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Where to Buy Our First Home?
My husband and I want to take advantage of the housing market (and feel like we can afford to do so), but are unsure of where to buy.
We know we someday want to end up in San Luis Obispo (where prices are low, but haven't necessarily tanked like in other markets), and are considering buying there now (and finding renters or putting it onto the vacation rental marketplace until we actually move down there). This option would leave us paying our mortgage (but having it subsidized by renters) and also paying a rent of about $2K in the Bay Area.
The other option is to buy in the Bay Area (where the market may have declined slightly more than San Luis), just pay a mortgage and not a monthly rent, and then sell the home and put that money towards our dream home.
We're probably not in a place to move to San Luis Obispo for another 3 years. What is the best bet for our future? Any insight would be greatly appreciated!
Re: Where to Buy Our First Home?
I don't think the housing market is going up significantly anytime soon. Save for your home where you know you'll want to be since you should plan on being in it for the long-term.
While you're saving, you can read Home Buying for Dummies. It's a helpful book of reference.