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What if I buy a house and move in 3 years?

I’ve always heard one should live in a house for at least 5 years but now I’m wondering how dependent that is on your income to home price ratio. (I know capital gains would be taxed before 2 years so would plan to pass that mark for sure)

I’ll definitely be in my current city for two more years but tired of renting.

If I buy a house super within my means (let’s say $120K with $40k down, 15 year mortgage for remaining balance of 80k and I make $65k a year)would I hypothetically be in a good position to sell in 3 years, if property continues along a moderate steady appreciation rate? Are closing costs on both sides of buying and selling just not going to be worth a 3 yr plan?

My partner would pay me rent within this house for next 3 years- and we currently pay $500 each for rent, so my rent savings would be about $6,000 annually.

I’d be more comfortable in the near future in a house in the $250k range but salary consistent, it would take me longer to build equity so that’s why I’m shooting for a lower price home, not a forever home.

I’ve considered potentially renting the house out after I leave the area but I’m mainly house hunting with idea of finding something I want to live in now, and do some repairs and leave with some profit, but I’m trying to have realistic expectations.

Let me know your thoughts- I wasn’t able to find someone else wondering the same thing when I searched but maybe missed it.

submitted by /u/gravitys-rainbeau
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source https://www.reddit.com/r/RealEstate/comments/k3oruj/what_if_i_buy_a_house_and_move_in_3_years/
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