Give Me A New House For An Old One 2 Don’t Sell Your Home, Turn it Into a Rental!

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Don’t Sell Your Home, Turn it Into a Rental!

Instead of selling your home to buy another home, you can decide not to sell your home and turn it into a rental. In this case, the next house you buy and live in again qualifies you for the lower owner-occupier loan rate. This approach also makes it easier to make repairs to the rental house because, having lived there, you already know the tricks of how to fix the things that usually need fixing.

A system I use is to refinance my home about a year before I plan to buy a new home. This gives me enough money for a down payment on the next house I will buy. When I find a good fixer, I can quickly buy it. During the 3-4 weeks it takes to close on the new house, I prepare the old house to be ready to rent. This usually involves some painting and landscaping. Then, before I close on the new house, the “for rent” sign goes on the old house.

The 3 steps in this technique:

1.) refinance your home.

2.) use the refinance money as a down payment to buy a new house.

3.) move into the new house and rent the old house

Under this technique, you get the lower “primary residence” interest rate for both the old property and the new one, since each property is your primary residence at the time you take out the loan.

When I did my first refinance on a townhouse I owned, I got a rate of 6.1%. The rate for my original loan was 7.5%. The original purchase price was $52,500 but the value increased to $82,000 ten years later. I also paid about $10,000 off the mortgage principal over the ten years.

When refinancing, you must keep 20 percent of the value of the house in the house to avoid paying private mortgage insurance and pay a lower interest rate. After refinancing the townhouse, my monthly mortgage payments dropped from $535 per month to $518 per month, even after taking out just under $20,000 for the down payment on the next house I bought.

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