Should You Sell or Keep Your First Home in Cambridge?

If your house has gained value over the years, you could be sitting on a large amount of untapped equity. Many homeowners don’t realize the full extent of the opportunities available until they take a closer look. If you’ve been thinking about moving into a bigger or nicer home, now might be the perfect time to explore your options. The key is knowing how to utilize that equity in a way that aligns with your family’s and future plans.

Sell and upgrade with ease. One straightforward option is to sell your current home and use the equity to fund your next purchase. This allows you to take the full amount you’ve built up and apply it as a large down payment on a new property.

A larger down payment can mean a lower monthly mortgage and greater financial comfort for your family. Selling first keeps things simple because you won’t need to manage two properties or handle the extra responsibility of becoming a landlord.

Keep your home and build wealth. Another option is to keep your existing home and buy a new one. You can pull cash from your current property through a refinance or a home equity line of credit. That money can be used as the down payment for your next home while your first property becomes a rental.

This approach can create long-term wealth by providing you with two properties that both appreciate in value over time. Rental income can help cover the initial mortgage, but it’s essential to plan carefully and ensure the numbers align.

What to think about before deciding. Keeping your first home means qualifying for a second mortgage and balancing two payments. Your down payment on the new house may be smaller, and you’ll need to check that the rent will cover the costs of the first property. A trusted lender can guide you through the details and help you determine which choice best fits your goals.

Start planning today. Your equity can open doors to a better home, a stronger financial future, or both. Let’s talk about the numbers and create a plan that works for you. Call me at (857) 210-9925, email Lou@c21revolution.com, or visit louis.c21revolution.com to schedule a consultation. Your next move could be the step that builds lasting security for you and your family.