How to Change an Investment Home to Your Primary Residence

Moving into an investment property might require some negotiations with your mortgage company.

Moving into an investment property might require some negotiations with your mortgage company.

Whether you have a gorgeous investment property that you're dying to live in or simply want a change in your living situation, moving to an investment property can be a major change of pace. It could seem like changing an investment property to your primary residence is a simple matter of moving. But some mortgage companies require that homes be occupied, so it's important to check the terms of your mortgage agreement before making the move.

Check your mortgage contract to see if it requires that your primary residence be occupied. If it does, you may need to notify your mortgage company that you're planning to move. If you can't get a renter, you'll have to get permission to change the terms of your mortgage. Otherwise, you'll need to make sure you're allowed to have renters in your property.

Notify any renters currently living in your investment property that they need to move. You'll need to follow the terms of your lease agreement as well as state law. You can't simply evict them with no notice, and many states require that you give advance notice of 30 or 60 days. Offer to give your renters a reference or to help in the process of finding a new home. This can expedite the moving process.

Clean out the investment property and check for any damage. Particularly if you don't regularly inspect the property, there could be damages that can make it difficult to live in, and you'll need to remedy these before you move in.

Locate renters for your current primary residence if your mortgage company gives you permission to have renters or requires that the property be occupied by someone. Post ads on local bulletin boards and real estate websites. You can also hire a rental agent to help you find renters. Ensure that your property is up to code and is in good condition prior to the day your renters move in. Sign a lease agreement with your renters outlining their responsibilities and the terms of the lease.

Prepare to move by packing, hiring a moving company and changing your utilities to the new property. If you forget to change your utilities, you could be stuck with late fees or disconnected utilities, as well as a delay in service at your new home.


About the Author

Van Thompson is an attorney and writer. A former martial arts instructor, he holds bachelor's degrees in music and computer science from Westchester University, and a juris doctor from Georgia State University. He is the recipient of numerous writing awards, including a 2009 CALI Legal Writing Award.

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