My hubby is active USAF. We've been stationed in SC now for 6 yrs. I would LOVE to buy a home instead of renting these crappy apt's. He's terrified to buy a home and then us get stationed out of state. What can I do to change his mind or have him understand that there are many military families that own their own homes that move often. We also have a almost 5 yr old daughter and working on having another child. Any insight would be helpful.Thanks!
2007-12-26 13:02:08 · 10 answers · asked by Kimberly G 2 in Politics & Government ➔ Military
it's a crapshoot! buy a home and hope and pray that you won't get PCS orders!
You know "Murphy's Law"?
2007-12-26 13:08:52 · answer #1 · answered by Anonymous · 2⤊ 0⤋
If there is ANY way you can afford to swing it... BUY A HOUSE !! Why throw that money away on rent that gives you nothing back !!
I bought my first home when I was an E-4 in San Diego... it was a complete and total dump, but priced right. I didn't even need to use my VA-loan. I fixed it up, and then when I transfered I went to a property management firm run by an old retired chief.
The rent paid my mortgage, and I bought a 2nd fixer-upper at my next duty station. I fixed that up, transfered and rented IT out... I returned to my old duty station, bought a nicer place.
When I left the Navy in 1999 I had enough equity in the 3 places I got a SWEET mortgage rate on my Ranch... and the rent from those three homes pay 60% of my current California mortgage. I'll pay off those other homes in 1, 4, and 7 years.
2007-12-26 13:33:13 · answer #2 · answered by mariner31 7 · 2⤊ 0⤋
I just bought my 2nd home (I sold the first when I PCSed) The first was a Condo and now I have a new house.
When I sold the Condo I worked my butt off to update the place to sell it and I did sell for a lot more that I bought for but I only did a little better than covering expenses and Realtor fees.
I think I would have been better off to rent. If you will not be in the same place for 5 years, I wouldn't buy (unless you plan on being a landlord)
DON'T buy new unless you planed your perfect house. There is a lot of extra cost in buying new. (I found out the hard way)
I bought thinking I was throwing my rent away but when you own you are throwing interest payments away. Unless you buy cash you are still throwing away money just to a bank instead of a land lord. In hindsight I would have rented longer and saved more money for a bigger down payment or hopefully buy a house cash when I retire.
I Think there are Many advantages to renting. (try renting a house)
It's much easier to move, you don't have to sell you just leave.
It's less expensive: It's normally less expensive to rent and if you saved the difference in cost you would do better than if you bought a house and sold it less than 5 years later.
But it's your choice.
If I don't know how long I will be at my next duty station I will most likely rent.
2007-12-26 14:59:21 · answer #3 · answered by MP US Army 7 · 1⤊ 0⤋
buying a home is one of the most important decisions you can make.
When getting PCS orders elsewhere, you can always opt to rent it out(preferably to another military family) to cover the mortgage, especially if you are smart and do not buy anything that BAH won't completely cover..since you know the next guy's BAH will also cover it.
Right now it's a buyers market with so many homes being foreclosed on because of the Subprime lending fiasco. But ina couple of years, the trend could reverse. In fact, we are closing on our first home in about a month.. and in three years when we expect to PCS.. BRAC will have impacted the area..to the tune of several thousand new servicemen arriving, so we are confident we can sell or rent our home easily
2007-12-26 14:17:37 · answer #4 · answered by Mrsjvb 7 · 1⤊ 0⤋
make absolutely certain its where you want to live 10 -15 years from now. We made a mistake and bought a forclosure in a neighborhood that has since gone downhill, we had to move it was so bad now we are renting that one out and living in another home we bought, we had trouble with 2 property managers ( you would not believe the problems we have had with renters, and the mess they ,make, one lived without power in the heat of the summer for 2 months and used candles for light, got wax all over the carpet )and are now taking care of it ourselves which is not much fun but we only live 45 min away right now and hope we don't have to go anywhere anytime soon, if we do we will have to try another property manager, I would suggest waiting until closer to retirement
2007-12-27 10:12:39 · answer #5 · answered by LB67 5 · 1⤊ 0⤋
First, let me say I completely understand both perspectives..I would love to own a home, but even with us on indefinite orders in an area we may retire in, I am still leary of buying. I admit I have probably seen one too many military families buy and then get orders to another location, who then struggle to pay the mortgage while paying the costs of living in the new place as well. However, if you feel you are willing to run that risk, then there may be a few things you can do. First, have your husband talk to any other military members you know who own thier own home rather than rent. They may be able to help him see some of the financial benefits that owning can have over renting. Next, have ideas on what you could do if you had to leave...people staying in the area you could ask to handle things (with the appropraite powers of attorney) in case you not only get orders, but orders overseas, the names and numbers of rental/management agencies who could handle the rental of the home if you chose to go that route, realtors who specialize in working with military members. Doing some of the early leg work will go far in showing him how strongly you feel about this and what you are willing to do. You may also want to do up a mock budget showing how you can continue to pay your current bills, the mortgage and any other costs (taxes, higher insurance, starting some sort of account for emergency/repairs). If you currently have one car, you may need to have ideas on how to afford another or on other ways to handle issues like getting the kids where they need to go, errands, etc if he has to either take the car or you have to drive him in, find a car pool, etc.
Many military members simply are not in a place where they want to buy. If this is not where you want to stay, your husband may not see the point in buying. He may not like the area or may not be ready to take on the level of financial responsibility that comes with owning vs. renting. If he is strongly against the idea, you need to ask him why and really try to understand things from his perspective. He may not like the idea of you having to deal with a broken hot water heater while he deploys instead of a call to a landlord. In the end, all you can do is give him the info and explain why you feel the way you do. Know there may not be a way to ulitmately change his mind...you may simply both have to agree to disagree for now.
2007-12-26 13:21:30 · answer #6 · answered by Annie 6 · 1⤊ 0⤋
I knew several people who bought homes while in the military.
Most (if not all) of them hired a lawyer or law office to take care of the property and keep it rented while they were assigned elsewhere.
The question is, is that where you really want to stay when he gets out or retired?
We just bought our first home 6 years after retirement. Not fun to think we may never own it.
2007-12-26 13:09:29 · answer #7 · answered by SFC_Ollie 7 · 3⤊ 0⤋
If you are tired of renting apartments why don't you apply for base housing?
2007-12-26 17:25:10 · answer #8 · answered by King Of Battle 6 · 0⤊ 4⤋
Hmm, try checking out here
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2007-12-26 13:03:51 · answer #9 · answered by Anonymous · 1⤊ 2⤋
Investign is the way to go....Go for it.
2007-12-26 13:05:40 · answer #10 · answered by Bugz 3 · 1⤊ 1⤋