I live in a two bedroom/1 bath condo with my spouse, 2 cats, and a dog. The condo was built in the 1970's and was intended to be used as a vacation home so there is very little storage space (not to mention the whole place is only 650 sf). We want to sell so that we can purchase a larger home (not a condo) which is more compatible with my spouse's needs (physical disability). We (and our realtor) strongly feel that the condo will sell better without us living in it. (don't tell me otherwise, we have tried cleaning and staging, it didn't work and the whole process sucked)
So here's the scenario: We just (accidentally) came across a home in a neighboring town that would fit our needs (and most of our wants) and is super cheap… only $75k. It is listed so low because the town it is in is not desirable, it used to be a mill town but the mill is gone so the jobs are gone. If we bought here, we would have longer commutes for our jobs (currently 15 min, would go to 45 min) and we would not mind living there temporarily but not forever.
Right now, we are aggressively paying down some debt that accrued due to a few pretty tough years for us. The minimum payments for the debts is about $500 but we are currently able to put about $1k towards it each month. At this rate, it will all be paid off by March 2018.
We were thinking we could buy this house, live in it for 2-5 years with a super cheap mortgage and then sell or rent it out when we are free from the condo and have a decent down payment for a better house. This would push back our debt repayment a little bit but we would be back on track as soon as the condo sells. The sale of the condo would accelerate the debt repayment as our current payment (including monthly dues) is around $800. The mortgage for the "new" house would be less than $500. Have any of you ever done this, how had it gone? Is this totally crazy?
EDIT: New Hampshire
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