Have you purchased a home in your military tenure?
It’s an age-old question faced by military members and their spouses — should they buy a home or rent with each new location? Of course, this depends on each base, how long you’ll be stationed, and more. So how do you decide which is best?
First things first, what’s your financial situation? Are you in a place to buy a home with credit and/or finances? This is an obstacle that should be considered in the beginning stages of the process.
Next, look at the housing situation in the area. How are the houses on post? Is there availability? If you prefer to look off post, check around and see how many houses are open. Are they within your budget? Do they fulfill your living wants/needs?
Finally, it’s time to consider how long you’ll be in an area … and compare against the market. Will you rent once you move? Or immediately sell? While it makes sense that it’s better to be in an area for several years in order for a home purchase to pay off, that isn’t always the case. High-demand markets can bring in profits even after only a short time in a home. Take a look at the market for a better idea of selling prices and turnaround time.
If you’re considering buying, look at a renting calculator. Plug in your budget for numbers on how much you’ll “waste” whether renting vs. buying. You can also talk to a realtor to get a professional opinion. Be sure and talk to a few so you don’t get a sales-happy individual who talks you into a poor financial choice.
Will you consider buying a home at your next station? Tell us your process for choosing a living situation.