First time homebuyers can save a lot of time, money and effort by being organized and prepared for all the steps in the home buying process. When you are choosing any of the Minnesota homes for sale, one of the most vital steps to take is the valuation of the home or being able to determine what the home is worth by making your own assessment.

Authors Eric Tyson and Raymond Brown of the book "Home Buying for Dummies" point out that the true value of the home doesn't only consist of the price. Value means different things to different people, so you need to identify the factors that are most important to you when searching for your ideal home. Ultimately, the value of the home is what a particular home is worth to you, and what types of benefits you will derive from this type of investment.

The first step that a home buyer can take is to review the actual dollar cost of the home and compare it to the other homes in the same neighborhood. This can be done by taking a look at the MLS listings of the specific area. Finding out what the original purchase price of the home for sale can also help, but if the purchase was not within the last 3 years, you cannot make an accurate assessment and use the original purchase price a basis for review. To use the original purchase price to aid in your assessment, see if the property has devalued or if its value has increased withing the time period since the seller bought it.

The second step that a home buyer can take is to figure out how much repair work is needed and what the cost will be. Ask yourself a few questions like "If I move in next week, what has to be done to make it livable and lovable?" or "What needs to be fixed and how much will it cost?" Sometimes, the cost of repairs is factored into the asking price but if it is not, it is to your advantage to know what the add-on expenses you may be facing in the near future.

The third step would be to project how much the property can be sold for in 5, 10, or 20 years after your purchase. This is when the location of the home becomes vital. Find out what is the average appreciation value of the real estate property of the neighborhood that you are interested in. If the trend of the property prices show that it is stable and in some years, you can make a good return on your investment, it would be to your advantage to make such an investment.

When searching for your ideal home, make a studied assessment of the different homes for sale in the various neighborhoods. The true value of your new home is not just what the actual asking price is because of the things that have to be taken into consideration, like repairs, price history, the benefits you will get from living in the area, and what the property will be worth in the future. Find out more about the new homes for sale and what neighborhoods have good appreciation rates so you can make the most out of your investment.

Being a first time home buyer and hunting for your dream home can be quite exciting, and it is possible to eliminate any stress from to the several things that you would have to be keep track of and the factors needed for the several important decisions to make. It is of vital necessity to spend some time searching new neighborhood and looking at the various Minnesota homes for sale. You might have to do your own research work to find out if the new neighborhood will suit your needs.

One of the most important things to do as a first time homebuyer is to explore at least a five-block radius of your ideal neighborhood to see all of the homes available on the market. You can do this by driving around the area, or navigating your way through the neighborhood using an online mapping tool. This will give you a chance to narrow your focus to only the areas that you are most interested in and give you a relatively large inventory to work with.

It is to your advantage as a first time home buyer to be aware of the where the nearest gas station, groceries, public libraries are in each specific area of your choice and its access points to interstate or major highways. Always bear in mind what it would be like to actually live in that specific area. Make mental notes of the locations of the different stores, service centers and roadways so that you will be know how convenient and accessible you are to these facilities.

Take the time to learn what the zoning laws are of the area that you are interested in. It is possible that in the future, you may want to remodel or renovate your home. Understanding the basic zoning laws of the area will help you be prepared for this eventuality.

Finally, you will need to learn about any condo association fees particular to your prospective area, as well as any taxes and other fees specific to the address you want to move to. You can find this information by contacting a real estate professional or checking the local county tax collector's office website. Most tax collector offices have at least one website that allows you to enter an address and find out tax information. For condo fees and other fees related to the purchase, you can contact a local lender or real estate professional for an estimate.

Taking the time and effort to take find out about the new neighborhood you plan to live in is a vital step in the purchasing any homes for sale. Find out the important details about taxes, zoning laws and other related fees associated with a real estate property purchase by doing online research and contacting a local lender, a mortgage professional or a licensed Minnesota real estate agent. The data that you have gathered will greatly aid you in deciding which among the homes for sale to purchase.

The ramifications of owning a house may intimidate first time homebuyers but being knowledgeable about closing costs can be of great help. Most people seem to be unaware that closing costs are usually set at 15 percent of the sales amount and loaners usually ask that you pay for it directly. Achieving your goal of efficiently projecting your available funds and discussing your preferences in the arrangement of final price means being more prudent to identify them earlier, even if some lenders can roll them into the loan package.

