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Naval Base Kitsap | BAH and Home Ownership

By
Real Estate Broker/Owner with HOMEFRONT Realty WA State Licence #23384

Interest rates have been so low for so long that home ownership for military members using their BAH has actually been a reality.    

Never before has the military population owned a higher percentage of homes. The days of base living has changed drastically. With most installations switching over to PPV the climate has changed.  The thought of waiting until retirement to purchase a home has become a scary thought in this economy. 

 

So as a military member do you purchase a home?

It is a very complicated process which needs some investigation and education before making a decision. You should ask yourself some questions like these at the minimum.

 

  • Do I have upfront money to buy a home?
  • Can I get financing?
  • Is my tour of duty going to be longer than 2 years before the next PCS?
  • Will I have the opportunity to do another tour here or will I have an opportunity to come back?
  • If I had to be a long distant landlord would I have the time or recourses?
  • Could I afford a property manager?
  • What if I had to pay the mortgage for 2-3 months while the home is waiting for new renters?

                                                                                   

             BUYING VS. RENTING

 

ADVANTAGE

THINGS TO CONSIDER

 

 

 

BUY

Build Equity

Responsibility of Maintenance

 

Income Tax Incentives

Property Tax Payments

 

Stability and Security

Loss of Equity

 

Ability to "do what you want"

Less Mobile

 

 

 

RENT

No responsibility for Maintenance

No Equity

 

Easier to Move

No Tax Benefits

 

 

Vanilla Walls

 

So after you have considered all the possibilities, searched the internet for information and asked around your shop.  Are you ready to buy? 

Being a military spouse and real estate professional it was still a decision that I wavered back and forth.  After sitting down and writing out all the pros and cons my husband and I decided to purchase.  My husband is in the Untied States Navy and at the time we decided to purchase we were looking at the second tour to Iraq, at living in southern California and at a PCS 30 days after his re-deployment. We didn't know where we were going, how long we would be there or how the finance industry would view our dreams. 

My husband left for Iraq and I knew that I wanted our next PCS to be a "door to door". I started to look at houses in the Bremerton, Washington area over the internet. Having my license but not practicing in the state of Washington I had to find a real estate agent too. I was lucky because I had several contacts from my days of selling homes in Washington.  On a trip up to Washington I viewed a property and made an offer with my POA.

 

My husband just so h Military VA Home Buyersappen to call while I was in the process. I told him what I was doing and promised to email pictures when I arrived back home.  I can tell you that it was not a totally smooth process, but I can also tell you that I am writing this article in the home office of the house that we purchased so, all in all a happy ending.

Do you own your home? Are you afraid of having to sell in 3, 4 or 5 years?  If you are smart and do the right things then homeownership for a military member should not be scary!

Posted by

 

Jo SossAuthor:Jo Soss

Jo Soss is the designated Broker and the owner of Homefront Realty in Bremerton Washington. Selling real estate in the greater Puget Sound area since 1994 she has vast knowledge in all aspects of a real estate transaction. Using today's technology with her signature personal service allows her to achieve complete customer satisfaction.

Comments (1)

Donna Paul
Keller Williams Realty Gold Coast - Dix Hills, NY
Long Island Home Specialist,All About Real Estate

It's great how you make a graph showing why it's the best to buy a home.

Oct 09, 2010 07:42 AM