Love Your Neighborhood But Not Your House?
Here's What To Consider.

The Costs of Moving in Rochester, MN

Moving involves significant expenses, including realtor fees, moving costs, and closing charges. Here’s a breakdown:

Realtor Fees

Realtor commissions in Minnesota average 5.77% of a home’s sale price, typically split between the listing and buyer’s agents. On a home valued at $319,371 (the Rochester average in 2024), commissions total approximately $18,431.

Moving Costs

Moving expenses depend on the size of your home and distance. Average local costs in Rochester are:

• Studio Apartment: $357
• 1-Bedroom Home: $495
• 2-Bedroom Home: $791
• 3-Bedroom Home: $1,805
• 4-Bedroom Home: $2,111
• 5+ Bedroom Home: $3,275

These estimates cover labor and transportation but increase with added services like packing or storage.

Closing Costs and Buyer Incentives

Sellers in Minnesota face title service fees (~0.30% of the sale price) and title insurance (~0.36%). For a $319,371 home, these costs can reach a few thousand dollars. Offering buyer incentives, such as covering some closing costs, can further add to expenses.

Total Costs of Moving

For a 3-bedroom home in Rochester, the average costs include:

• Realtor Fees: $18,431
• Moving Costs: $1,805
• Closing Costs: Several thousand dollars

In total, moving expenses often range between $20,000 and $25,000, depending on your home’s specifics.

Considering a Home Refresh

If moving feels daunting or costly, refreshing your current home might be a better option. Renovations, especially exterior updates, can give your house the modern look you desire without leaving your beloved neighborhood. Options include repainting, updating landscaping, or replacing siding. These upgrades are often less expensive or similar than the costs associated with moving and can increase your home’s value.  For example, a typical 3-bedroom ranch-style home may cost around $25,000 to reside in vinyl, more for LP siding or steel.

Making the Right Decision

Whether you decide to move or invest in your current home, understanding the costs involved is crucial. If your neighborhood is a significant factor in your happiness, a thoughtful renovation might be the best way to blend the comfort of familiarity with a refreshed living space. Either way, planning ahead will help you make the most informed and cost-effective choice.  If outside renovation is your decision, feel free to contact All Craft Exteriors for a free estimate on the various siding, windows, roofing and door options available.