It may be best to keep in mind that the lender base the maximum amount offered to you not on the net price (the sales price minus the closing costs) but from the actual sales price paid by the buyer. There are various ways in which closing costs are allocated and this may need the help of your realtor and lender if only to come up with the most agreeable plan for you to stay within your budget limit.

As a home buyer, being knowledgable about your responsibilities is the first crucial step to understanding what closing costs are. As explained by Barron, the author of the book 'Smart Consumer's Guide to Home Buying', homebuyers must know that custom dictates allocation of closing costs and designates buyer and seller responsibilities, and not the law, as many believes it to be.

All the fees and discount points of the loan are part of the buyer's responsibilities. The lender adds all these at the end of the contract and may vary differently from one financial institution to another. Bankers typically assign this fee as part of your contract or may be waived for important customers, yet it is best that you have an exact idea what the estimated amount will be.

The buyer is also responsible in paying the premium of the homeowner's title insurance policy and has to ensure that this be settled before the purchasing begins. An extra cash in your hands will be useful when paying for the premium so that it won't get rolled into the loan. You also need to consider that premium cost may depend upon the insurance company. Make some research on the homeowners insurance policy rates or look around for more options before you decide to sign the contract right away. These costs constitute the seller's obligations.

Sales Commissions - are the fees apportioned to the buyer's and seller's agents. However, these may depend upon the MN real estate agent you chose to work with.

Inspection Costs - refers to the expenses related to the home's inspection and all other forms of inspection that may be required before the buying and selling commence.

Title Insurance - are part of the homebuyer's obligations although many people misconstrue that title insurance is no longer covered in the costs that they have to settle. However, title insurance costs are included in the closing cost and thus becomes the seller's responsibility.

Knowing what closing costs are can better help you approximate what the final price of your home will be at signing time. As a matter of fact, if early on the financing process you have done so, the lender may give you necessary information like the fees you will have to pay and discount points among others.

To make it easier for you to find homes for sale or any other real estate property in the US from any point you are in the globe, a number of licensed real estate agents and professional MN realtors have created websites with a database of the latest real estate property and homes for sale listings. This was done to make it much easier for real estate buyers to be able to find prospective homes for sale in the location of their choice by being able to accessing it easily with the aid of the real estate website listing search.

This can be a very valuable opportunity when you are considering moving out of state or across the country, but there are still several important things to consider as you proceed with an online search. Whether you're a first time homebuyer or looking for vacation home property, here are some important considerations when buying your home online:

1. Limit your browsing. You might get carried away and spend too much time looking through homes for sale that does not meet your requirements. It is possible to target your search by typing in the name of the state, then homes for sale, and then indicating the detailed parameters of your real estate property requirements in the search property listings tool of a real estate website.

2. Search for a website that will give you access to real estate property listings by state. It is possible to search for individual properties, but that would take up much more of your valuable time and might be even a waste of time if the property is no longer available and ad is still there. By finding a website that has an adequate number of updated listings, you will be able to have a more effective search.

3. View aerial views of the property. Seeing a bird's eye view of the property can make it easier to get a feel of the neighborhood and get an accurate view of gardens, garage space and the areas surrounding your home. Take the time to use Google Maps satellite images and other tools to explore a variety of views of the property.

4. Don't rely solely on listing pictures. If you live in the neighborhood, set up an appointment for a showing and take your own pictures of the property. This will give you a much more realistic perspective of the property so that you have solid information to work with during your final selection process.

5. Check the credentials of the real estate agent. A professional real estate agent can help you to find the right real estate property without the headaches related to the property search and documentation as these things can be handled by them. You would have to find out how established the real estate agent is in the business, their credentials, their track history, if they are licensed, and what kind of listings they have.

6. Use a variety of search tools. Shelley O'Hara and Nancy Lewis, authors of the book, "The Complete Idiot's Gide to Buying and Selling a Home" encourages prospective homebuyers to use several different sites and home buying tools when doing their research. Begin the search with sites such as the International Real Estate Directory and the National Association of Realtors.

