Deciding whether to buy a home is not an easy task, even for civilians. Can they afford it? Is it what they really want? Are they ready for the gigantic financial commitment?
With the ever-present chance of a PCS and all the uncertainties of military life, the decision to buy a home can be even more challenging for active-duty military personnel. Wondering if it's the right time to buy a home? Keep reading to find six factors to consider before buying a home while on active duty.
For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.
How to Budget for a Home While on Active Duty
When interest rates are low, and prices are rising, there's a temptation to
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Homebuying is exciting but can get complicated, especially for military service members who have unique needs and circumstances when purchasing a property. The buying process for military members is quite different than it is for the average homebuyer. Working with a knowledgeable military real estate agent can differentiate between a rocky experience and a seamless one. Are you an active-duty military member or a veteran seeking to buy real estate? Keep reading to find three reasons to work with a military real estate agent.
How can those in the military become homebuyers? Not everyone wants a 30-year mortgage, even though it is a popular choice. Homebuyers may also want to look into another alternative.
Military base housing is typically drab and nondescript. There are ways to enliven it, but many people are unwilling to put a lot of work into a place they'll live a few years in at most. You don't need to perform a costly and time-consuming renovation to improve your home on a military base. To make it easy on yourself, maintain an inventory of convenience items and temporary decor you can easily take from base to base. Try to only include items that you can deploy on your arrival and take with you when the inevitable orders come. Check out these 10 home improvements to personalize your military home and jump-start your creativity.
When it comes to buying a home, there are a plethora of loans available. Different loans are designed to accommodate the unique needs of each homebuyer. Individuals who have served in the U.S. military are eligible for VA loans. To meet the criteria and be approved for a VA loan, the homebuyer must get a VA loan appraisal. The purpose of a VA appraisal is to estimate the value of the property and ensure it meets the VA's minimum requirements. Here are five important things to know about VA loan appraisals.
The traditional VA home-buying model is based around the seller listing and sometimes staging a home. On the other end, the military buyer receives a long list of homes from their agent, tours several in-person, applies for a VA loan, and makes an offer on the one they like best. However, this model doesn't work well for those deployed in one location and looking for a home near their next duty station. Virtual reality provides a way for these people to see potential homes from afar and on their own schedule. Read on to learn about how virtual reality is improving long-distance home shopping for members of the military.
Because houses are usually the largest assets in a portfolio, buying a new home requires great attention to detail. To get the most out of your investment, it's important to have a precise idea of what is affordable. Although determining a budget may seem overwhelming, a military homebuyer has several ways of assessing their housing budget. Why does budgeting matter? Properly budgeting basic allowance for housing can help military homebuyers build equity without taking on an abundance of debt. Below, we'll go through four ways military personnel can develop a budget to buy a new home.
Not everyone wants a house in the suburbs. Many people dream of building a home in the country with a range of features that they choose for themselves. VA Loans, in most cases, can't be used to buy raw, unimproved land. This is because they are intended to purchase a primary home that the veteran and their family will live in. There is an exception built in, however, for people who want to buy land and a custom-built home at the same time. If someone is buying a lot to build immediately and funds a construction loan simultaneously, they can qualify for a VA loan.
In many cases, active-duty military members and retired veterans can qualify for help with their property taxes. However, there are special circumstances for qualifying. Understanding them can help those who are eligible ensure they receive the best benefits.
It's widely known that service persons of active and retired status qualify for home loans backed by the Department of Veteran's Affairs. However, there are certain situations in which the responsible party cannot meet their obligations under the program, and these properties often become available to civilians.
