Phalen Area Rental Homes: Should I Rent Or Buy A Home?

If you are searching for Phalen area rental homes, pause for a couple of minutes and consider the difference in renting homes versus buying one. Since it is more expensive today to rent homes than to buy one isn’t it at least worth it to consider saving some money by buying a home?

Phalen area Rental homes: Is It Worth The Cost?

Phalen area rental homes will usually have the advantage that you can get out of a lease arrangement within 12 to 24 months. I want you to remember that this advantage comes at a cost, however, , in that your rental payments will often exceed those of a house payment. Additionally the rental deposit may well be in excess of the entry cost required for buying a Phalen area homes after considering all of the down payment assistance programs available for first time home buyers. Finally, perhaps the real cost in renting is the fact that you are helping someone else buy their home with your rental payments helping make THEIR house payments.

The advantages may certainly be worth it, despite the high cost of renting, to rent if you are planning on moving again to a different city at the end of your lease. I tend to think that if you buy a home today you should plan on staying in it for a few years while the market develops.

Benefits To Buying Phalen area homes

With all of the great benefits available to the MN first time home buyer today, it is hard to know where to start in terms of listing the benefits. The State of Minnesota now offers special loan programs through its Minnesota Housing Finance Agency to offer reduced interest rates as well as down payment assistance. Additionally many communities today offer additional down payment assistance loans or grants that both reduce what you need for cash to close as well as reducing your monthly payment.

First Step: Get Preapproved

The first step in the home buying process is to get prequalified for financing. This simply means that you talk with a local lender who will review your financial situation. In this discussion they can tell you what types of MN first time buyer programs you might be qualified for. This critical first part can be done over the phone and most lenders will even do this with you when you are off from work.

The Phalen Neighborhood

The Payne Phalen neighborhood of Saint Paul is sometimes known as the “Greater Eastside”. Nearly a half-million visitors are attracted to the lovely Lake Phalen each year, one of the largest lakes in Saint Paul. Just a few minutes away from downtown St. Paul, Phalen residents enjoy a quick commute to many major employers. With a variety of affordable Phalen homes for sale, this is a great neighborhood for the Minnesota first time home buyer.

If you have not yet considered buying a home I would definitely like to talk with you about the benefits of both renting versus buying. My consultation is free and am eager to help.

Shawn Hartmann
Licensed Realtor in Minnesota
Keller Williams Realty
shawn@hartmannteam.com
Direct 651-468-9099
2680 E Snelling Drive North
Roseville, MN 55113
With a focus on Saint Paul Homes for Sale