What do you do with your old primary when you move into a new one

[Kuriakos Mellos]

Hi everyone, I moved from my condo (which was my primary for almost 2.1 years) into a SFH in February this year. I only obvioulsy have one primary tax exemption but what else needs to be done? Letting lenders know? I had my dad move into my condo and he lives there currently and pays me rent. I am asking because I have an opp to move over to MI for a job and was going to take advantage and buy a new primary there and convert the recent SFH that I bought into another investment - want to make sure I am crossing my t's and dotting my i's. I have been at the SFH since Feb - so going on 9 months and even if I find a new home, by the time I close and go thru the process to move into in MI it would be like Dec or January at the earliest.

Thank you and all help would be greatly appreciated!

[Brendan Miller]

@Kuriakos Mellos you shouldn't need to notify your condo lender, typically most loans only require you to live there for a year as your primary. As for your SFH lender, you'd need to check your specific loan terms, but technically most loans require you to live there for 1 year as your primary, so if your move has flexibility then I'd time the dates to align with the 1 year requirement. As for your condo, you will also be able to qualify for the capital gains exemption if you lived there for the past 2 of 5 years. I just sold one of my condo properties utilizing this exemption, and it's an awesome tool to building wealth.