Since your current home is paid off, you can stay put and search for a new home. Rent this home and then use the proceeds to contribute toward your new larger home. Or if you need the money from this house as a down payment for you new purchase...price it correctly, make sure it shows well and get it on the market for sale.
Remember....if you have to sell to buy, most sellers are not going to wait for your home to be "in contract" to strike a deal with you. So be proactive...get your home on the market and sold. You will be in a much better position to purchase the much larger home you desire.
Peter B. Owen
Licensed Sales Associate
The Donnelly Group
730 Franklin Avenue
Garden City, NY 11530
I see you have came to a cross road, if you decide you will be buying another home: The banks will require a HUD to show your current home is sold also make sure it is some-one that does not require to sell there home better if the person you sell to is a first time buyer or else this could lead to major delays waiting for the buyer to sell there home.
If you decide to rent your home it is the faster way to go/ most risky and your current home would need to be appraised and have 30 percent equity to be able to go this route, of course if your current home is under water you would have no choice to sell the property unless you had enough income to qualify for both homes remeber when renting the bank will only use 75 percent of the rental income and you will need a one year lease agreement with the depsoit check. feel free to call me i am a local PNC mortgage lender 666 Old Country Road Garden City NY 11530 516.222.3207 or 516.233.4842 e: firstname.lastname@example.org
In your area you can always rent your current home if you have trouble selling. Do expect the purchase process to take at least 3 months if you are buying a house only from the seller.