As life evolves, so do your needs. Maybe your cozy starter home now feels a little too cramped. The kids need more room to play, you’re dreaming of a home office with a door that actually shuts, or perhaps you’d love a backyard big enough for hosting weekend BBQs. If your home is feeling a bit too small but you’re not quite ready to part with it, don’t worry—there’s a solution! At Home Helper California, we specialize in guiding “Move Up” buyers like you through the process of upgrading to a larger home without selling your current one.
Let’s dive into how you can expand your living space and turn your current property into a wealth-building asset.
Why Keep Your Current Property?
Selling your current home might seem like the obvious choice, but there are some fantastic reasons to consider holding onto it:
- Passive Income Potential: Your current home could become a rental property, generating steady income each month.
- Property Value Appreciation: In California’s hot real estate market, property values often increase over time. By holding onto your home, you can build long-term wealth.
- A Safety Net: Renting out your current property keeps it in your portfolio, providing security if your plans or finances change in the future.
Step 1: Assess Your Finances
Before making the leap into a bigger home, it’s essential to understand your financial position.
- Equity Check: Your current home may have built equity over the years. This can be a powerful tool for your move.
- Rental Income Potential: Consider the rental value of your existing property. Tools like our Rental Value Calculator can help you estimate what you could charge.
- Debt-to-Income Ratio: If you’re planning to carry two mortgages, consult with a trusted broker—like Jose Pulido at Home Helper California—to ensure you’re in a good position to qualify.
💡 Tip: A financial advisor can help you craft a plan to balance your existing mortgage and the purchase of your new home.
Step 2: Explore Financing Options
Buying a new home without selling your current one means you’ll likely need creative financing options.
- Bridge Loans: These short-term loans help you access the equity in your current home to use as a down payment for your new one.
- Cash-Out Refinance: Tap into your home’s equity with a cash-out refinance to free up funds for your move.
- Rental Income Offset: Some lenders consider potential rental income from your existing property when calculating your loan approval.
Jose Pulido and the team at Home Helper California can walk you through these options to find the one that best suits your needs.
Step 3: Rent Your Current Home
Turning your current property into a rental is a fantastic way to cover its mortgage while building equity.
- Get Rental Ready: Make small improvements to attract tenants—fresh paint, updated fixtures, and a little TLC can go a long way.
- Work with a Property Manager: If being a landlord sounds overwhelming, consider hiring a property manager to handle the day-to-day.
- Find the Right Tenants: Take time to vet tenants to ensure your property is in good hands.
Step 4: Plan Your Move-Up Home Purchase
Now for the fun part—finding your bigger, better home!
- Communicate Your Needs: Share your vision with your real estate agent. Do you want more bedrooms? A large backyard? A specific school district?
- Get Pre-Approved: Jose Pulido can help you secure financing for your new home while managing the financial responsibilities of your current property.
- Tour Homes: Your agent will help you find homes that meet your needs and budget, making the process smooth and exciting.
Start Your Move-Up Journey Today!
At Home Helper California, we know how to help you grow into your next home while making the most of your current one. Whether you’re dreaming of more space, more amenities, or just a change of scenery, we’ll guide you through every step.
📞 Ready to learn more? Call Jose Pulido and the team today to get started on your move-up journey!
Your growing family deserves a home that fits your needs—and you can achieve it without saying goodbye to the property you’ve worked so hard to build. Let’s make it happen!
