Should We Rent Or Buy A Home On Our Upcoming Move to Northern Virginia?
Though the Northern Virginia market was not as hard hit as some parts of the country deciding to buy a home when you know your time in the area is short means more research.
If you are a military family headed to Fort Belvoir, the Pentagon or Quantico and trying to decide whether to buy or rent give Cindy Jones and CJ Realty Group a call to talk about your options.
Cindy,
We have upcoming orders to the Pentagon and are trying to decide whether to rent or buy. We know we are on a three year assignment but don't know if it will be extended. Based on my husband's MOS we aren't sure whether he might be deployed during our stay. What are your thoughts on us buying versus renting during our time in DC?
Look forward to hearing back from you.
Kathy********************************************************************************************************************
Kathy,
A few years ago many military families making the move to the Pentagon or any of the installations in the DC area made the decision to purchase a home when their orders arrived. With quick appreciation and fast sales it made the choice easy. Now trying to make the choice between buying and renting is harder.
VA loans make buying a home in Northern Virginia with no money down a snap. With lower prices military members can buy more house today than they could before. With sellers often making a contribution to the closing costs up to the allowable VA limits it gets even easier to keep your money in your savings. But is it the right choice?
Since this is your first tour our area and if you you know you are coming back then buying a home might make sense. You could use your home as a rental during your absense. Understanding the costs associated with owning a rental property including maintenance, management fees and tax implications are a big consideration. If you know your current tour is three years, you have to weigh the risks of breaking even or even a loss when you go to sell. There are tax benefits to owning your own home but do they outweigh the concerns you may have when you go to sell?
Finding a rental can take as much time as finding a home to buy. The more flexible you are in what you are looking for will be helpful. If you focus on only one type of home or only one school district then you will need to understand that your choices may be limited. If you own a pet or two the available homes shrinks even further. None of this is insurmountable it just means that you need to be realistic.
Before you decide which is the right choice for you, talk to your financial advisor and a mortgage professional to understand how buying or renting will impact you. I'd be glad to provide you a list of mortgage professionals to talk with if you aren't already working with one. Whatever choice you make I'll be glad to assist with finding a home to buy or rent. Feel free to call me to talk more about your questions and about the type of home that would suit your needs.
Regards,Cindy
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If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones a call at 703-346-2213. No hassle, no pressure just straight talk about the local real estate market from a no nonsense point of view.
Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.
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