Rent By Military - Deciding to join the military is a big decision that requires a lot of thought before making such a commitment. Once you've made the decision to join, you'll have to make big decisions in other areas of your life because of your transient lifestyle, such as whether to buy or rent a home.
You may wonder why anyone in the military would consider buying a home, since military personnel often have to move across the country (and abroad). Not to mention, if you've been employed for a long time, you may have a few home addresses by the time you retire. There's one big reason you should consider buying, and it's called the VA Loan Program.
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Obviously, if you think the (loan) terms are in your favor, buying a home is the best option for your situation. But there are still situations where renting can work for you. So how do you decide which path to take? Read on for some considerations that will help you make the right decision.
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The branch of the military you're in and the job you do will help determine how far you'll go. A common stereotype is that all service members move every few years, but this varies greatly among different branches. For example, one person may have more stringent travel requirements than others. Each person's service is unique.
If you don't plan to move in a few years, buying a home is probably better suited to your needs.
In fact, if you plan to stay in your home for five years or more, buying is often seen as a better option.
If you feel you need to move quickly, renting is a great option if you are not willing to rent out your home when you move.
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Depending on the branch of the military and your position, you may have frequent deployments. It may seem counterintuitive to want to buy a home when you come and go frequently, but it can actually work to your advantage. Imagine you're single, if you're renting, paying for a space you don't live in at certain times of the year, think about how much money you could save. However, if you own a home, the mortgage payments you're making add to your home equity, and this is true regardless of your family's situation! If you have a family, the stability of owning a home can bring peace of mind to your loved ones.
As mentioned above, let's say you buy a house and after several years you need to move out. Since you don't have a down payment and don't need to pay PMI, you can probably sell your home and potentially foreclose (if you don't make a profit). Keep in mind that depending on current real estate market conditions, it may take some time to sell your home; So even if you pay to live in a second home, make sure you have enough money saved to pay off your mortgage until you sell the home. .
You can choose to keep the house and rent; This is a good option if you plan to repay in the future or if you want to own an investment property. Whether you are facing the challenge of becoming a home owner or you are willing to hire a property management company to manage the home in your absence. It's worth noting that you may be able to buy a second home with a VA loan in this scenario; So if you keep your house and rent it out, you can buy a new house in a new city. There are some specific requirements for this, so be sure to check with the mortgage lender to see if this is an option for you to consider. Every time we move, Greg and I are faced with a decision. Rent or buy a house for our family to live in. 17 years into this military adventure, we have chosen to rent (via private or basic accommodation) each time.
Obviously, renting has been the most comfortable decision for us and has made the most sense for our family so far. However, not all military families choose to rent; And instead uses the housing allowance to invest in properties and build equity throughout his career. Today, I want to share why we continue to rent as a military family and the pros and cons of this decision!
Rent Versus Buy: Why We Continue To Rent As A Military Family
Before diving into the rent vs. buy debate (a perennial conundrum for many military families), let me explain BAH: Basic Allowance for Housing. It is an "allowance" on top of a service member's basic pay to cover housing costs for himself and his family. BAH varies by range and family size (married vs. single), as well as (and most importantly!) location. While living in San Diego, CA, our BAH was over $3000 a month; However, when we lived in Kansas at the same level and family size, our BAH was only $1500. BAH is set to reflect local rental prices and living costs and is designed to essentially equalize housing costs for service members living in different locations around the world.
I will explain this aspect of the military pay system because it is an important aspect of the BAH lease and purchase discussion. Many like Greg and myself use BAH as a designated "target post" when trying to find a rental property. Keeping our monthly rent close to or below BAH means we don't pay for our house out of pocket. However, there are those who see BAH as "free government money" and should be used to build equity. So while we continue to pour this "supply" into rents (so to speak), other households will choose to use that money to own property, become owner occupiers, and (potentially) increase their incomes. There are benefits and risks in both these situations, especially in the context of our nomadic lifestyle.
Greg and I are pretty financially savvy, but we were clearly moving and we continued to rent even though it didn't make much financial sense.
Why? Although there were many reasons, the main one was that we could not justify it
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Owning a property (eg finding tenants, paying maintenance, managing the property ourselves, etc.), knowing that we will only live in the house for a few years before using it primarily as an income property. We see many friends struggling to manage properties from a distance, but our lives are already full and busy. We were never forced to include a specific one
When we moved, Greg and I had the "rent vs. buy" debate. So far, of course, we've chosen to rent. And as for our family housing for the rest of Greg's career, my guess is that we will continue to rent until a) we approach retirement or b) we really fall in love with the community.
That's all right, two scenarios have come up recently, both of whom are thinking a lot about home buying...
Going here to Northern Virginia was a very interesting experience. We were surprised how quickly a great rental property was snapped up. If the house had hardwood floors and an updated kitchen, it would literally disappear in hours. And that got us thinking. With so much military in the area (as well as Amazon HQ2 and other businesses), the area is a thriving and reliable rental market.
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We don't want to own a house here to live in, but we have really thought about buying a property and converting it into a rental type.
A one-of-a-kind rental snapped up in a matter of hours! Investment aside, here's how fun a blog mega-series can be:
The other scenario that gets our wheels turning is investing in a vacation rental that our family uses regularly (but we rent it out for the rest of the year). Since we move around so much, we like to have a fixed, special place that we can retreat to again and again as the kids grow. However, finding a location accessible to where Greg is assigned can be difficult. It's difficult, but not impossible... so we'll start taking Greg's career more seriously as it (slowly) takes off.
That being said, we still have young children and our lives are still very full. So these are just dreams and thoughts
Should You Rent Or Buy While In The Military?
. But for the first time in Greg's 16-plus year career, we're quite, maybe, free to buy a house. Or not I'll let you know, but don't hold your breath! 😉
Regardless
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