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Kevin J. Sutton's Blog

By Kevin J. Sutton | Agent in 55125
  • Roseville Home Sellers: Rent It Out?

    Posted Under: Market Conditions in Roseville, Home Selling in Roseville, Rental Basics in Roseville  |  November 7, 2011 2:02 PM  |  614 views  |  No comments

    Rent It Or Sell It?

    Many home sellers in Roseville are faced with the problem of owing more on their home loans than what their property is worth in today's market. The fact is that in order to sell your home in the MN real estate market you need to be able to pay off your entire mortgage loan in order to sell it. Unless you want to arrange a short sale with your mortgage lender, this means you will bring money to the closing table to pay off the remaining balance owed. As a result many home sellers who need to move are considering the possibility of making their current home available to rent with the hope of buying a new house.

    Roseville Home Sellers: Can You Cover Your Expenses?

    The good news today is that with the tougher housing market, rents have gone up significantly. Renters find that they are competing with each other to rent out your home as their is a shortage of quality home rentals available today. Many home sellers are finding that they can more than cover the expenses for retaining the home with these increased rents.

    The goal, of course, is to rent out the current home long enough to allow the Minnesota real estate market to recover in terms of values. Hopefully within a few years the value of your rental home will rise sufficiently to sell it for enough to pay off the mortgage. The key to accomplishing this is to see if you will qualify for a new mortgage if you have rented out your current home.

    Lenders have specific guidelines to follow for those Roseville home sellers who will rent out their home to buy another. Depending on the equity that you have in your home, a mortgage lender may or may not consider the rental income you receive when they qualify you for the new mortgage. The only way to know this is to call a lender to get preapproved.

    Once we meet to discuss the value of your old home it is critical that you go through the process of getting prequalified for a home loan. Your MN mortgage lender can help you discover which of the options are best whether renting or selling your current house. The process of preapproval is free, and if you decide not to proceed, there is no obligation to borrow money. A good mortgage banker will be able to analyze all of the options available to you such as MN FHA loans, VA, conventional, or other types of loans.

    Roseville, MN info

    There are many great reasons to consider living in the City of Roseville. Located in Ramsey County, and with borders touch both St. Paul and Minneapolis, residents have a convenient commute to a wide variety of employers. Homeowner's in Roseville also enjoy some of the lowest property taxes in the area partly due to its commerically-zoned land. Home to the original Target and Best Buy stores, Roseville is a major shopping district and has more restaurants per capita than anywhere else in the Twin Cities. Students in the area attend one of the schools in the Roseville Area Schools system, District 623. If you are thinking of buying or selling Roseville real estate please give me a call or send me an email.

    If you are considering renting out your current home, please email me for more information.

    Kevin Sutton 
    Sales Executive, Licensed Realtor in Minnesota
    The Home Solutions Team
    Keller Williams Premier Realty
    kevin@yourhappyhome.com
    Direct (651) 209-8250
    659 Bielenberg Drive
    Woodbury, MN 55125
    With a focus on Woodbury real estate and surrounding communities.
 
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