You've decided to move to a new home. Whether you've outgrown your current home or want to relocate for neighbourhood and lifestyle, you may be wondering if it makes sense to keep your current home and rent it out, or simply sell it when you pack it up and move to a new place.
What's right for you?
Sometimes it's better to take all the money from the sale of your current home and put it toward your new home. Other times, there are plenty of good reasons to own two homes, living in one and renting out the other.
Both choices depend on qualifying for the mortgage amount you need and both can have a positive effect on your financial situation for many years to come. When you decide, consider the following advantages of owning one home or two and see which one feels right for you.
One home: Sell You sell the home you live in now and use your equity to buy another home. |
Two homes: Rent & Buy You keep the home you live in now and rent it to someone else while you move to a new home. |
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Advantages |
A bigger down payment |
Money from rent |
Other factors |
Expense |
Time and effort |
Your next move
One home or two is not an easy decision to make on your own. Selling your home comes with its own set of challenges and becoming a landlord adds additional levels of responsibility. Good advice from experienced professionals will help you make the right choice.
Get started by talking to a Meridian Mortgage Specialist