Military Relocation-Should You Buy a Home on Your Next Tour?

By
Real Estate Agent with Integrity Real Estate Group

Military Relocation-PCS DecisionsOver the last few years many military families making the move to Fort Belvoir, the Pentagon or any of the installations within the Military District of Washington made the decision to purchase a home when their orders arrived.  With quick appreciation and fast sales it made the choice easy.  Now with prices lower and the market slow trying to make the choice between buying and renting is harder.

For many using their VA home loan benefits in this market makes sense.  As the only 100% loan program available for military families they can ease the costs associated with buying a new home.  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?

If this tour is your first to our area and you know that you are coming back in the next five years, buying and using your home as a rental after you leave could be a viable option.   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 less than 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?

PCS to Fort Belvoir-Rent SignFinding 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.  Then find an agent who is willing to work with you no matter which decision you make.  Just as with buying a home if you decide to rent work with an agent who knows the local neighborhoods, transportation options and school districts. 

If PCS orders to Fort Belvoir, the Pentagon or any of the installations in the Military District of Washington is in your future give the Cindy Jones team a call at 703-346-2213.  We will assist you in your local home search whether you want to buy or rent during your tour to our area.

 

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                                   Real People*Real Lives*Real Estate

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 and Integrity Real Estate Group a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Military Relocation Professional


Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

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Rainer
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Lisa Rivera
FavoriteAgent.com - Fayetteville, NC

Cindy,

I'm here at Ft. Bragg, NC and the normal tour here (from what soldiers tell me) is about 3-5 years.  Our market is hot....rentals and purchases.  The ggod thing about that is when they leave they can rent the home out for a nice little profit.  I suppose it's just a matter of choice.

Jun 10, 2009 02:05 PM #1
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Tim and Pam Cash
Crye-Leike (Sango) - Clarksville, TN
Real Estate Professionals - Clarksville TN

Cindy, many who join 'The Beltway Bandits' tend to either stay there for 5 to 10 years (or better) or leave for a short spell and return.  Never bothered me when I was in the Army as it kept me from having to do it!  That said, I think it would be wise for a couple who enjoys all that the area has to offer to purchase a home as a long term investment.

Here at Fort Campbell, the normal tour is 4 to 6 years.

 

Jun 10, 2009 02:34 PM #2
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Billie Hillier
http://702IsHome.com - North Las Vegas, NV
Savvy Home Realty Solutions

I have a 4 BR on a 1 acre wooded lot - 3,800 SF in Manassas - vacant as of yesterday.  :-)

Jun 10, 2009 04:34 PM #3
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Lisa-THe nice thing about your area is the price point is much lower than ours.  So buying is an easier choice than renting.

Jun 11, 2009 12:19 AM #4
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

TIm and Pam- The younger grades generally are only here for a shorter tour, the senior grades have a tendency to think about buying as they are looking to retirement here and joining one of the contractor firms.  We also have a lot of military schools in the area and those tours are usually only for a year to 18 months and they definetly don't buy.

Jun 11, 2009 12:22 AM #5
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Billie-do you have it up for sale or rent?  I'm listing (for sale) a 4 BR on 1 acre on the market in Woodbridge Saturday morning.

Jun 11, 2009 12:24 AM #6
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