I just purchased a webite that i plan to redesign.
i do not like the current domain name .us (no revenue, little traffic), PR1
i want to use a domain name that have sitting around which is a .com
new to all this so not sure what i need to do and where to start or if there is anything necessary that even needs to be done, other than set it up on the new domain and let the other one redirect to new domain name?
since both site are new, no established traffic, i'd like to do this now rather than later.
Yep, doing it now would definitely be the correct answer, and a smart one. You really should set a new one to redirect to the old one so it will help your page rank, especially since it doesn't have any traffic at the moment.