Excelsior, Minnesota, is a quaint, charming city surrounded by lakes, including the popular Lake Minnetonka and Lower Lake. The town has a small but invested population known for its beautiful natural landscapes and friendly community. With a thriving downtown area filled with local shops and restaurants, residents and visitors can enjoy the vibrant atmosphere of Excelsior. This town also offers recreational opportunities, from kayaking on the lake to hiking in the nearby parks and preserves.
Before diving into the home-buying process, it is important to consider what to look for in a location. A desirable location can increase property values and your quality of life. Some deciding factors include access to transportation, proximity to desirable amenities such as parks or schools, and overall atmosphere. For these reasons, Excelsior is an ideal location for homebuyers. Learn more about buying a home in Excelsior
Why you should buy a home in Excelsior
Excelsior is a beloved community for many reasons. Residents are drawn to the picturesque scenery, including the sparkling lakes and lush forests. The active lifestyle is also a significant appeal, with many outdoor activities such as swimming, boating, and hiking. As a small community, locals can find peaceful upscale neighborhoods with mature trees to enjoy privacy while still being connected to a town focusing on community engagement.
The waterfront lifestyle in Excelsior is truly one-of-a-kind. Lake Minnetonka is a world-renowned destination for boating and fishing, with miles of picturesque shoreline waiting to be explored. In addition to the lake, residents enjoy easy access to several smaller bodies of water, perfect for kayaking, paddle boarding, and swimming. With so many options for water recreation, many waterfront homes feature incredible outdoor living spaces to enjoy the views and private amenities like docks to take advantage of the location.
Excelsior offers the best of both worlds: a small-town feel with access to a big city. Located just 20 minutes west of Minneapolis, Excelsior residents have convenient access to all the Twin Cities metro area amenities while still enjoying the tranquility of lakeside living. A short commute to Minneapolis also connects Excelsior residents to attractions like museums, higher education, and a thriving business district.
Types of homes in the area
Excelsior offers excellent housing options to fit any lifestyle. From historic homes with charming details to modern new construction, buyers can find the perfect property with the aesthetics and amenities for their needs. Many homes in Excelsior feature stunning water views and easy access to the lake. There are also options for a more private setting, such as homes nestled in wooded areas or on larger plots of land. Home types can vary from sleek new townhomes to expansive estates.
Plan for housing costs
When planning to buy a home, it is necessary to consider the various costs associated with purchasing and maintaining a home. Buyers must factor in the initial down payment and sale price, but also ongoing expenses like property taxes, home insurance, and potential maintenance expenses. It is crucial to understand these costs and budget accordingly to ensure that a home remains affordable in the long run.
Closing costs can include fees for services such as a home inspection, realtor fees, property taxes, and title insurance. Costs can add up quickly and should be factored into the overall budget for buying a home. Closing costs can vary from 3%-6% of the home price and should be negotiated with the seller. It is crucial to understand your financial responsibility to make an informed decision and avoid surprises during the process.
Purchasing home insurance is an integral part of maintaining a property. Home insurance provides financial protection if the home were to be damaged or destroyed in a storm or fire. It can also provide liability protection if someone is injured on the property. Without home insurance, homeowners would be responsible for any damages or expenses out of pocket, which can be financially devastating. Waterfront properties may be subject to higher insurance premiums or additional coverage due to the increased risk of water damage from flooding.
Homeowners Association (HOA) fees are a standard part of living in a planned community or condominium complex and can vary widely based on several factors. These fees often cover the cost of common area maintenance, pest control, and community amenities like a pool or clubhouse. However, some HOA fees include utilities like water and trash or cable and internet services. Before purchasing a home, find out if it is part of an HOA and, if so, what the monthly or annual fees cover.
Home loans for buyers in Excelsior
Most buyers will need to obtain a home loan to finance their purchase. There are several different home loans available with varying interest rates and terms. For example, an adjustable-rate mortgage may start with a lower rate that can fluctuate over time, while a fixed-rate mortgage offers a consistent interest rate. Other options include government-backed loans like FHA or VA loans, which offer lower down payment requirements for eligible buyers.
There are also first-time buyer programs and assistance available through government and private organizations. These programs can offer financial aid, such as minimal down payment requirements, closing costs, and better interest rates. Some programs also provide support with credit counseling and homebuyer education courses to prepare buyers for the responsibilities of homeownership.
Work with an experienced real estate agent
A critical aspect of buying a home is having a reliable and trustworthy realtor. Working with an agent can help simplify the home-buying process and make navigating the various stages and requirements, such as negotiations, paperwork, and financing, easier. Realtors can assist with time-consuming tasks such as finding the right home in your target neighborhood and securing the property through back-and-forth negotiations. With their expertise and knowledge, a top realtor can help ensure the home-buying process is straightforward and stress-free.Stafford Family Realtors
are Excelsior real estate agents and top-ranked professionals in the nation. The team specializes in Lake Minnetonka communities and has years of experience negotiating waterfront properties. Start your Excelsior home search
with Stafford Family Realtors.