Buying a Fixer Upper in Minnesota

January 25, 2016 by Greenlaw Realty

Buying a Fixer Upper in Minnesota

There are so many shows on HGTV that are geared towards buying a fixer upper that needs work and gaining equity or a profit. They make it look pretty easy and low risk, but this is not always the case. While you can make a nice profit buying a fixer-upper in Minnesota, you need to have the property completely evaluated by professionals, such as real estate agents, inspectors, and contractors.This way you will know what needs to be repaired, how much it will cost, and what the after repair value (ARV) will be once you are all done. Buying a fixer upper can be a great investment, but it can also become a money pit, very quickly. Here are some thing to think about before buying a fixer-upper in Minnesota.

Things to Consider When Buying a Fixer Upper

Here are some of the main things to consider when buying a fixer upper in Minnesota.

Hire a realtor

There are many Realtors out there! If you are thinking about buying a property that is in need of repair, be sure to hire a real estate agent that is knowledgeable with fixer upper properties in Minnesota. Your agent will help you to find properties that have rehab potential. They should know the market you are in and the prices in your market. This way they will know what properties are priced right and what the after repair value will be once all of the repairs are finished. They should also act as your first line of defense on the condition of the property in regards to condition and price. They will also know how you plan to finance the purchase and if the house will meet the lenders guidelines.

Get an inspection

A good home inspector can be worth their weight in gold! They will go over your potential house with a fine toothed comb! They should be able to tell you all off the issues that are going on with the house. They will inspect, foundations, siding, doors, windows, landscaping, electrical, plumbing, HVAC, appliances, etc. This will give you a list of items that need to be done, items that could be done, and items that might need to be done in the near future. In addition to issues they should teach you about things in your house that you will need to maintain as part of home ownership.

What Projects Can you Finish

The inspection will tell you all the major things that will need to be completed. If they are big projects such as plumbing, electrical, foundation, etc. you will probably have to hire an experienced contractor and we will get to that next. The projects that most people should undertake when buying a fixer upper are usually cosmetic things such as, painting, flooring, minor kitchen and bathroom upgrades, fixtures. etc.

Get Bids from Contractors

On the bigger projects that you are unwilling or unable to do yourself, you will need to hire a contractor. When hiring a contractor be sure to get at least 3 bids for every project and let the contractor know that you are getting multiple bids! This helps to make sure they come in with their best price. You will be amazed at the difference in bid amounts for the same project. I often see differences of thousands of dollars for the same project. Also make sure that any contractor that you hire is licensed, bonded, and insured! Finally see if they are able to provide references for similar work.

Do you Want to Live in a House Under Construction?

Living in a construction zone can be very difficult and dirty. Depending on the projects you might not have a completely functioning house and this can be very difficult. For instance you might be redoing a bathroom and not have a functioning toilet or shower. Maybe you are fixing your kitchen and wont have counter tops or cabinets. If you have hired out some of the work to be done, you will have unknown people working in your house. Be prepared for a lot of dust and noise. If any of these things make you cringe, it might be best to live somewhere else while the work is being done.

How Long Will it Take?

Be realistic on how long the projects will take. I often say how ever long you think it will take…double it! This is especially true if you are doing the work yourself and have other obligations outside of fixing your house. You will come home tired and its easy to say, “I will just work on it tomorrow!”

What is the After Repair Value?

This is the most important thing to know! You want to make sure all of your hard work is going to be worth it. This is where your Realtor comes back into play have them do a market analysis with all of your proposed repairs and upgrades included. You need to be sure this number is greater than your purchase price + cost of repairs. This is where people most often get in trouble. They spend too much money on fixes that don’t add much value to the house, so make sure you know your numbers.

If after all of this, you are still interested in buying a fixer upper in Minnesota, please contact a Greenlaw Realty agent today. We can also set you up with a list of fixer upper properties emailed to you daily!

