2006-09-26 08:17:40 · 18 answers · asked by AFwife 4 in Politics & Government ➔ Military
My advice would be to rent. Closing costs are high enough with real estate commission, taxes and other expenses when you have to sell in two years that any savings you might possibly (but not likely) gain with a housing purchase vs. paying rent would be wiped out.
Also, the housing market is so unstable around the country right now, you are not likely to see any gain in your new home's value in two year's time. Rent and enjoy the reduced level of responsibility you'll have, the savings on your insurance (you'll only need to insure your contents) and the free time you'll gain not having fix-up projects always around the corner.
2006-09-26 08:25:12 · answer #1 · answered by VailsMom 1 · 0⤊ 0⤋
Rent. Buying isn't worth the time. As a retiree, I speak from experience. Being in the service means that you will be moving 'very' frequently (every 2-3 years). You sure can't build any equity that way.
I was stationed at the Coast Guard base (on the Battery) and lived in North Charleston (close to the Mall). I do not recommend buying.
2006-09-26 08:24:48 · answer #2 · answered by Larry F 4 · 0⤊ 0⤋
My husband is in the Navy in Goose Creek,SC on the Naval Weapons Station Charleston. We've lived in our forty-year-old lead paint ridden base housing for almost a year now, and we're sick of it. Depending on your price range, it can be a good thing. BAH for the area is $900+ a month. Think about it...you pay $900 a month to live in base housing, and gain no equity. The AF housing is much much nicer than what we have, but it's still not like owning your own home. DH and I are looking in Liberty Hall Plantation in Goose Creek--we found a 3br, 2 bath home that is still being built and will be finished in November for $165,000. If you have any more questions about real estate in the area, I've definantly done my homework, so you can feel free to shoot me an email (mrsmarklewis@yahoo.com). Hope this helps!
P.S.: If you buy a house, you can live in it for a few years, get the military to pay your mortgage, and, if you get transferred, rent it out for twice your mortgage payment. You'll really be making your money back then!
2006-09-26 15:08:34 · answer #3 · answered by Jessica L 2 · 0⤊ 0⤋
I speak with experience, RENT. If you've ever owned a home then you'd know that once you purchase it, you continue to invest financially into it, such as buying blinds, curtains, furniture, etc. If you're just going to turn around and move, then don't put too much money into it, or your heart. It's hard to leave a home after you've put sweat and tears in it, plus you're escrow has barely cleared.
The pros of renting, are more plausible. You don't have the liability, nor the hassle of trying to sell and closing when you're being deployed again, nor do you have to fret over any major repairs, (as a landlord/leasing agent is liable). Consider the time if you were a buyer, that is necessary to put into selling and maintaining the property. Military deployments are emotional enough, as well as relocating.
Invest in property when you're husband is mid-career and you'll be stationed somewhere at least for 4 years, long enough to acquire some equity if you do have to sell. Two years goes by quickly.
Be well and best of luck!
2006-09-26 08:29:18 · answer #4 · answered by Manatee 5 · 0⤊ 0⤋
We're in the Army, but I would suggest you rent. We've had many friends lose alot when they got wrapped up in buying a house. You don't have time to add value to it in 2 years. If it doesn't sell as soon as you move, you still have to pay the mortgage. If the value goes down, you loose money. There's so many reason why not to get into purchasing a house for that short of a time.
Rent for now. It's the best thing. Then, when the time is right, you can purchase the house you really want.
Good luck.
2006-09-26 09:26:03 · answer #5 · answered by HEartstrinGs 6 · 0⤊ 0⤋
Real estate is a great investment and rarely goes down outside of overinflated California and Massachusetts. If you buy you will have a tax shelter and build equity. When you get PCS'd to a new area you can sell or rent and continue to own the property. This might be a great opportunity for you to spread your own wings and develop a career of your own.
2006-09-26 08:27:54 · answer #6 · answered by medic 5 · 0⤊ 0⤋
To buy. Prices down here in SC really aren't that bad. House payments are ALWAYS cheaper than rent, and if you get one close to the AFB, I would think you could easily sell it to another military couple.
p.s. Tell you husband that I thank him for his service to our wonderful country. =o)
2006-09-26 08:20:26 · answer #7 · answered by Mommymonster 7 · 0⤊ 0⤋
If you are only going to be there for 2 years. I would say either rent or stay on base.
My question is how do you know yall will only be there for 2 years. Is that just wishful thinking.
2006-09-26 12:01:30 · answer #8 · answered by JB 4 · 0⤊ 0⤋
two years is not a long time...renting is probably a better idea for that short of a time...you've got all your closing costs to consider, and then they buying and selling to contend with....welcome to SC! i live in Columbia.
oh and whoever said it'd be hard to get house insurance in the carolinas is crazy, people do it here everyday lol...i did it two weeks ago in fact, not a problem
2006-09-26 08:20:27 · answer #9 · answered by scguy89 2 · 1⤊ 0⤋
Rent... its very hard to purchase insurance for homes in the Carolina's
2006-09-26 08:19:54 · answer #10 · answered by GoWhitey33 3 · 0⤊ 0⤋