Mortgage lenders, banks, libraries and MN real estate firms often host home buying seminars to educate the community about the home buying process. Whether you're a first time homebuyer or are thinking about moving to a new neighborhood, the home buying seminar in your area is a great place to have your questions about home buying answered by local professionals.

Home buying seminars typically take place in a meeting room in a local library, at a community center, or even in a banquet room of a local restaurant. The presenter may create a PowerPoint presentation or slideshow to highlight key points about the home purchasing process, or conduct the seminar ina lecture style format with a Q&A session. These group sessions are usually free, and you'll be leaving with a wealth of information about homes and purchasing options.

One of the key benefits of attending a home buying seminar is getting to know local realtors in person. Instead of doing your research solely online or by calling different realtors over the phone, you'll have a chance to interact with realtors who are looking for new clients. This can be the basis of a new relationship, and you'll have the chance to pick up their business card and learn more about their services or the firm they are working for.

Mortgage lenders that conduct home buying seminars will educate you on the financial side of home buying, and may introduce several loan packages and programs available, or even prequalify you on the spot. Meeting mortgage lenders at these events helps you establish a relationship and may make it easier for your to get started on the preliminary loan document process.

Some lenders and realtors may also offer discounts or incentives for attending their own branded seminar. While local libraries and educators also host these informational events, they may not be able to direct you to specific professionals in the area. When you attend a seminar hosted by a lender or realtor, you'll have an opportunity to get referrals and other insider information about services you need. Mortgage lenders who host the event may waive your closing costs if you attend the event, and realtors may offer gift cards or other free gifts as part of their invitation.

The book, "1,200 Great Sales Tips for Real Estate Pros" by Christina Spira and Mariwyn Evans, explains that realtors who make the extra effort of creating presentations and give gifts because of their desire to establish a close relationship with their prospective clients. These seminars can be used to assess the company, their agents, and how they will service and treat their prospective clients.

Attending home buying seminars will give you several benefits and it is the perfect venue for you to get all the details about the process from highly experience professionals. Consider signing up for one or two of these events so that you can get inside information about the current market and learn more about the realtors in the area.

Most first time home buyers in Minnesota find it both practical and interesting to have a 'new' house for a number of reasons: a new space to raise your family, brand new amenities and home features, and the fact that you need not to worry about costs on maintenance or renovation in the first year. 

However, a brand new home can be significantly more expensive than an existing home and you don’t always know what to expect if you’re one of the few homes in a growing neighborhood. 

Comparing the strengths and limitations of each scenario helps in coming up with the best decision for your home buying; the following are questions you must keep in mind when you begin finding your new home

1. How much extra are you willing to pay for a new home? Brand new homes in Minnesota are priced at a premium because of the ‘newness’ factor; you’ll be the first person to use the bathroom and kitchen appliances, will be walking into freshly carpeted rooms, and making the most of the freshly painted walls. 

2. How important is resale value to you? Existing Minnesota homes for sale can have slower appreciation than newly-constructed ones, as explicated by Ilyce Glink (writer of the book ‘100 Questions Every First-Time Home Buyer Should Ask’). When you have plans of selling your home in the near future, it may be a good idea to have a brand new home because it's market value is higher and you can profit at a larger scale from it.

3. Can you easily adapt to a new neighborhood? Many new home constructions move at a very fast rate and as one of the first homeowners in the area - knowing what the neighborhood is like wont happen unless you get to meet more people in your new environment.  You may need to consider safety and security if you have small children or elderly residents living in your home, and find out what options you have to make sure your home is as safe and secure as possible.

4. Do you want to invest time and money to renovate a home? Homes that are existing can appreciate tremendously in value if you have the time and resources to invest in renovations and maintenance. If you’re looking for a long-term investment that can generate a high profit in a short period of time, buying a ‘fixer upper’ may be your best home buying strategy.

5. Which do you prefer, a primary residence or an investment? Most beginning homebuyers want investment properties that they can soon turn into a profitable business. However, older and mature homebuyers prefer primary residence mainly for purposes of settling down or establishing themselves in the neighborhood. Identify your goals beforehand and decide what you think will give you more benefits.

