For those looking to buy a home in Minnesota, we would first like to offer congratulations on taking the first step on your adventure to homeownership! To make the journey to buying a home in Minnesota as smooth as possible, The Antonov Group recommends first assessing the timeline of Minnesota home-buying.
Do you need to buy a home in MN and close in around 6 months? Then expect the following prior to your closing date:
6-4 Months Before
6 months – Meet with a lender and choose a real estate agent. Begin to pay down your debts (within reason and if recommended by a lender) as quickly as possible, while leaving a sizeable sum to save for your down payment on your home. Have your credit report run, and ask for your results. Also, evaluate buying vs. renting a home in Minnesota, which can be a great tool when seeing what you can afford
5 months – Start interviewing local real estate agents, and either ask your selected agent for their lender recommendations, or set out to hire one on your own
4 months – Allocate time for and begin searching available homes for sale in your desired area, and attend open houses to develop a sense for what Minnesota real estate market has to offer
3-1 Months Before
3 months – Seek solid pre-approval through your lender (this will demonstrate to sellers that you are a serious contender to buy a home in Minnesota). The letter provided by your lender will remain valid for anywhere from 60-90 business days.
2 months – Explore homes and request showings with your chosen agent. Renters should also give their landlord as much notice as possible, and this is a great time to update people of your upcoming move. Make sure your pre-approval letter is still valid, and renew as needed. Once you’ve found your home, work with your agent to write and present an offer! If it’s not accepted (which is the case for nearly half of all homebuyers), don’t let it get you down. Get back out there, and know that there are all kinds of other great homes for-sale in Minnesota. If you’re able to come to an agreement with the sellers, then it’s time to hammer out moving details like professional movers and dates.
The final 30-60 days
Invest in some boxes and tape, and begin the packing process. Ask your real estate agent to put you in touch with recommended homeowners insurance vendors, or hire one that you find on your own. Go over any official updates that come with moving, such as address changes and the contracts with the utility providers for your future home.
The day you’ve been waiting for
Closing day is finally here! Set aside anywhere from a few hours to a full day to attend closing and sign your paperwork, and decide when you will receive the keys to your new home. We of course recommend setting aside extra time to celebrate, because you’ve just bought a home in Minnesota!
To get started on your timeline to buying a home in Minnesota, reach out to The Antonov Group for more information!