Edina · First-Time Buyers
Your First Home in Edina
Learn how buying works before you shop, explained in plain words, so you know what you're signing.
Buying your first home in Edina
Many first-time buyers assume Edina is not for them. I'm Lesley, a REALTOR® with Bridge Realty, and we help you find out with real numbers.
Can a first-time buyer afford Edina? Often through a condominium or townhome. Many are near Centennial Lakes and Southdale, and they are the usual way into the city for a first purchase. The association's finances matter as much as the unit itself.
Ask Me Your First Question
Buying a condo as your first home
- Read the association's budget and reserves. A building with thin reserves may charge owners a special assessment for a big repair.
- Check loan approval. Some low down payment loans require the condominium project to meet certain standards. Your lender confirms this early.
- Add up the monthly cost. Mortgage, dues, taxes, and insurance together.
- Ask about rules. Rentals, pets, parking, and renovations.
What it costs, and the help available
Plan for four costs: earnest money with your offer, the inspection, your down payment, and closing costs. Down payments are often far less than 20 percent, and Minnesota Housing and local programs help eligible buyers with down payment and closing costs. If your credit needs work, a lender can give you a plan. Our first-time buyer page explains each cost, and getting ready covers pre-approval. For more options nearby, see Bloomington.
Ask us your first question about Edina
You do not have to be ready to buy. Bring your questions, and you will leave with a plan. More on the community is on our Edina page, and the steps are on how we help buyers.
Send us a message or call (651) 661-4770.
Frequently Asked Questions
Are there condos for first-time buyers in Edina?
Yes, many are near Centennial Lakes and Southdale. Review the association's finances and rules before you buy.
What is a special assessment?
A one-time charge to owners for a major repair the association's reserves cannot cover. Ask whether any are planned.
Can I use a low down payment loan on an Edina condo?
Often, but the building may need to meet your loan program's standards. Your lender checks this.
Homes For Sale In Edina
See every home on the market in Edina right now, updated from the MLS.
Edina
What first-time buyers looks like in Edina
Edina is a first-ring suburb of Minneapolis with about 53,500 residents, known for the Country Club District, 50th and France, and Southdale Center.
Edina borders Minneapolis and has some of the oldest planned neighborhoods in the metro area, alongside newer homes and condominiums.
- The homes
- Named neighborhoods of different ages, from the early twentieth-century Country Club District to later areas, with original, renovated, and rebuilt homes. Many condominiums are near Centennial Lakes and Southdale.
- Getting around
- Highway 62 crosses the middle of the city, Highway 100 runs north and south, and Highway 169 and Interstate 494 border the west and south sides. Edina borders Minneapolis.
- Nearby
- 50th and France, Centennial Lakes, and 44 parks covering more than 1,550 acres.
First-Time Buyers: keep exploring
Ready to make your move with Lesley The Realtor?