- Where was the home you owned located? and where is the new home (did you buy it already or are you just thinking about it)?
- Are you at a stage of your life when you are making a decent income & over time expect to make more each years? or are you on a fix or declining income?
- Do you have family members in the same area/region as the old home?
- How large is your monthly payment on the original home? was it a 10, 15 or 30yr loan? and how many years are you into making mortgage payments?
- What would you estimate the value is of your old home? and what did you pay for the new home (or if you haven't bought yet, how much are you thinking about paying for it)?
This will get us started in the process of beginning to assess the pro's & con's of your options at this point.
You have a number of options, as Rosina mentions below. But if you have any questions about qualifying for a new home loan while you retain the existing house, or any concerns about how lenders might view this, just let me know. I created a short video about this as well and you can view it at the link below.
Best of luck,
*.- Rent it and place it as a long term investment.
*.- If you have equity sell it.
*.- As mid term investment you could rent it and wait to see if you gain some equity. If you do it in the next 3 year and you gain some equity. You can sell it and have a tax free gain. Based on the premise that you own and live in the property as a primary residence for at least two years out of the five years ending on the date of sale.
Enjoy your new house!