Myself, I've purchased a number of domains by watching for one of my domain 'hopefuls' to open up then look for sales. But there are some things about buying cheap domains that someone new probably wouldn't know or think about. It sounds easy to buy a cheap domain from one source then buy the hosting from another then easily merge the two. And it is, if you have time and are not in a hurry to get your site up quickly. Of course, if GoDaddy sells you a cheap domain they would really, really like it if you also purchased their hosting, so there will be a few hurdles between you, your new domain and your cheap hosting partner you may have your eyes on. So just expect a delay, a waiting period to move/transfer your new domain name. If you've purchased say 3-4 years this may not be an issue or if you haven't finished building your site and content yet. But if you are new and only bought a one year domain - just know that some of your 'time' will be eaten up in 'cyber space'.