 35% to 33%. As a result, the net share of those who say it is a good time to sell increased 2 percentage points month over month.”

As you can see, many still believe that, despite everything going on in the world, it is still a good time to sell a condo or a home.

Why is now a good time to sell?

There simply are not enough homes available to meet today’s buyer demand, and they’re selling just as quickly as they’re coming to the market. According to the National Association of Realtors (NAR), unsold inventory available today sits at a 2.3-month supply at the current sales pace, which is down from a 2.5-month supply from the previous month. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory to balance out.

With so few condos or homes available for buyers to choose from, we’re in a true sellers’ market. Homeowners ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers who are feeling the pull of intense competition when it comes to finding their dream home. Lawrence Yun, Chief Economist for NAR, notes how quickly homes are selling right now, further confirming the benefits to sellers this season:

“The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates.”

However, this sweet spot for sellers won’t last forever. As more homes are listed this year, this tip toward sellers may start to wane. According to Danielle Hale, Chief Economist at realtor.commore choices for buyers are on the not-too-distant horizon:

“The bright spot for buyers is that more condo & homes are likely to become available in the last six months of 2021. That should give folks more options to choose from and take away some of their urgency. With a larger selection, buyers may not be forced to make a decision in mere hours and will have more time to make up their minds.”

If you’re ready to make a move, you can feel good about the current sentiment in the market and the advantageous conditions for today’s sellers. Let’s connect today to determine the best next step when it comes to selling your house this year.

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