First Home should be your First Investment Property.
I was listening to a Podcast (Think like a CEO with Gary Keller and Jay Papason) which I am really enjoying and it really got me thinking of first time homeowners and sellers, who are thinking about moving up to their new property. We all get so excited about the new larger home with all the details your current home doesn't have, but I think sometimes fail to think of long term opportunity that is available when we look at the home as an investment.
Especially after this Pandemic, many buyers today are looking at making a move up into a larger home that offers better functionality for their new home life. Which is totally understandable.
With the equity growth the housing market has seen over the last few years, and the low interest rates there is a really great opportunity laying in front of us and you might be surprised to hear this from an Agent... DON'T SELL YOUR HOME! (though have to say the market really needs the inventory).
If your mortgage is low on your current home, make sure to speak with your Agent and review what you might be able to rent it for. As well, speak with a good lender who is committed to working with you long term and find out the best way to leverage your equity so you can still buy your move up property. As your new home will be a primary residence you should be able to purchase your new home with the low interest rates. The lender is also going to be able to review any qualifying details that may help or hinder keeping the home as an investment. But you won't know until you ask. Your real estate agent can help advise you on options, and help you understand long term investing strategies and how to utilize 1031 strategies etc.
I highly recommend the above Podcast along with the book Millionaire Real Estate Investor, to help you lay the ground work of how to leverage your home into your first income property. My goal as your real estate advisor is to be just that for all your real estate needs. Don't hesitate to give me a call with any questions you may have about the possibilities or if you would like a copy of the book Millionaire Real Estate Investor.