Military Members: Things to Consider When Buying a Home
For anyone interested in buying a home, there are a lot of decisions to be made. From the type of flooring they may want to the type of loan they may qualify for, this major purchase comes with major choices. For the men and women who serve in our Armed Forces, there are even more things to consider when it comes to buying a home. Here are five things to think about if you are a military member who is considering buying a home:
When you commit to buying a home, you’re making a long-term commitment. While it may not be your forever home, you’ll want to own the home long enough to recoup your investment—and then some! So, if you’re in the military and know that you are likely to move in the near future, it may not be the right time to buy. If you are confident you will be spending significant time in your current assignment, you could be in the right place to buy. When it comes to location, you’ll also want to consider your proximity to your base. Some may prefer to live close to base, while others may want to physically separate themselves from their daily work life.
Because deployment is certain when it comes to military life, you must consider what your family will do while you are deployed. Will they stay and live in your home or are they likely to travel to stay with a family member while you are away? If you know they are likely to go home to be with family, you’ll have to consider who may take care of the house while you’re all away. If your family will be living at your home, you’ll want to make sure you buy in an area where they are close to any amenities they’ll need in your absence.
We’ve already mentioned deployment and how your time away may affect members of your family who stay behind to live in your home. But, as a military member, you also need to consider where you are in your career. If you are at the beginning of your military career and starting to build a family, buying a home may be ideal for you. If you are nearing the end of your service and have an interest in traveling or exploring other career paths, you may want to hold off on buying for now.
As a member of the military, you’ll likely qualify for a VA loan. This mortgage requires no down payment and does not carry private mortgage insurance. Since you won’t have to save as much money as some other buyers, you may be enticed to spend more on a home. But, do not forget about those monthly mortgage payments. Make sure you’ll be comfortable carrying the mortgage you apply for.
No matter where you are in your military career, before you decide to buy a home, it is important to consider the future. Even if you know you may receive new orders or be deployed in the short-term, if you’ve fallen in love with a certain area, you may have plans to stay even when your military career ends. If this is the case for you, it may be the right time for you to go ahead and buy your forever home.