Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

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 (21-30):
SlapItHigh
by Platinum Member on Mar. 17, 2014 at 8:18 AM
That would be frustrating. I see why you wouldn't want to rent to military. Around here it's generally the opposite -- people want to rent to military. But I can see how it would be different depending on the area.

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.
3xangel
by Member on Mar. 17, 2014 at 12:11 PM
I wouldn't
cocoroo
by Coco on Mar. 17, 2014 at 12:16 PM
I am just such a perfectionist when it comes to my house, I know no one will take care of it to my standards. Plus, we have a house in SC that has been rented out for 7 years and it is pretty much trashed. It is where my dh and I want to retire. We will have to gut and redo the house.

Quoting SlapItHigh: That would be frustrating. I see why you wouldn't want to rent to military. Around here it's generally the opposite -- people want to rent to military. But I can see how it would be different depending on the area.

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.
knightladywing
by Member on Mar. 17, 2014 at 12:54 PM

Well even if you have to move to another base you could always rent that place out for added income. My neighbor next door does it and he is stationed in Hawaii right now and I believe he has a property in TX as well.

Anonymous
by Anonymous 4 on Mar. 17, 2014 at 12:58 PM

I would say get rid of all of your debt (cars) before you think about buying.

Also, if you are military then it might be best to not buy until you/DH get out of military. There are all sorts of articles on google that say no to buy when in the military.

LeJane
by on Mar. 17, 2014 at 1:03 PM

 I would stick to classic old logic- " when in doubt,  don't ".   

MrsDavidB25
by Stacey on Mar. 17, 2014 at 1:07 PM
1 mom liked this

 

Quoting knightladywing:

Well even if you have to move to another base you could always rent that place out for added income. My neighbor next door does it and he is stationed in Hawaii right now and I believe he has a property in TX as well.

 Or a loss.

cocoroo
by Coco on Mar. 17, 2014 at 1:29 PM

If we rent our house out, we will break even after property manager fees and all that.

Quoting MrsDavidB25:

 

Quoting knightladywing:

Well even if you have to move to another base you could always rent that place out for added income. My neighbor next door does it and he is stationed in Hawaii right now and I believe he has a property in TX as well.

 Or a loss.


Smh77
by on Mar. 17, 2014 at 1:35 PM
I've owned 3 homes. My advice. Find a fixed upper. Doesn't have to be crap, but spend as little as possible, bc the market will prob never be steady again! If you buy well under the 200k mark, you can fix up to make it well worth more than that. Also, you won't risk having to ask more than 250k for a home when selling it. Realistically, Southern and east coast homes... Minus northern East coast... That isn't an affordable price for most folks!
asaffell
by Ashley on Mar. 17, 2014 at 2:31 PM

Honestly, the market in FL is so shitty in most places, I'd be nervous to buy while still in the military - if you need to sell, you'll be stuck

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)