I'm in the Army Guard and I currently attend Marion Military Institute. Im going to graduate next year and I am seriously considering going to University of Alabama which is not to far. I was going to get an apartment like every other college student but when I sat down and thought about it I realized that maybe its better to buy a house! I mean I can get a military loan for about 110,000 bucks and pay off the loan like I would be paying rent. The only difference is that I would be owning my property. Can anyone see anything wrong with my thinking?
2007-12-08 15:47:02 · 3 answers · asked by Senior Airman Gregory C 5 in Business & Finance ➔ Renting & Real Estate
Congratulations, it's a great plan. I wish I had done that when I was in college. I had the GI bill also and did not take advantage of it then. The devil is in the details. Make sure that you have cash reserves for repairs. Shop carefully for both your house and your loan. Beware of adjustable rate mortgages. If the payments are too high, maybe you should buy a more modest house. Remember that there are some things that you can change pretty easily like paint, plaster, and landscaping. But you can't move a freeway or another nuisance.
2007-12-08 17:00:52 · answer #1 · answered by artwhiterealtor 3 · 0⤊ 0⤋
You would need to think what will you be doing with it when you leave the institute? Keep it and rent it out? Will you live in the area after school? Are you going to be a out of state owner? And pay someone to keep the home up? ie: property manager? Think long and hard on all of these questions i`m asking before you jump in with both feet.
2007-12-08 16:45:58 · answer #2 · answered by Big Deal Maker 7 · 0⤊ 0⤋
Why rent when you can own and pay yourself a little every time you make a payment.
Take care!
RJH
2007-12-08 17:42:31 · answer #3 · answered by Empire Realty - Upland CA 2 · 0⤊ 0⤋