Wondering if homebuying is the best decision for you during active duty? While there are varying opinions on the subject, Army veterans have had a positive experience with homebuying during active duty.
Veterans see the benefits of owning a home including being able to rent it out while on duty as well as the overall freedom that accompanies having a home of one’s own.
Are you considering buying a home while on active duty? Here are some helpful tips if you decide to go this route.
1. Always have next steps in mind.
Ask yourself if this home could be rented out or sold down the road if need be.
2. Don’t rush the process.
When homebuying during active duty, you likely will not be too familiar with the neighborhoods. Take the time to meet with a trusted realtor and ask her about the various surrounding towns before taking the plunge.
3. Target the neighborhood’s median price and purchase below that price.
This tidbit of knowledge will greatly assist you as you will be likely making repairs on the home to eventually flip it and sell it.
4. Learn from other military members.
Other military members who have purchased homes during active duty are great resources during this process. Seek their help to find out what worked and didn’t work so well for them.
5. Be OK with this home not being your dream home.
See the home you’re buying during active duty as your investment home. The same advice goes for not paying top dollar for a home. Since you’ll likely only be living in the home for about three years, the home will not have enough time to appreciate by the time you will sell it.
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