Tired of pulling up in your driveway looking at that ‘For Sale’ sign every day? If you’re wondering how to beat the market, try replacing it with a ‘For Rent’ sign!
There are many ways people end up with a property they need to sell. Maybe a marriage left you with a property in Prior Lake, MN and one in Brooklyn Park, MN. Maybe a promotion has left you driving a nearly 2 hour commute, to and from Albertville, MN to Minneapolis, MN every day. Or, maybe your family has outgrown your Robbinsdale, MN townhome and you are looking to build a larger home, closer to Grandma and work in Maple Grove, MN.
No matter what your situtation, TC Homes can help. If your home has been on the market for long enough, consider renting it. With rental properties in the Twin Cities area becoming more and more scarce, rental prices are rising and good landlords with decent properties are reaping the benefits. You may wonder why you hadn’t considered renting your property out earlier.
Begin thinking of your existing property as an investment and not your home. Picture your future while asking yourself these questions.
- Is your property desireable to renters? Do you live in an area near a lake or a college? Do you have a reasonable amount of bedrooms and bathrooms for your target renter?
- How much are rental properties going for in your area? You want to be sure you look at comparables in your area. How much are rental properties with similar square footage and upgrades renting for in the area? Will the comparable price be enough to cover your mortgage, future repairs, upkeep and other property management fees?
- Are you willing to advertise your heart out to get good renters into your property, or would you like to hire a property manager to do the work for you? Property managers typically charge 6%-8% of the mortgage. Property managers take care of renting your home out, advertising, maintenance and upkeep.
- Will you be able to keep up with the upkeep? If you are moving within an hour or your existing property, upkeep may not be a problem. If you are not handy and will be moving further than an hour away from your existing property, managing the property on your own may not be a great idea for you.
- Will your mortgage company allow you to rent your home?
- What kind of paperwork is involved?
We can help with all of your questions.
TC Homes is a Minneapolis, MN General Contractor. Our focus is on building custom homes, remodeling projects, insurance restoration and property management. Our service area includes much of the Twin Cities metro area. TC Homes has been in business for over 30 years and we are looking forward to another 30. *Be sure to check out our rental properties. We look forward to doing business with you.