When a Minnesota resident begins the process of buying a home, the person has some important decisions to make. One of those decisions concerns whether the person will buy a new construction or an existing home. While a new construction home is one in which the buyer is the first owner, in an existing home a buyer moves in after prior titleholders.
In certain areas of the Twin Cities region, new construction of residential real estate is booming. In fact, in certain Twin Cities suburbs, single family home construction is moving along at an impressive rate. However, in the city of Minneapolis, new construction on residential real estate is down. Compared to last year at this time, construction of single family homes and multiunit dwellings is falling off pace from 2014.
This is not to say that there are no homes for sale in Minneapolis. In fact, apartments and other units in residential developments as well as single family homes are for sale in the metropolitan area. Individuals who do have interest in existing homes have options when it comes to making an offer on a property to purchase.
Whether a buyer chooses to pursue the purchase of a new or existing residence, the person will have many legal and financial requirements to meet in order to make a property the person’s own. From securing a mortgage loan to approving inspection reports and other home-related information, a buyer must exercise caution when entering into a real estate transaction. However, those who strive to become home owners do not have to pursue their dreams alone. Attorneys who work in the residential real estate field can help them work toward closing on the homes that they have always wanted.
Source: Star Tribune, “Housing construction in the Twin Cities metro fails to exceed 2014,” Jim Buchta, May 28, 2015