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Military Families Military Families

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

Posted by Anonymous   + Show Post

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
Replies (11-20):
Anonymous
by Anonymous 2 on Mar. 16, 2014 at 10:32 PM
We decided not to buy a house until my husband got out. We didn't know where we wanted to end up. Now my husband is getting out and we are moving to Europe. I'm glad we never bought a house. We have lived in different places and I always see some people struggling with renting out their houses, the tenants suck or the market crashes.
SlapItHigh
by Platinum Member on Mar. 16, 2014 at 10:47 PM
1 mom liked this
Unless the area is particularly terrible for resale and/or renting, I'd buy.
MyNameIs-
by on Mar. 16, 2014 at 10:51 PM
1 mom liked this
Your mortgage payments should be 30-35% of your income. How that helps the desicion. It's a big one!!
cocoroo
by Coco on Mar. 16, 2014 at 10:52 PM
The problem with our area is because it is all military, people will rent a house and move 6 months later and the owner of the house is stuck finding another tenant and preparing the house to rent again. We are hoping to sell our house, because we don't want to have tenants in our house in Wa while we are in Germany.

Quoting SlapItHigh: Unless the area is particularly terrible for resale and/or renting, I'd buy.
SlapItHigh
by Platinum Member on Mar. 16, 2014 at 10:58 PM
1 mom liked this
What branches are there? I live in the most heavily military populated area in the world and people love that for renting out their homes. But AF and Navy tend to get stuck here for long periods of time.

Quoting cocoroo: The problem with our area is because it is all military, people will rent a house and move 6 months later and the owner of the house is stuck finding another tenant and preparing the house to rent again. We are hoping to sell our house, because we don't want to have tenants in our house in Wa while we are in Germany.

Quoting SlapItHigh: Unless the area is particularly terrible for resale and/or renting, I'd buy.
cocoroo
by Coco on Mar. 16, 2014 at 11:14 PM
We have AF and Army here. The problem is that people will get deployment orders and run "home". By law, you have to let them out of their lease. And, with the way most military people I have seen take care of their houses, I would prefer not renting to them. Sadly, I wouldn't have a choice. I know we could rent it very quickly, but I don't want to have to do that.

Quoting SlapItHigh: What branches are there? I live in the most heavily military populated area in the world and people love that for renting out their homes. But AF and Navy tend to get stuck here for long periods of time.

Quoting cocoroo: The problem with our area is because it is all military, people will rent a house and move 6 months later and the owner of the house is stuck finding another tenant and preparing the house to rent again. We are hoping to sell our house, because we don't want to have tenants in our house in Wa while we are in Germany.

Quoting SlapItHigh: Unless the area is particularly terrible for resale and/or renting, I'd buy.
Anonymous
by Anonymous 3 on Mar. 16, 2014 at 11:27 PM

Dh and I did not have a good experience at all with home ownership. We would not recommend it. We had no choice but to rent our house for less than our mortgage just to get tenants in our home. Then we couldn't keep them in there because they always wanted to move on base so they were let out of their lease. But, in our case it was not the best location- it was the very dry and boring desert. I have read some cases on here in the past where people seem to do fairly well. And that is great! But I think location and population is everything.

Do your due diligence and research the rental market. Check out the various sites out there dedicated to renting to military personnel and stalk listings. See how long homes sit vacant and listed for rent. Ask the housing office some questions. I don't know....but really put some thought into it. What is today, may not be tomorrow. It is risky. Selling a house is no fun when you're in a time crunch and neither is trying to find decent renters.

JMmama
by Kara on Mar. 16, 2014 at 11:54 PM
1 mom liked this
When we were at Barksdale we were told we would be there for at least 4 years. We bought a house in August, got pregnant in November and in March we had order to Alaska with a report date of June. We spent 10months in the house and I was 32-34weeks pregnant when we moved. Surprise! We will never buy a house until we are out for that exact reason.
darbyakeep45
by Darby on Mar. 17, 2014 at 6:04 AM

We have an Army family in our house.  They are amazing tenants.  The house is cleaner than mine, and that says a lot to be honest.  Love the way they care for our home!

To be honest, I'm unsure that if the service member had to deploy, the wife and kids could just move back to their home state and we have to let them out of their lease?  Where did you hear that from?  Is there a specific law stating that?  I'd like to know so we have the information in case that ever happens.  Our lease with them states we will let them out of their lease IF they get PCS orders elsewhere and that's it.  Just b/c the service member deploys doesn't constitue the rest of the family moving back to live with relatives.  Personally, unless there's a federal law stating those specific words, I wouldn't let them out of a lease for that.  That's ridiculous.  People need to learn to care for their own and not run home to mommy and daddy.

Okay...I just looked it up and that is part of the Servicemembers Civil Relief Act.  I had NO idea of this!  Thank you SO much for bringing this to my attention!  Holy crap!  I honestly think the deployment part is ridiculous.  I can totally see why you don't want to rent to military with that.  Although, with the Navy, it wouldn't be as big of a deal...just b/c a sailor deploys on a sub or ship for 6+ months, most families don't move back "home" for that.  I'm glad that the tenants we have are on non-deployable orders at the moment...even though, the guy can be deployed at any time though right?  Oh good grief!  

Sorry my comment is all over the place...I wrote the first 2 paragraphs then looked it up for myself.  I really appreciate you saying what you did as I honestly had no clue about this.  

Quoting cocoroo: We have AF and Army here. The problem is that people will get deployment orders and run "home". By law, you have to let them out of their lease. And, with the way most military people I have seen take care of their houses, I would prefer not renting to them. Sadly, I wouldn't have a choice. I know we could rent it very quickly, but I don't want to have to do that.
Quoting SlapItHigh: What branches are there? I live in the most heavily military populated area in the world and people love that for renting out their homes. But AF and Navy tend to get stuck here for long periods of time.
Quoting cocoroo: The problem with our area is because it is all military, people will rent a house and move 6 months later and the owner of the house is stuck finding another tenant and preparing the house to rent again. We are hoping to sell our house, because we don't want to have tenants in our house in Wa while we are in Germany.
Quoting SlapItHigh: Unless the area is particularly terrible for resale and/or renting, I'd buy.


gunsgirl
by Silver Member on Mar. 17, 2014 at 7:54 AM
1 mom liked this

really look at the costs of owning- you stated that the mortage insurance and taxes would be about 1600 dollars a month-

but you did not add in flood insurance- and depending on where in FL you are this could be up to 2500 dollars a year-  or about 200 dollars a year. Home warranty depending on the age of your home another 400-700 dollars a year;  at 500 a year it would be another 41 dollars a month- - with just these three things your now at 1841 a month. Pest control lawn care can another 100 a month, if you have to water in the summer and not on a well - this could add another 100 dollars a month to your standard water bill, buying a 1600 SQ ft home yur electric bill can be as high as 300 a month in the summer. you also have to take into consideration emergency and routine maintances, with a home warranty they cover alot but not everything and have a 50, 80, 95 dollar deductable for every service call, this can add up if you need to call alot.

then what if you have to rent it, your housing costs are 1600 dollars your PM fees are 160 a month, the pest control landscaping, utilites are 500 a month you will not be able to rent it for what the costs are.

can you afford to pay 2100 dollars a month while it is empty- what if it takes 3-4 months to rent?

can you afford to pay for both households for that long?

also can you afford for the insurance and taxes to go up every year? it can, you could see a 3-4 % increase in TAxes a year and up to 15% for insurance and up to 25% for flood insurance.

your payment may be 1600 this year but could be 1800 next year In addition to all the other costs.

 

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