Based from your goals (both longterm and short term) and the amount of money you are willing to shed off your pocket - thats when you decide to have either a new or existing home. These questions may all be helpful as you pick the best option suited to your budget and future plan.

Seller's agents, as the name suggests, are hired by home sellers to represent them in Minnesota real estate transactions. They are paid a fixed fee or a commission and are primarily concerned with bringing the seller and a buyer to a deal. Homebuyers often end up transacting with seller's agents. As a homebuyer, it is important for you to understand the duties of a seller's agent.

Different states have varying regulations on the practice of seller's agents, but they have common responsibilities and restrictions as defined by national laws. According to Ilyce Glink, author of the book '100 Questions Every Home Buyer Should Ask', homebuyers should thoroughly review the agent disclosure form before signing under the services of an agent to understand the scope and limitations of the agent's work. Generally, a seller's agents' responsibilities and restrictions include:

The seller's agent can provide you with detailed pricing lists of comparable homes in the area. These are often called 'comps' and are a compilation of similar homes in the neighborhood, listing information and their list prices. This information ensures that you are not offering, or being offered, an unreasonable price when it's time to negotiate.

A homebuyer cannot be dictated by a seller's agent regarding which homes to buy. If a seller's agent is representing two sellers, then they cannot compel the homebuyer to choose one house over the other. Remember that as a home buyer, the final decision of which home to purchase rests upon you.

A seller's agent cannot reveal the flaws of the home, except for imperceptible material imperfections. They are not allowed to disclose information that can influence you not to buy a property. Homebuyers must conduct their own inspection to assess the condition of a home.

The seller's agent cannot make suggestions on the best offer for the home. It may be tempting to ask the seller what price you should pay for the property, but they cannot legally offer this information at any time during your communications. The seller broker has certain obligations to the seller, so this information may impede on that relationship.

The seller's agent can ask you for referrals. Many seller's agents are independent business owners and always looking for new clients. They do have the right to ask you to refer them to friends or family members, and will do everything they can to make your home buying experience a good one.

The job of a seller's agent is to make the buying and selling process as smooth as possible. As a buyer, you have to remember that seller's agents are working for the seller. Therefore, it is still important for you to do your own research and work with a professional buyer's agent.

After you've spent enough time doing all of the research about your prospective home and are comfortable with working with the seller, it's time to make the offer. However, the home buying offer isn't the end of the sales process; you may be involved with negotiating a price after making the offer if the seller refuses to accept it, so you'll need a plan to get the price you want - or close to it - well before you extend your initial offer.

Knowledge of the contract and devising a contingency plan are just some ways to ensure you get your dream home within your budget. Barron's 'Consumer's Guide to Home Buying' advises homebuyers to make a checklist of things to consider even before entering the negotiation process. Below are some of the things you need to pay attention to when negotiating:

1. Knowing who are involved in the decision making process. Sellers usually employ the services of agents, lawyers, accountants and other third parties to transact with buyers. Knowing whom you'll be dealing with beforehand will help you devise a specific method for negotiating.

2. Have a back-up plan. It is possible for you and the seller to reach a stalemate when negotiating. Consider developing a back-up plan just in case no agreements are reached during negotiations. Define your maximum offer and do not go over it; just look for other homes to buy.

3. Have you looked over all of the details of the contract? It's important to fully understand all of the terms of the contract so you're not left with any surprises at closing. Take the time to review the contract in as much detail as possible and note down any questions you have. Set up a meeting with the seller to go over anything that doesn't seem clear to you so you don't have any reservations about signing if you do get an accepted offer.

4. Develop a relationship with your realtor. Realtors have the experience to give you professional advice about your prospective Minnesota home. Spend the time to develop a positive working relationship with them. Voice out your concerns to your realtor well ahead of the negotiation process to give your realtor time to help you in making an informed decision.

5. Be prepared for setbacks. Negotiations can break down between both parties at any time. It is important for you to keep your cool, as most negotiation problems are only misunderstandings caused by poor communication skills. Lastly, be prepared to get out of the deal if you feel the negotiation will lead to nowhere.

You want to avoid any major surprises when you're considering a new Minnesota home purchase so contracting with a professional home inspector can alleviate much of the stress and concerns about your prospective home early in the home buying process.

