While Lake Minnetonka is arguably the most desired living location in the Minneapolis-St. Paul metro area, it’s also one of the most expensive in terms of price per square foot and thus overall cost. So while Lake Minnetonka lakeshore doesn’t necessarily qualify as affordable, there are options in the area that do!
Electing to live by Lake Minnetonka is a great alternative as you often can find charming homes, you can be close enough to walk to lake centric communities like Excelsior, Wayzata, Mound, and others, and you can even consider a boat slip within walking distance of your home in the Lake Minnetonka area.
The best part of being in the Lake Minnetonka area without being ON Lake Minnetonka; no lake taxes! Here are a few things to consider if you’re shopping for a new home in the Lake Minnetonka area.
#1 Choose a Realtor
Take a look at a recent article about Choosing a Realtor in the Lake Minnetonka area. This is the single most important decision you’ll make. You want someone who’s well networked, knows the Lake Minnetonka area, and most importantly can help you identify the best housing fit based on your needs today and how they may change over time.
Have a conversation with your realtor about where you want to be, why, and what are the “must” have versus the “nice” to have attributes of your new home.
If you don’t know the communities around the lake, ask your realtor to take you on a tour. They’ll be able to explain each community, discuss proximity to key areas locally and across the metro, and help you better understand the nuances of each area.
#2 Pick a Lender
Your realtor will know a number of good lenders who can help you through the preapproval process. You cannot make an offer without preapproval, and understanding what you can spend, and what it’s going to cost you monthly, is the most important step after selecting a Realtor. It will guide you in all phases of the search and offer process.
#3 Start Shopping
Your Realtor will help to find you the best homes in the Lake Minnetonka area that meet or exceed the criteria you discussed as part of Step #1 (Choosing a Realtor).
A good Realtor will also keep an eye out for ‘pocket’ listings for you. These are homes that are not available to the public. Through networking and contacts, your Realtor will search for homes that only a very limited number of buyers have access to. For more about pocket listings, click out TI article here, Pocket Listings in the Lake Minnetonka area.
#4 Writing an Offer
Your Realtor will share comparable properties that have sold, an offer price perspective, and other key considerations as you consider your offer strategy. Your Realtor will also advise on the best approach to making an attractive offer that is likely to secure the home while also protecting your interests. Listen to your realtor. They are the expert. Also know that there may be competition for the home and your Realtor will push you to put your BEST foot forward. Make sure you do. There’s nothing worse than knowing you could have done more but you missed the opportunity. In multiples you often get one shot for your best offer. Make it count!
#5 Closing Day
Break out the champagne, it’s time to celebrate! You’ve achieved your dream of owning lakeshore on Lake Minnetonka. One final tip; if you liked your agent and they did a good job for you recommend them to everyone you know, Lake Minnetonka or otherwise. Your agent will forever be indebted to you!