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Military Families Military Families

Are we in a good enough place to buy???

Anonymous
Posted by Anonymous
  • 31 Replies

Ok so we are thinking of buying a home here but were not really sure if its a good idea. We have been here for 2 years and have tried to give base housing a chance but it SUCKS. Also renting here is astronomical. A decent small townhome is $1850+ and its soo small. So we've looked into buying.

My husband is an E-6 and our BAH is $1800. We have no credit card debt and two cars (one car payment of $200 a month). Other than that its just our cell phone and internet bill. We have $45k in savings and trying to put more back each month. We are looking at a home for $240,000. With the cost of home insurance here (its Florida) and property taxes our mortgage would be $1500-$1600 a month.

Would it be a bad idea for us to go forward or not?? Im just nervous with such a large commitment.

Posted by Anonymous on Mar. 16, 2014 at 10:30 AM
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USAFamily
by Melissa on Mar. 16, 2014 at 11:29 AM

Is this a place you want to retire to when all is said and done? Or will you be completely comfortable being landlords in the future? 

From your basic info you gave, you seem fine to me- credit is obviously a huge factor when taking a loan out regardless of downpayment. 

chrlstoncharmed
by Melissa on Mar. 16, 2014 at 11:31 AM
How long is his assignment? My husband's assignments were never more than 3 years, so for us, buying was never an option.
Anonymous
by Anonymous - Original Poster on Mar. 16, 2014 at 11:35 AM


Quoting USAFamily:

Is this a place you want to retire to when all is said and done? Or will you be completely comfortable being landlords in the future? 

From your basic info you gave, you seem fine to me- credit is obviously a huge factor when taking a loan out regardless of downpayment. 

This is where we want to retire but my husband only has 10 years in so  im sure eventually they will move us loll We dont want to be landlords but we may have to be.

Our credit is excellent, we were approved for $300,000 but we would never buy anything THAT expensive!

Anonymous
by Anonymous - Original Poster on Mar. 16, 2014 at 11:37 AM


Quoting chrlstoncharmed: How long is his assignment? My husband's assignments were never more than 3 years, so for us, buying was never an option.

We have no set time. We were at our last duty station for 7 years. Only received orders because my husband had to retrain.

USAFamily
by Melissa on Mar. 16, 2014 at 1:17 PM
1 mom liked this


Quoting Anonymous:


Quoting USAFamily:

Is this a place you want to retire to when all is said and done? Or will you be completely comfortable being landlords in the future? 

From your basic info you gave, you seem fine to me- credit is obviously a huge factor when taking a loan out regardless of downpayment. 

This is where we want to retire but my husband only has 10 years in so  im sure eventually they will move us loll We dont want to be landlords but we may have to be.

Our credit is excellent, we were approved for $300,000 but we would never buy anything THAT expensive!

If you don't want to be landlords I would wait- truly. I am a homeowner of a house we can't sell (it's in a great market, just not selling) and we recieved unexpected orders overseas, and are on our 2nd overseas orders. We had been at the same place for 6.5 years and had a kid on EFMP so we jsut didn't think it would happen. In any case, if you don't want to be landlords, just wait. 

darbyakeep45
by Darby on Mar. 16, 2014 at 1:34 PM

There's no guarantee that you'll be able to stay there, so, unless you are 100% okay with the idea of being landlords, then don't buy.  Good luck!

SusanD
by Silver Member on Mar. 16, 2014 at 1:57 PM

 Really stop and think about how you feel about someone else living in your home, if you PCS and then come back to it to retire. Do you love this home that much? How would you feel if your prospective tenants trash the house? For me personally I know that things can be repaired and such, but it just wouldn't ever be the same. Thats just me though.

cocoroo
by Coco on Mar. 16, 2014 at 1:59 PM
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If you don't want to be landlords, don't do it.  We bought a house 2 1/2 years ago.  We could have stayed here for a long time, but wed excised we wanted to move.  Now, we have our house on the market.  Selling a house is stressful, expensive, and if it doesn't sell we will have to rent it out.  We will be in Germany.  We will never buy again until after my dh retires.

illogicalkat
by Member on Mar. 16, 2014 at 5:01 PM

As everyone else has said, if you don't want to be landlords, don't buy.

My in-laws have a house that was rented out for nearly 20 years while they were stationed on the other coast. When they were finally able to move back, the house needed nearly $20k in work. (It was livable, but it wasn't nice by any means.)

jas_momof2
by アニメの雌犬 on Mar. 16, 2014 at 8:25 PM

Dh's 1st duty station...we were there for almost 7 years.  He put in to move.  His second assignment was a depo base.  People get orders there and end up staying for so long they retire.  We figured if we were there 1/2 as long as his first assignment it would be worth it.  We bought a house.

Then the gvt shut down the squadron.  He got orders, we were stuck with the house.  We took a loss on selling it and never again would I think about buying until he got out.

You don't know what the gvt will do.  People who are "lifers" at a station can be uprooted tomorrow.  You don't know.  If you can plan around that, ie, have a plan if you have to move, then go for it.  Otherwise - no.

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