My husband and I currently live in the "big city" for schooling, but plan on moving back to our HomeTown after his masters (well, his Hometown- the larger town near my tiny Hometown... but I digress). We will both stay at our current jobs, as we both range all over the state for work sometimes.
Current plan has been that we weren't going to move back until next year, when DH finishes his Masters next June. BUT, variables have changed. It turns out, DH is able to get credit for working over the summer, a whole term's worth. So he will be done March 2017 instead. Husband's work is all over the place- some an hour of where we are, 3 hrs from Hometown (most of what he's doing now through August, but probably will change after that- although not guaranteed, and no way to know). He usually goes up once or twice per week. Other main worksite is essentially in Hometown. He works from home all days except 1-2 days per week currently. His work is technically headquartered in Hometown.
Gas costs for both DH and I are payed by work. We both work for contractor type companies. (Me nursing, him engineering, FWIW).
Help me figure out if it makes more sense to move *now* rather than waiting.
Relevant stats:
DH's current drive to school: 20min
Drive between hometown and DH's school: ~2hrs
Days per week DH has classes: 2, in the evening, ending fairly late (~8:30pm)
Rent if we renew: $1595 and new lease would end at the end of July 2017
My current drive to work (2 days per week): 1hr 20min
My drive if we move (2 days per week): 30-45min (depends on area we move to in Hometown)
Note: not sure how long I will stay at my job, because First Baby is planned for spring 2017
House prices in hometown: $200-300k
COL in hometown is 16% lower than Big City according to "Best Places"
Currently saved downpayment: $26k
Downpayment next year if we wait: hoping to hit $60k
Probably could be matched by parents on an interest-free basis for the downpayment
Excellent credit for both of us
Estimated monthly payments:
200k with $25k down (12.5% down) assuming a 4% 30-year with PMI: $1,043/month
300k with $25k down (8.3% down) assuming a 4% 30-year with PMI: $1,625
Parental assist:
200k with $40k down (20% down) assuming a 4% 30-year NO PMI: $972
300k with $60k down (20% down) assuming a 4% 30-year NO PMI: $1,458
Questions:
1. This all just seems like a massive and overwhelming thing with too many moving parts. Help me ask the correct questions and find out the best course of action!
2. How do I find out the % property tax for a town? I see last year's tax listed on a lot of listings, but can't figure out actual base %
3. I have no idea what the real estate market is likely to do between now and then in Hometown. It seems like it's been a seller's market lately, and really high turn over. Are we crazy to wait? How to get an idea of "when" is the right time to move?
4. Do we move down and rent instead and keep saving up for the downpayment? SFH rentals are few and far between down there though, it's all apartments, and we're pretty done with apartments... especially with Baby plans!