Reprint from Elk River Star News & Anoka County Shopper, "Real Estate News by Stephanie Danielson" - 6/25/16 issue.
When your current housing situation requires a change, selling is the most popular option. But in some cases, converting your home into a rental property makes financial sense.
Listed below are three factors to consider as you decide if renting is an option for you.
1.) Is your move permanent? If not, it may be cheaper to rent out your house and move back in when you return, rather than paying sales commissions and fees to sell and then buy again.
2.) Asset appreciation. Monthly rental rates are at top dollar and demand is high. This scenario puts you in a win/win position! Your collected rent pays down your mortgage, while your asset value increases!
3.) Do you need more tax deductions? When you convert your home to a rental property, you add tax advantages including depreciation. Visit with your tax accountant for details.
“If you are thinking of buying, selling, renting your home, or leasing real estate this year we’d love to hear from you! Working with experienced professionals can boost your profits!”
Acuity Group Real Estate Professionals
564 Dodge Ave Suite A - Elk River MN 55330
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OUR SPECIALTIES: Residential & Commercial Seller and Buyer Services, Property Management & Residential Rentals, Residential and Commercial Investment Property Specialists, Listing & Marketing Specialists, CDPE (Certified Distressed Property Experts), Short Sale Specialists, REO/Bank Owned Sales. Golf course properties, water front properties, acreage & hobby farms, vacant land, condos & townhomes, industrial/manufacturing/retail properties, association maintained properties, senior housing, luxury homes, vacation & secondary housing.
Serving the following Minneapolis Cities & Suburbs: Elk River MN, Zimmerman MN, Big Lake MN, Rogers MN, Otsego MN, St. Michael MN, Albertville MN, Princeton MN, Ramsey MN, Anoka MN, Nowthen MN, Monticello MN, Oak Grove MN, Burns Township MN, Champlin MN, Dayton MN, Hassen Township MN, Coon Rapids MN, Blaine MN, Fridley MN, St. Francis MN, Livonia Township, Andover MN, Becker MN, Baldwin Township, Orrock Township, Plymouth MN, Maple Grove MN, Osseo MN.
Serving the following Minnesota Counties: Sherburne, Anoka, Wright, Hennepin and portions of Isanti County