For some, this will be a first time home purchase and everything will be new. For others, this will be the latest of many homes and the process is familiar. It might be a relocation or a move into the city from the suburbs. There are may reasons that people are attracted to urban living.
Lifestyle – Urban living in Minneapolis condos or lofts is a tapestry of things to do and experience. There are restaurants and nightclubs, museums and arts and theater, professional sports and concerts, shopping, galleries – and the list goes on. In addition to all of the activities, many projects offer amenities not available in single family homes.
Convenience – Anyone that has owned a single family home knows that it requires a lot of work to maintain the property including the exterior of the house and the yard. Living in a home with an association that takes care of maintenance issues allows you the convenience of spending your time doing the things that you enjoy.
Cost – For those that work in the city, there is a savings of both time and money when you can live close to your work and avoid long commutes.
Value – With prices lower than in the past and interest rates at historic lows, condos and lofts are more affordable then ever.
Definitions of condominium and association
The definition of a condominium is a collective ownership of real estate. A condominium is also used to describe individual units in a building or development in which owners hold title to the interior space while common areas such as parking lots, community rooms and recreational areas are owned by all the residents.
When you buy into a condominium project, you are buying into the Association that controls the operation of the project. Since people are living together and sharing common areas and amenities, it requires that the Association establishes rules, controls finances and manages all maintenance for that project. Your Minneapolis Urban Homes realtor will assist you in evaluating the best condominium choice for you.
What type of home is right for you?
Once you have decided that urban living is a good fit for you, there are still choices to be made regarding both the type of home and the location. It’s our job to help you sort out the options, interpret the information and handle the details so that you have a good condo or loft shopping experience in the Minneapolis area.
Location – Whether your preference is NE Minneapolis, Downtown, the North Loop, Uptown, the Greenway, etc., there are a great variety of locations to choose from. Each has it’s own advantages and style. Usually, people will choose their location based on proximity to work, recreation and lifestyle. Views in the city can be spectacular and can add enjoyment and value. Another consideration is financial. Like all real estate, better locations tend to appreciate more and be in greater demand.
Living space – How much space you need and how that space will be used are important considerations. Do you like to entertain and put a premium on a great kitchen and space for your guests? Would you prefer less space in a more luxurious project or more space in a lower cost building? How much storage do you need? When you have a sense of how much space you need, and how that space should be configured, we can help to identify the right properties that will match your needs and preferences.
Price – Whatever your budget, from economical to luxurious, there are options to choose from. One of the nice things about the Minneapolis urban home market is it’s diversity. Whether you are just getting started and this is your first home, or whether you are looking for the most luxurious unit in the best building with the greatest location, amenities and views, you will have many buildings and units to choose from.
Amenities – Pools and fitness facilities, heated garages and valet services, laundry services, attached restaurants and coffee shops, concierge services, party rooms and beautiful common areas are some of the amenities that are available. We can assist you with information on the amenities that are available in the different developments and determine which buildings will be right for you.
Style – New or old, funky or luxury, one level or multi-level, modern or turn of the century - there are so many great style to choose from. To further confuse the issue, there are lofts that are new that are designed to have that old, industrial feel. Whether you would prefer a restored loft in the Warehouse District of downtown or a luxury high-rise overlooking the river, you will be able shop for homes that match your style.
Once you have evaluated all of the options and established your priorities and budget, you are ready to get started and find your home.