Lake Elmo · First-Time Buyers
Your First Home in Lake Elmo
Learn how buying works before you shop, explained in plain words, so you know what you're signing.
Buying your first home in Lake Elmo
Lake Elmo is known for acreage and newer homes, and both can work for a first purchase with the right plan. I'm Lesley, a REALTOR® with Bridge Realty.
Can a first-time buyer purchase in Lake Elmo? Yes, though the choices differ from other cities. Townhomes and homes in the newer neighborhoods are the usual starting points. A home on acreage brings extra costs a first-time buyer should understand before offering.
Ask Me Your First Question
Know the costs behind each choice
- Newer neighborhood or townhome. Expect association dues, and review the builder's contract if it is new construction. Bring us to the model home on your first visit.
- Acreage. A well and septic system need testing before you buy and upkeep after. Larger lots also mean more equipment and more time.
- Loan fit. Not every loan program suits every property type. Your lender should know which kind of home you are considering.
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. Want more options nearby? See Woodbury.
Ask us your first question about Lake Elmo
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 Lake Elmo page, and the steps are on how we help buyers.
Send us a message or call (651) 661-4770.
Frequently Asked Questions
Are there starter homes in Lake Elmo?
Townhomes and homes in the newer neighborhoods are the most common first purchases here.
What extra costs come with acreage?
Well and septic maintenance, more equipment, and more upkeep. Have both systems inspected before you buy.
Do I need 20 percent down in Lake Elmo?
No. Many buyers put down far less, depending on the loan program and what they qualify for.
Homes For Sale In Lake Elmo
See every home on the market in Lake Elmo right now, updated from the MLS.
Lake Elmo
What first-time buyers looks like in Lake Elmo
Lake Elmo is a Washington County city between Highway 36 and Interstate 94 that still looks rural, with the 2,165-acre Lake Elmo Park Reserve at its center.
Lake Elmo keeps much of its farmland and open space, which is why its homes and lots are unlike those in the suburbs around it.
- The homes
- Homes on acreage, some with a private well and septic system, alongside newer neighborhoods with city utilities and associations.
- Getting around
- Interstate 94 along the south edge leads to St. Paul and Minneapolis, and Highway 36 along the north edge leads to Stillwater.
- Nearby
- Lake Elmo Park Reserve, a small historic downtown, and Lake Elmo Airport.
- The trade-off
- Acreage brings a well, a septic system, and more land to maintain.
First-Time Buyers: keep exploring
Ready to make your move with Lesley The Realtor?