Buying a house to live in only 2 years?
Spouse got a job in a rural area for 2 years with great pay. I'll be on maternity leave for most of the contract so will be moving up too. Our plan was to rent a home or apartment however the rental market there is horrible at the moment. There are very few rentals available. The ones that do come up are geared towards single people i.e. a room in a house for $800+. The only option we have found is to stay at this old inn for $2000+ a month. It's ok, but not somewhere we would want to stay for 2 years.
The houses in the area are reasonably priced. We could purchase a 2-3 bed detached home for 200-250k. We could certainly afford it, and the monthly mortgage payments would be much lower than renting. I would feel more comfortable being in my own home but I realise that buying a house to live in it only a few years doesn't usually make financial sense.
We feel that it would be easy to rent after we move out, however we will be 1000 kms away so will need to hire property manager once we return to our hometown. If we sell, I'm not expecting there to be an increase in value in 2 years time.
Another option would be to rent a place in a nearby city and commute in to town. It's just over an hour's drive (more in the winter). Spouse isn't used to snowy conditions so would prefer to avoid this.