Minnetonka · First-Time Buyers
Your First Home in Minnetonka
Learn how buying works before you shop, explained in plain words, so you know what you're signing.
Buying your first home in Minnetonka
Minnetonka is better known for wooded lots than starter homes, but first-time buyers do buy here. I'm Lesley, a REALTOR® with Bridge Realty.
Can a first-time buyer purchase in Minnetonka? Yes, most often a condominium or townhome, or an older single-family home that needs updating. Each has a different monthly cost, and three school districts serve the city depending on the address.
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What to compare
- Condo or townhome. Lower upkeep with monthly dues. We read the association's budget and rules.
- An older house. More space and a yard. Plan for updates, and check drainage on a sloped or wooded lot.
- Your daily drive. Interstate 394 leads to downtown Minneapolis, and Interstate 494 and Highway 169 run north and south.
- The district. Hopkins, Minnetonka, or Wayzata, confirmed for each address.
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. You can also look at Plymouth, just north.
Ask us your first question about Minnetonka
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 Minnetonka page, and the steps are on how we help buyers.
Send us a message or call (651) 661-4770.
Frequently Asked Questions
What do first-time buyers usually buy in Minnetonka?
Most often a condominium, a townhome, or an older single-family home that needs some updating.
How do I budget for an older home?
Ask the age of the roof, furnace, and windows, and set money aside for the ones near the end of their life.
What credit score do I need?
It depends on the loan program. A lender can review your credit and give you a plan if it needs work.
Homes For Sale In Minnetonka
See every home on the market in Minnetonka right now, updated from the MLS.
Minnetonka
What first-time buyers looks like in Minnetonka
Minnetonka is a Hennepin County city of about 53,800 people, 10 miles west of Minneapolis, with wooded lots, three creeks, and the eastern tip of Lake Minnetonka.
Minnetonka is known for wooded neighborhoods and creek corridors. Only the eastern tip of Lake Minnetonka is inside the city, which surprises many buyers.
- The homes
- Homes built over many decades, often on wooded or sloped lots, along with townhomes and condominiums.
- Schools people ask about
- Hopkins, Minnetonka, and Wayzata school districts each serve part of the city. The address decides which.
- Getting around
- Interstate 394 leads east to downtown Minneapolis, Interstate 494 runs north and south through the city, and Highway 169 runs along the east side.
- Nearby
- 49 parks and more than 100 miles of trails, many along the Minnehaha, Nine Mile, and Purgatory creek corridors.
- The trade-off
- Only the eastern tip of Lake Minnetonka is inside the city, so most Minnetonka homes are not lake homes.
First-Time Buyers: keep exploring
Ready to make your move with Lesley The Realtor?