5 Tips For Buying a Home While in the Military
Buying a home is already a difficult enough task for a normal civilian. If you are a member of the active-duty military, you might find the task overbearing.
About 38% of people in the military own their own homes, so if you are considering becoming part of that 38%, you may be on the fence on if it is worth doing so serving. These are some tips for buying a house while in the military.
1. Look Into Loans
Members of the military specifically may be able to get a decent loan to buy a home. For example, veterans are eligible for a VA Loan, which depending on your circumstances, means that you might not even need a down payment for your home.
There are more friendly loan terms in some situations than you might find as a regular civilian, so take advantage of them.
2. Check Your Savings
If this is your first home, then this will be an even more important factor. You need to make sure that you can afford your home and that you are in it for the long haul.
Members of the military may change locations frequently, which can be managed, but you need to have a consistent source of income coming in and continue to put money away.
3. Hire a Real Estate Agent
Finding the right real estate agent, especially one that specializes in military realty, can make your life easier.
If you are away from the location that you want to buy your home in, you can have your real estate agent act as your representative by telling them what you want in a home, what your price range is, what neighborhood you want a home in, and more. You need someone on the ground to have your voice be heard if you cannot do it yourself.
4. Check the Market
Sometimes, it may not even be a good idea to buy a home in a certain market, especially if you are going to be away for a lot of the time. Do your research if possible on this and look into what markets are trending upwards.
If you have the option, try to move to an area that has a market that is about to trend upwards, that way if you have to move again, you could sell your house for a profit.
5. Hire an Inspector
This is very important if you cannot physically get to the house yourself because an inspector is the one that can give a house a bill of health when it comes to selling a home. This is because they are the experts who walk through a home and make sure everything is up to code.
If you are trying to purchase a home while serving, you are going to need somebody reliable on the ground that can tell you that the house is in good shape.
Start the Process of Buying a Home
If you are away serving in the military, buying a home may be an intimidating thing to do with there being more uncertainty. If you follow the tips above, you can make that process as manageable as possible while being away from home.
For more related information, check out some of our other real estate articles.