Blaine New Construction Homes for Sale

January 12, 2016 by Greenlaw Realty

Blaine New Construction Homes for Sale

Are you looking for Blaine New Construction homes for sale? New construction homes in Blaine, MN often offer more room, better energy efficiency and healthier indoor air quality. It’s no wonder that so many people in Blaine plan to purchase a newly constructed home. If you are among them, and want that home to be in the Blaine area, you are in luck. The assortment of Blaine new construction homes for sale has never been better. The process of purchasing a newly constructed home in Blaine is a bit different than that of buying an existing Blaine home. When you use the experts with Greenlaw Realty to purchase your new construction Blaine area home, you’ll have expert representation every step of the way from choosing the ideal lot to walking you through the inspection process. Blaine is one of the hottest new construction markets in the entire Twin Cities. If you are looking for a new construction home, look no further than Blaine, MN.

New Construction Homes in Blaine, MN

Here are all of the current Blaine new construction homes for sale. If you are thinking of buying a new construction home in Blaine, MN or if you have any questions in regards to purchasing a new construction home, please don’t hesitate to contact an experienced Greenlaw Realty new construction specialist today.

Ham Lake New Construction Real Estate Agents

Greenlaw Realty are your specialists for Blaine new construction homes for sale . If you are thinking about purchasing a new home or just have questions on the process we are here to guide you. Buying a new construction home in Blaine is a little different than buying an existing home and it is best to utilize the services of an experienced Blaine new construction real estate agent. We are here to help guide you in the purchase of a new construction home. Please contact a Greenlaw Realty agent today.

Things to Consider When Buying a Minnesota Lake Property

January 11, 2016 by Greenlaw Realty

Things to Consider When Buying a Minnesota Lake Property

One of the reasons we live in Minnesota are all of the lakes! One of the best ways to enjoy the lakes is to own a lake property. If you are considering buying a Minnesota lakeshore property there are certain things you need to know to protect one of the biggest investments you will ever make. Buying a lake property is not the same as buying a common residential property as there are many factors that will come into play. Here is a list of some of the most important things to consider when buying a Minnesota lake property. This is a great start, but if you are looking at buying a lake property be sure to enlist the services of competent real estate agent. Here are the top things to consider when buying a Minnesota lake property.

The Lake Use

How do you plan on using the lake? Are you buying a lake property for recreational activities like swimming, boating, wakeboarding, etc? Are you buying because you love to fish? Are you just looking for a place to get away and relax? What you plan on using your lake property for will affect what type of lake you should buy on. Think about the lake size, lake activity, and make sure to buy a house that will allow you to enjoy the things you enjoy about lake life. Are you going to be using this as a seasonal residence or will this be year around? If it’s year around make sure it is insulated properly.

The Lake Type

The Minnesota DNR has a great tool to search for information on almost every lake in Minnesota. Click on the following link to get information on Minnesota lakes. www.dnr.state.mn.us/lakefind/. This will allow to figure out the lake size, clarity, littoral area, depth, aquatic life, etc. Once you know this information you should find out if it’s a recreational lake or environmental lake, as this will affect how you plan to use the lake. Other things to find out are what types of properties are on the lake and does that fit in with your plans? One other very important item to consider is does this lake have milfoil or zebra mussels as they affect how you will enjoy the lake.

The Lakeshore

The type of lakeshore can be a very important item to consider when buying a Minnesota Lake property. Is the lakeshore level? Is it rocky? Is there an elevation where you might have to use steps to access the water? How will the lake shore work with your planned usage? When buying lakeshore property, the quality of the lake, lakeshore, and lake-bottom are as important as the house.

The Lake Bottom

What type of bottom does the lake have? Is it rocky, sandy, weedy, muddy? Does it have a nice gradual slope or does it drop off quickly? If a lake drops off very quickly this might not be a good match if you have young children. How long of a dock would you have to have to get your boat or boats on a lift?

Property Location on the Lake

No lake lot can be perfect and each has advantages and disadvantages. Are looking to see beautiful sunrises or sunsets or both coming up over the lake? If you are located on the north or south shores you may be able to see both, but if you are on the east or west side of the lake, you will probably only see one or the other. Is the property elevated or not? Can you see the lake in all of the seasons?

Water Levels

How are the current water levels and have they experienced a recent change. Some lakes like White Bear Lake are experiencing really low water levels while other lakes like Bad Medicine Lake have been experiencing rising water levels. What type of lakeshore do you have and will your enjoyment be changed if the water level changes.

