2. Timing
Why Buy?
When friends of ours bought a home near Maxwell Air Force Base, we wondered why they’d choose to buy when only spending a year at a school in Montgomery? Although they’ve since moved away, their home is tucked in the middle of the popular Deer Creek neighborhood and has been consistently rented by other military families. A local property management company maintains their residence, allowing our friends to continue to build equity with each passing year.
As luck would often have it, military families often receive orders shortly after a home purchase! If you’re a homeowner who wants to keep their house, MilitaryByOwner offers an abundant amount of helpful information to guide you through becoming a landlord and listing your home for rent.
Why Rent?
There’s a reason why our friendly neighbor plants a good swath of garden each season — they are going on eight years of being stationed here. Having moved six times in eight years, clearly my spouse hasn’t found that “golden ticket” to staying put!
If an assignment came along that kept us in place, we too could put money down on our own casa. Until that glorious day, short-term homeownership is not ideal for our spontaneous military life, and so we continue to rent.
A FINRA Military Spouse Fellow, Gretchen Gorline, explains, “Especially when most military members don’t stay in one place long enough to pay off the mortgage, the costs of selling the house in a few years’ time will likely eat away at any equity that is accumulated.”
Take Away:
- If you’re a military member shopping for a home, browse listings on MilitaryByOwner and reviews on Military Town Advisor for popular neighborhoods. Buying a home in an ideal location can ease the process of finding a tenant when it’s time to PCS.
- Have orders for short-term training and prefer to rent? Check the military clause before signing a lease.
