Relocating/House-Buying Situation, want opinions!

[Kristin]

Ok so I'll try not to bore you guys but I want some outside opinions.

I live in City A, have lived here my whole life and I don't really like it. My family is here and I'm very close with them, also my ex/baby-daddy is here (he gets our daughter every other weekend). My boyfriend also lives here.
I rent an apartment here and it's affordable but I HATE renting. The building is old and is on the market to be sold, I'm worried the new owner will raise rent and/or kick all the tenants out (yes I am aware of the laws regarding this). ALSO my daughter's daycare is here, it's the ONLY place I can afford to put her in and she HAS to be in daycare since I work full time. She cannot start kindergarten until Fall of 2016, so I'm stuck paying for childcare until then.

I work in City B, which is about a 30 minute drive. I LOVE City B. It's where I want to settle down and grow old and raise my daughter...eventually. I will be moving there as soon as I possibly can.
Houses and rent are quite a bit more expensive in City B, and I can't move there until my daughter goes to school (because of the daycare situation). I LOVE my job and I want to move closer to it, as commuting isn't really ideal.

Again, I HATE renting especially at my current apartment. I'm in a position now that I am able to buy a house. I found a house that I LOVE and the payments would be less than half of what I pay in rent. However, it's in City A.

Basically the question is...should I buy now? Then move later and either sell or rent out the place. OR should I bite my tongue and wait it out at the current apartment and hope nothing bad happens then hope that I can find an affordable place in City B.

The ultimate goal is to end up in City B, but what happens between now and then is up in the air.

[Misha]

If you have the ability to buy a house now and are able to afford it/rent it out, why not do it?

[Kristin]

If you have the ability to buy a house now and are able to afford it/rent it out, why not do it?

I just have reservations because it feels so perminant haha and I have commitment issues apparently.
I'm very much leaning toward that option tho.

[VitaminX]

A reminder, if you rent out the house, be aware. Usually the person renting it, not the owner, has a lot more rights.
So, if you fuck up 1 bit in the contract, or don't use one, you could be screwed. Like, if you would like to live in it, they could start trouble and continue to live in it.
In case of bad contract that is.

I'd wait tbh, unless I'd find THE dream house I'd want.

[Kristin]

A reminder, if you rent out the house, be aware. Usually the person renting it, not the owner, has a lot more rights.
So, if you fuck up 1 bit in the contract, or don't use one, you could be screwed. Like, if you would like to live in it, they could start trouble and continue to live in it.
In case of bad contract that is.

I'd wait tbh, unless I'd find THE dream house I'd want.

You're right, it's always important to have a lawyer-written contract/lease. But that's at least 2 years in the future IF I decide to buy here then rent out later.
I know I can't afford my dream house but I can get pretty close to it here in City A. With my budget right now, buying in City B would be a huge compromise.

[I_royalty_I]

Id say go for the house, buy it. When you buy, it's yours, as opposed to renting and basically throwing that money out. You will keep the value in the house, you'll be able to sell it later and move where you want. Longer commutes are never fun, but waking up 30mins earlier, in a place you can truly call your own is worth it. When you rent, you won't ever see that money again in any way, shape or form.

If the payments are less on the house, you could use some of that money to go towards childcare. I know that can get quite expensive though, so I'm not sure what the circumstances/options are there.

Go with your gut. I feel like you're almost looking for a reason to stay where you are, but you really want to move forward with things? Do it!

[Munna]

I agree with Andrew on the fact that it's better for the money situation and homes are actually always an investment, which is good because you could make a decent amount of money if you fix it up. BUT you have to be careful because usually banks are willing to work with "first time" home buyers where they work out deals where you don't have to a pay a down payment (usually a couple thousand out of pocket) or certain fees or taxes. You won't get that deal again to buy your home in the future, it's only for the first time. @(you need an account to see links)

[Kristin]

I agree with Andrew on the fact that it's better for the money situation and homes are actually always an investment, which is good because you could make a decent amount of money if you fix it up. BUT you have to be careful because usually banks are willing to work with "first time" home buyers where they work out deals where you don't have to a pay a down payment (usually a couple thousand out of pocket) or certain fees or taxes. You won't get that deal again to buy your home in the future, it's only for the first time. @(you need an account to see links)

That's true! And actually my bank offers those first time home buyer deals to people who haven't bought a home in 3 years as well so I think I'd be ok there. But by that time I will be even more established

[Ghosts]

Remember, renting isn't just throwing money away. In lots of cases it's the better option financially, since when you own your own house you will have to pay property taxes, interest on a mortgage, more for utilities (usually), condo fees (sometimes), real estate agent fees on the purchase and sale, and more. A lot of that depends on your area and situation, but make sure you take it into consideration, especially if you'd only be living in that home for a short time before moving to the area you want to live in.

[Kristin]

Remember, renting isn't just throwing money away. In lots of cases it's the better option financially, since when you own your own house you will have to pay property taxes, interest on a mortgage, more for utilities (usually), condo fees (sometimes), real estate agent fees, and more. A lot of that depends on your area and situation, but make sure you take it into consideration.

Yep, in my area its mortgage + insurance + taxes, and if I can snag the house I'm looking at all that still adds up to less than my current rent.