However, you aren't required to conduct an official home inspection until after signing the initial contract, so it's a good idea to learn as much as possible about the condition of the home by having an honest discussion with the seller, and even performing your own 'mini' inspection where you can check for basic structural defects or potential problems.

Sellers typically allow prospective buyers to inspect their home before anyone enters into any agreement. Barron's 'Smart Consumer's Guide to Home Buying' advises homebuyers to use a checklist in taking note of any problems and issues in the earliest time possible. The book further explains, "If you are thinking about buying a house that will need renovation or upgrading, the more value will be derived from your mini-inspection." The mini-inspection will ultimately give you a bargaining leverage when negotiating for the price of the home you are buying.

You need a checklist in inspecting the house to ensure that you cover all important aspects that you need to look at. The information you gather from this checklist can then be used to create a written report to help you in assessing the overall condition of the house. Here are some important matters to include in your checklist:

The age of the house - You should know exactly when the house was built. Find out if there are any renovations or upgrades done and when these took place. Ask if blueprints, architect or engineer plans are available.

Check the foundation for potential problems - are there any large cracks or noticeable water problems around the home or in the basement? Ask about flooding issues and weather-related problems that have taken their toll on the home in different seasons.

Inspect the house's interior for flaws - Walls should be even and free of cracks. Check if you can manipulate the doors with ease. All water entry areas should function properly and keep an eye out for mold and mildew infestations. Take a note of noticeable cracks and corrosions. You might also want to take a snapshot of problems that really stand out.

Inspect the exterior of the house - Check if all windows and doors move smoothly and if these are properly insulated. Inspect the sidings of the house. Look for signs of deterioration.

Inspect the house's heating and air conditioning systems - You want to know the average electricity cost per month when operating these appliances. Ask about the age of these appliances as well. Old heating and air conditioning systems are usually inefficient and you may need to replace them.

In addition to the written inspection report, you may consider taking pictures or short video clips using a digital camera/camcorder so you can review everything again in more detail at a later date. This extra footage or coverage may also give you an upper hand during the negotiation process with the seller.

Once you have made your decision to buy a home and stop renting, you'll need a strategy to get started on your search. The secret in searching for the perfect home lies in your ability to identify exactly what you want out of a MN home.

Many Minnesota first time home buyers feel overwhelmed and frustrated by the homebuying process simply because there are too many decisions to make. How do you decide on the best location? What if the home isn't in the best move-in condition? Can you afford to be so far away from work? Making sure you've asked yourself the right questions and creating a 'wishlist' for your ideal home will make the home buying process much easier, and also help you get over many of the challenges involved in finding that perfect home. Start creating your wishlist with the following essential questions and considerations in mind:

1. What are the amenities you are looking for? Ask yourself if you want a fireplace, swimming pool, a garden, etc. Create a basic criteria of amenities you would want in your home to narrow down your options. If a home doesn't meet your amenities criteria, simply say no to it and move on to the next one.

2. Specify where you want to be located. The home's location is one of the most significant factors when considering different homes, according to author Ilyce Glink of '100 Questions Every First-Time Home Buyer Should Ask'. Your location will determine how far you'll live in relation to family and friends, your kid's school, your work, and shopping areas. Location also determines the time you'll spend traveling each day. Ask yourself if your home and location justify your travel time each day.

3. The size of your home. Specify how much space your family needs and if you are expecting any additions to your family in the near future. Your needs will determine the size of the home that you will purchase. If your family is growing, you might want to purchase a bigger home to accommodate your family three to five years in the future.

4. Are you willing to invest in renovating or refurbishing the home? If the house is not in move-in condition, how much are you willing to spend on modifications, renovations and other maintenance costs? Setting some guidelines in this area can help you eliminate certain homes from your radar as you search.

5. Will safety and security be an issue for you? If you have small children or are living alone, safety and security may be a top priority. Ask yourself what you will need in order to feel safe in the new neighborhood so you can eliminate homes that don't meet the criteria.

Being specific about your home buying criteria will help you save time in searching for your home. It will also make your stay in your new home more enjoyable because your new home would match your needs and wants.