Lake Amenities

Would you like your lake to have restaurants, bars, marinas, bait, gas, etc.? Some lakes will have all of these features and others will have none. Be sure to see what types of amenities are available and how that fits into your wants.

Travel Time to the Lake

If your lake place is your primary residence, you might need to check out how long your commute will take. If your lake property is second home, it will be good to know how long it will take to get there? It will also be nice to know what route you will take and if there are any alternative routes?

Building Restrictions

Lakeshore guidelines are set by the state, but each county can also add in there own restrictions. These restrictions might include factors such as, set backs of the house from the lake and property lines, are there agricultural or DNR easements, and what are the well and septic system requirements. Are you planning to buy a tear down or add an addition? Make sure to know the local guidelines and how they will affect your plans.

Public Access

Does this lake have a public access? How close is it to the property? This might affect how you and or your guests get boats into the water. It might also affect how much traffic from non residents is on the lake.

If you are considering buying a Minnesota Lake Property contact a Greenlaw Realty agent today. We specialize in Twin Cities lake properties and lake properties in the Detroit Lakes area.

Get Your House Ready to Sell this Spring

December 16, 2015 by Greenlaw Realty

Get Your House Ready to Sell this Spring

Are going to sell your house this spring? If you are planning on selling your house this spring, now is the time to start planning and getting your house ready. I know the Holidays are in full swing, but there is a lot of prep work that will need to be done between now and springtime. If you are going to be using a real estate agent to list and sell your home, now is the time to start interviewing. I would have a few agents over to your house and see what they think needs to be done to get your house ready to sell. Use this as a time to not only see what they recommend to sell your house, but to hear how an agent plans to market and sell your house.

Interviewing Agents to Sell Your Property this Spring

There are quite a few real estate agents in this world and some are much better than others when it comes to marketing a property. In this interview, have the agent explain how they plan to market the property and ask for references of their past listing clients. This is great to see if what they are telling you matches up with what they actually did to market the property. This is a great time to talk about commissions, price, timelines, and what needs to be done to get your home ready.

Unless a home is brand new and never been lived in, there will be many items to complete before your home is ready to sell in the spring. You will likely need to clean, de-clutter, fix, paint, and repair. There is paperwork to do and photography that needs to also be completed before your house goes on the market. This all takes time and the clock is ticking!

Now is the Time to Get Ready to Sell This Spring!!!

If you are thinking of selling your Minnesota property and have any questions, please don’t hesitate to contact a Greenlaw Realty agent TODAY!!

Getting Pre-Qualified to Buy a MN Home

December 15, 2015 by Greenlaw Realty

Getting Pre-Qualified to Buy a MN Home?

What is a pre-qual? A pre-qualification is essentially a dry run of the loan application process. Getting pre-qualified to purchase a Minnesota home is a relatively simple process. The mortgage lender will need to pull your current credit profile, they will also ask for verification of your income, assets, and debts. Once they have all of this information, they will be able to see if you qualify for a loan and arrive at an estimate of home much of a mortgage you will be able to afford. Once you have a pre-qualification letter in hand from a lender, you will be able to go out on showings with a Minnesota real estate agent and submit an offer on a house.

Minnesota Pre-qualification Process

Once a lender has all of the requested documentation, you can have a pre-qual letter in hand relatively quickly. It should only take a few minutes up to a couple of hours for the lender to issue a pre-qual letter. While a “pre-qual” is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indicator to potential sellers of your general creditworthiness and ability to perform on a purchase agreement. With a pre-qualification letter in hand you will be able to work with a Minnesota real estate agent and submit an offer on a property. Without a Minnesota pre-qualification letter, most sellers will not consider your offer.

Items needed to get Pre-Qualified for a Minnesota Loan

Completed Mortgage application
2 months of W-2 statements
2 months of Bank Statements
Credit Pull to get credit score
2 years of Tax Returns(especially if self-employed)

After You Get Pre-Qualified

Now that you are pre-qualified to buy a Minnesota home, it is time to start house hunting. Contact a Greenlaw Realty real estate agent today and we will work with you to find the home of your dreams.