Home Buying Tips for Military Families
Owning a home is a quintessential part of the American Dream. The VA Home Loan program makes it possible for military families to realize that dream. Military families move frequently so purchasing a home can make them feel more secure and grounded in one area. However, because they move so much there are more factors to buying for military families. The following home buying tips for military families will allow them to protect themselves and their investment in homeownership.
Resale Value
If there is one fact about military life, it is that you will move, a lot. Every military family knows that moving is always on the horizon. Even orders to live in an area for 5 years can be disrupted half way through by Uncle Sam. With this in mind military homebuyers need to reconsider resale value when purchasing a home. Also, if a family decides to do renovations on their home, they need to consider the return on investment from those renovations. Military homeowners may also want to decorate their home in a neutral palette. Customizing the home to unique tastes can alienate potential buyers.
Some factors that affect resale value are the location, the condition of the kitchens and bathrooms, and the number of bedrooms the home has.
Rental Market
Every military homebuyer should be cognizant of the rental market in the area. Many military homeowners will decide to rent their homes when they move to a new duty station. Therefore, they should gage whether or not they are buying in a strong rental market. Find out whether or not the rental payment will cover the mortgage payment. Military families should also consider using a property manager to handle the rental, especially if they are moving far away from the home.
School System
Most military families move to a location that they’ve never been to before. Because of this factor they should do extensive research in the area before buying a home. Buying a home in a good school district will help the home retain its value and it will also help it sell or rent quicker.
Mortgage Emergency Savings
Every military family understands that the only thing that’s certain is change. Having a mortgage emergency savings account is a good way to protect against any sudden transfers or deployments. Every military family should have a goal of having 6 months of mortgage payments is a separate account that is strictly to cover their mortgage payment in the event of a move. If the home does not rent or sell immediately the mortgage payments can still be covered for 6 months. This safeguard will give a family peace of mind during an already chaotic time.
Buying a home is a part of the American Dream that our American Heroes deserve. Military families should enjoy the process of buying a home, but also keep in mind their unique circumstances. By following these home buying tips for military families they can assure that homeownership can be a rewarding experience.
