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Buying or renting in Saint Cloud Minnesota
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Many potential home owners hesitate about entering the Saint Cloud Minnesota real estate market because they feel that “owning costs too much.” But the fact is that after you consider income tax deductions, personal freedom, rent increases, and the accumulation of wealth through growing home equity, renters actually not only pay more, they also stand to lose tens of thousands of dollars of net worth.
Tax Deduction
As someone owning real estate in Saint Cloud Minnesota, you will be able to deduct most of your monthly mortgage interest payments from your taxable income. As a result, your actual out-of-pocket home costs will run – depending on your combined federal, state and local income tax rates - 20 to 40 percent less than the amount of the check you write each month for your mortgage payment.
Freedom to make where you live your “home”
If you decide to rent a home in Saint Cloud Minnesota, you are living in someone else’s property. Any improvement, decoration, change has to be approved by the landlord. Some landlords here in Saint Cloud Minnesota are great to rent from – others may not be such diligent landlords! You are not free to express yourself and make the place your own if you decide to rent a home in Saint Cloud Minnesota. Homeownership gives you the freedom to do what you want with your home – whether it’s purple walls, beautiful wallpaper or a hand laid brick patio for your enjoyment!
Rents will go up
Sometimes, even after allowing for tax benefits, the monthly costs of owning may still look higher than renting. But that is a short term view. Today’s rent and mortgage payments are 10 to 20 times higher than they were 30 years ago. Back in the late 50’s you could rent or buy an average home for between $25 to $150 a month. Those wise buyers who locked in their housing payment 30 years ago avoided all the increases over the years that their renting contemporaries had to endure. Similarly, locking in your housing payment today will insure insulation from future cost-of-living increases that will affect the rental market over the next 10 to 20 years. In the year 2020, today’s rent and mortgage prices will seem ridiculously low! The difference will be that you will still be paying those ridiculously low housing payments if you choose to buy a home from one of the many houses for sale in Saint Cloud Minnesota!
Equity Build Up
Over the last 200 years, home prices in across the country have appreciated rapidly, at other times depreciated. But on the whole, homeowners have always built more wealth than renters. Even if your home doesn’t appreciate (a highly unlikely event), at the end of your mortgage term, you will own a valuable asset free and clear. You’ll own nothing if you continue to rent during that time. But if your home does appreciate, your equity will be worth much more than you have paid for it, even factoring in interest payments.
When is it a good time to rent?
If you are only going to be in Saint Cloud Minnesota for a short amount of time you may want to consider renting rather than buying. Normally you have to own a home for a couple of years to realize enough profit from appreciation to pay for selling expenses. Talk to your Saint Cloud New Quest City agent to see how long you would have to own a home to be able to break even when you sell.
Chose a real estate agent with experience to help you!
Many buyers start their Saint Cloud Minnesota home search randomly. They see a home listed on a Saint Cloud Real Estate site and in their initial excitement call the listing agent. Firstly, that agent is already working for the seller and cannot represent the buyer’s best interests. You need a Saint Cloud Real Estate agent with a proven track record of not just sales, but of helping buyers. This is especially true if you are interested in Foreclosures in Saint Cloud Minnesota. Saint Cloud Real Estate agents referred by New Quest City have experience in helping buyers relocating to Saint Cloud MN buy a home for the right price!
So to find out if buying a home in Saint Cloud Minnesota is an option, request your FREE “Relocation to Saint Cloud Minnesota” relocation package (click on link above). Then, a top Saint Cloud Real Estate agent will contact you and send you information on homes in Saint Cloud Minnesota.
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St. Cloud is a city in the U.S. state of Minnesota and is a major place in the state's central region. As of the 2000 census, the city had a total population of 64,308. It is the county seat of Stearns County6. Although mainly located in Stearns County, the city extends into Benton County and Sherburne County as well. It is the main city of a small metropolitan area, with Waite Park, Sauk Rapids, Sartell, Rockville, and St. Augusta directly bordering the city, and others such as Kimball, Clearwater, Clear Lake, St. Joseph, and Cold Spring nearby. The Mississippi River flows through the city. St. Cloud is northwest of the Minneapolis-St. Paul area along Interstate 94, U.S. Highway 10, and State Highway 23. It is sometimes considered to be part of the Twin Cities region, and the media markets for the two areas overlap. A commuter rail line running into the Twin Cities known as the Northstar Corridor may reach the city in a second phase. The line is still in planning stages. -- Source: Wikipedia.com
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