FEATURED PROJECT

The Neighborhood located in Rochester MN, brings the best of both worlds - custom luxury single-family homes with maintenance-free living. Residents enjoy a convenient, carefree lifestyle on their terms, without the hassles and burden of lawn or snow care. Located in one of the most prestigious developments in northeast Rochester, The Neighborhood is a progressive and unique enclave of Shannon Oaks in Northeast Rochester. Experience a true sense of community with amenities purposefully designed to foster relationships between friends, neighbors, and family.

If2023 is the year you’ve decided to purchase a new home – whether as a first-time buyer or a seasoned home owner – the best time to start preparing is now. Following a few simple strategies will help place you in an ideal position to find a home that’s a good fit for you and your family.

CREATE A LIST OF MUST-HAVES

The best place to start if you are a first-time home buyer is to assess your needs, especially your future home location, size and amenities. Even seasoned home owners are attracted to idyllic home photos posted online, but the space may not meet their needs. Prioritizing must-haves will help you save significant time in the home buying process. Most home buyers will need to compromise on some home features to fit their budget.

Double Check Your Credit Score

Even if you’ve purchased a home previously, stricter credit requirements can be challenging for some buyers to find home loans. However, a favorable credit score can make a difference in your ability to be approved for a loan. Credit monitoring is always a good idea, even if you think nothing has changed recently on your credit report. If you are preparing to purchase a home, monitoring your credit will ensure you aren’t being unfairly penalized for old debts, which can sometimes linger on credit reports. Generally, borrowers with scores in the low 600s and even high 500s can still find lenders who will qualify them, but borrowers should strive for scores in the mid- to upper-700s to secure the best rate.

Determine What You Can Afford

Don’t let your maximum loan approval amount dictate your home-buying budget. You are the best person to determine what you can realistically afford. Experts say that your monthly home expenses should not exceed one-third of your gross monthly income. You’ll also need to determine how much you’ll need to cover any loan fees and closing costs.

Sell Your Current Home

If buying a new home is contingent on selling your current home, it’s a good idea to connect with your realtor sooner rather than later. An experienced realtor can advise you on the best strategy for selling your home at the right time and for the best price possible. In addition, you’ll want to identify any maintenance issues in your home and address them. You can also ask your realtor if upgrading your current home will generate a return on investment.

For more information about the home-buying process, contact Rochester Area Builders.

Updates and Programs

Consider an ADU!

What is an Accessory Dwelling Unit (ADU)?

An accessory dwelling unit (ADU) is a smaller, independent residential dwelling unit located on the same lot as a stand-alone (i.e., detached) single-family home.

What are minimum requirements for Accessory Dwelling Units?

• Permitted in all residential zoning districts.

• If the accessory dwelling unit is located in the R-1 district, either the principal dwelling unit or the accessory dwelling unit must be owner-occupied.

• 1,000 square foot maximum.

• Buildings containing dwellings must have frost footings. Existing detached garages are not typically on frost-protected footings. Other footing materials or systems shall be designed in accordance with accepted engineering practice. (R403.1.2).

• A detached ADU must be metered separately as a dual meter socket.

How can I learn more about ADUs?

Community Development teammates are here to help. Contact our department at communitydevelopment@rochestermn.gov or 507-328-2600 during office hours.

Lead Supervisor Certification and Renovation, Repair, and Painting Certification

The City of Rochester is hosting free trainings for local contractors who are based in southeastern Minnesota for lead supervisor certification and renovation, repair, and painting (RRP) certification. The City has a grant agreement with MDH that includes funding to cover the costs of attendees of these trainings. The lead supervisor certification will require 32 hours (4 days) of training, the RRP certification will take 8 hours (1 day) of training.

Want to learn more? Contact Adam Froke with the City of Rochester. Phone: 507-328-2641

Email: afroke@rochestermn.gov

Lead Hazard Reduction & Healthy Homes Program

This program offers grant funding of up to $21,500 to both owner-occupied and renter-occupied housing units in the City to address lead-based paints in older homes throughout the City. Only houses built before 1978 are eligible for this program. Lead exposure is especially hazardous for children under the age of six.

Learn more and apply at RochesterMN.gov/rental or scan codes