Minneapolis Minnesota Real Estate Blog

Downtown Minneapolis Condos - Should You Buy or Should You Rent by real estate expert Mike Weiland

If you have ever rented, then you have probably more than once wondered if you should rent or buy your own condo. In our discussion today, we will give you three tips to consider.

Tip #1 – Have you considered all of the costs?

Now as much as it would be nice to own your own Downtown Minneapolis Condos, and as much as people are always willing to suggest that you should move into your own condo, no one tells you about the various expenses that you will gain if you move in to your own condo rather than rent your own condo. Of course you have to pay the mortgage and the utilities just like you do if you rent. You also have to add on expenses such as insurance, taxes, maintenance and repairs, and improvements plus some considerations such as lawn care and snow removal if you live in that type of area.

Tip #2 – condo ownership responsibility

Are you ready to take on all the things that might occur if you were to purchase Downtown Minneapolis Condos? Let me give you some examples. What are you going to do if the furnace goes out or the air conditioner goes out? What are you going to do if the sump pump stops working and your basement floods? What are you going to do if the roof starts leaking? These are all of the things that you are responsible for if you own a condo rather than rent a condo. You must remember that you are responsible for the appliances, painting, and carpeting, actually everything to do with the condo. If something goes wrong with the condo that you are renting, all you have to do is to call your landlord.

Tip #3 – Tax Advantages

There are some tax advantages to owning your own Downtown Minneapolis Condos, so it is important to remember this when making this decision. You may deduct what you have paid in interest, and this is an important tax consideration. You are also building up equity in your condo, which is something that you will not do at all if you are renting a condo.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos. For complete information about the market including current condos for sale, property values and more please visit the most complete website online dedicated to everything Downtown Minneapolis Condos. So please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 612-735-6834 or email me at mike@mikeweiland.com.

There is a lot of free information available to you about buying, selling or investing in  Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com