To Rent or Buy: Military Edition

As a military family, we often ask ourselves "do we buy a home or rent a house at our next duty station?" We're told so many things from so many people, it's hard to cut through the noise to make the decision that's right for you.

We all know there are a ton of benefits to homeownership: good long term investment, building equity, federal tax benefits, freedom to customize your space, stable monthly payments, pride of ownership, sense of stability, potential of home value increase, and with a VA Home loan, no down payments. But buying might not be right for YOU and your family.

Before deciding to start your house hunt, consider a few of these question: How long will you be living at your next duty station? What is the likelihood you'll re-tour or retire there? What is the local market like right now? What are the interest rates? Are you looking for an investment?

All of these questions should be answered between you, your spouse, and a professional real estate agent. A local real estate agent can help guide you with local trends and information that may effect your decision to buy.

Renting is an easy option; the commitment is low compared to buying a home. And some people may think it's cheaper not having to pay for repairs and maintenance. That's not usually true! Again, talk to a real estate professional who specialized in helping military, someone who is working near your next duty station to see how that market is trending. If you plan on staying in a place longer than 3 years, you should definitely consider the option of buying.

The ever present question with each move we make as a military family- "Do we rent or buy?" Well it's a big question and one that should be thought through. If you find yourself moving to Fort Bragg, North Carolina, give me a call, and I can help you get this questions answered!