First Time Home Buyer Needs Advice
Currently renting in Bozeman, MT. Thinking about buying instead of renewing lease, but we'll be moving in about a year regardless. So, if we bought property it would become most likely a long-term rental next year.
In Bozeman - all we can afford right now would be a condo or townhome. With 20% down, mortgage, HOA, etc would be sitting right around $2500-2700/month range. Similar properties that are long-term rentals are currently renting for just a bit under that. How would you think about this buy? While we'll be living in it for the next 9 months to a year, any purchase will ultimately be a strategic investment. With townhomes and condos not appreciating as much and rates still high - I want to make sure we're making a good long-term decision by buying instead of renting.
So - how would you approach this situation? What numbers should I be looking for (is grossing $100-200 a month once a long-term rental too risky/not beneficial)? First time home buyer so would really appreciate all the advice and help I can get. It's scary to just go for it - but maybe that's what I need to do? Or - looking into different areas in the US to invest in would be another option as Bozeman is a tricky market.