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Military Families Military Families

Buying our first house

Posted by on Apr. 5, 2014 at 9:39 AM
  • 11 Replies

We are "supposed" to go to Eglin afb after my husband graduates from Q course. So my question is when did you guys start looking for houses. And did you rent first?  We are like 10 hours away from Eglin so to go down there before hand might not happen. 

by on Apr. 5, 2014 at 9:39 AM
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Replies (1-10):
darbyakeep45
by Darby on Apr. 5, 2014 at 10:08 AM

It all depends on the area and how long you plan to be there.  If you want to buy, you need to keep in mind that if you can't sell it when you leave, you'll have to rent it out.  Are you willing to do that?  If this is your first duty station, you might consider renting or living in housing.

Molimomma
by Bronze Member on Apr. 5, 2014 at 10:10 AM

I looked ahead of time online but it wasn't very helpful. We didn't get to really actively house hunt until we got here to Lackland. We had to stay in TLF for a full 30 days to find and close on our house and we JUST made it under the wire, they tried to give us the boot a couple days early. Frankly I don't recommend doing this way but we got quick orders (less than a month's notice before we packed and moved) so there really wasn't an opportunity for anything else. It's doable it is just a bit fraying on the nerves!

nurse1997
by Member on Apr. 5, 2014 at 10:43 AM

Rent first make sure like the area first ......don't jump in to any thing to fast it's easy to buy but hard to get rid of

chrlstoncharmed
by Melissa on Apr. 5, 2014 at 10:50 AM
I would not buy a home until I knew the area first. I wish I would have done more research even before renting! Had I known our entire neighborhood was built on a swamp, I would have looked elsewhere.
Mmackay
by Member on Apr. 5, 2014 at 11:32 AM

Thanx ladies. I think that's what we are going to do is rent first. 

gunsgirl
by Silver Member on Apr. 5, 2014 at 4:56 PM
1 mom liked this

there are alot of issues with buying while AD- if you do not plan to be in the home for 5-7 years do not buy.

if you plan to use VA's no money down program, it does not mean you don't need money to close- you just don't need a down payment- it could cost you from 3-7,000 dollars to close on home, with home inspections ( average 250-500 dollars) pre paids ( taxes and insurance for a year) flood insurance a home warranty AND clsoing costs it can add up fast.

not counting that the VA charges a fee ( called a funding fee) that is 2 1/2 % of the sales price, if you roll this cost into the loan it could make you immediately upside down on your loan ( this means you owe more that then home is worth) and it can take 5-7 years to get to where you are even in the loan ( you owe the same as the house is worth) OR your home can drop in value, there is no guarantee that home prices will continue to rise, and a market crash is a world event away.

in 2011/212 there were over 300,000 military members who foreclosed on thier homes

in 2012/13 there were 165,000 who foreclosed on thier homes.

there are over 645,000 AD  members world wide who are landlords because they could not sell thier homes for what they owed and chose not to foreclose or short sale.

In 2012 only 12-15% of all AD chose to buy homes. down from 35-37% in 2008.

We bought before living in the area, we bought knowing we are here forever, we have lost 45,000 dollars in value since we bought in 2007.

real estate is the riskiest investment there is.

violinjewel
by Julia on Apr. 5, 2014 at 5:47 PM
We bought our home on a completely different side of town from where we were renting. I didn't like the area we were renting in, so we knew we wouldn't buy there. I wish I had been more involved in the buying aspect of the house. My husband did a lot of decision making on it because I was working at that time and couldn't get off work. I'm not fond of our house, neighborhood, etc. We're going to deal with it for a couple more years, and then hopefully sell and move on.
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cocoroo
by Coco on Apr. 5, 2014 at 6:00 PM
We bought our house 2 1/2 years ago. This is our second time living here, so we knew the area. Buying a house is the easy part, imo. Selling a house is horrible. We have a contract on our house and closing should be right after Easter. The cost of selling a home are ridiculous. We will be walking away with about $1500 after all the fees involved. If you aren't preparedto sell or be a landlord in a few years, i wouldn't do it.
Mmackay
by Member on Apr. 5, 2014 at 6:55 PM

Thank you for all that info. We plan on being their for a while so that's good.  Ya we are planning on having like $10,000 set aside when we do buy.  But it does seem like we will rent first to get a feel of the area. 

Quoting gunsgirl:

there are alot of issues with buying while AD- if you do not plan to be in the home for 5-7 years do not buy.

if you plan to use VA's no money down program, it does not mean you don't need money to close- you just don't need a down payment- it could cost you from 3-7,000 dollars to close on home, with home inspections ( average 250-500 dollars) pre paids ( taxes and insurance for a year) flood insurance a home warranty AND clsoing costs it can add up fast.

not counting that the VA charges a fee ( called a funding fee) that is 2 1/2 % of the sales price, if you roll this cost into the loan it could make you immediately upside down on your loan ( this means you owe more that then home is worth) and it can take 5-7 years to get to where you are even in the loan ( you owe the same as the house is worth) OR your home can drop in value, there is no guarantee that home prices will continue to rise, and a market crash is a world event away.

in 2011/212 there were over 300,000 military members who foreclosed on thier homes

in 2012/13 there were 165,000 who foreclosed on thier homes.

there are over 645,000 AD  members world wide who are landlords because they could not sell thier homes for what they owed and chose not to foreclose or short sale.

In 2012 only 12-15% of all AD chose to buy homes. down from 35-37% in 2008.

We bought before living in the area, we bought knowing we are here forever, we have lost 45,000 dollars in value since we bought in 2007.

real estate is the riskiest investment there is.


momeraide
by Member on Apr. 6, 2014 at 1:23 AM
I'm at hurlburt but we live on eglin. Do you know which area you're liking more? are you wanting closer to the beach or more inland?

A lot of our friends live in Niceville and Crestview but I wouldn't recommend living in Crestview at all. The drive is a bitch.

Niceville is nice but really expensive and is located 7 miles out back gate.

There's shalimar which is about 5 out front gate and hugs fort walton beach- I've heard hit and miss about shalimar


Fort walton beach is about 7 miles away from Eglin and you really have to pay attention. Some areas are really nice where others- I wouldn't want to be alone at night in. fWB also is know to have a row of lovely homes and then ghetto funk being stuck in the middle.

Destin is totally beachy, about 17 miles away and traffic will kill you getting to base. I wouldn't recommend living there.

Navarre and Mary Esther are good locations but these are a bit further away from eglin and again traffic in tourist months will kill you.

I think your best bet is to get here and sightsee. Plan for at least 45 days of being homeless from when you buy and close

We own out house in a different state and are now landlords. We make nearly 200 off the rental after mortgage. It's been so worth it to us.

As a military homeowner you need to keep in mind about moving and make sure you're able to cover the mortgage if you do have to move. Homes don't always sell quickly and sometimes rentals stay vacant for awhile.

Good luck and welcome to the emerald coast!
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