Anyone who has served or still serves in the military knows that life does not wait. Owning a piece of property like a house is everyone’s goal. However, you might think that buying a home while in the military comes with many difficulties, especially if you are deployed abroad. Well, even though it is challenging, where there’s a will, there’s a way! With that in mind, let’s talk about the best tips that should help you settle down quickly and without too many issues or dilemmas.
Keep up with the information about the housing market
Staying informed about the USA housing market predictions for 2020 is crucial for finding the best property. With the economy changing due to Coronavirus, this step might be essential.
If you are deployed abroad, use the Internet as much as possible to learn more about the housing market fluctuations.
Find a good real estate agent
Just browsing house listings is not enough; you need a good real estate agent to represent you. Since you probably won’t be able to be there in person, a realtor will take care of all the paperwork and legal matters.
Having a person of trust can make a huge difference here
Think about your budget
Managing finances is vital, so know what your limit is. Good advice is not to look for homes that cost over 2.5 times your annual salary. When it comes to mortgage, aim to borrow between 50% and 80% of the home’s value. Furthermore, the monthly payment should not go over 35% of your monthly income.
Check if you are eligible for VA home loans
One of the benefits of buying a home while in the military is that you may be eligible for a VA home loan. Since the Department of Veterans Affairs covers a part of the loan, you can get a much better deal from a private lender.
Apply BAH for mortgage payments
The benefit of having Basic Allowance for Housing is that you can apply it to pay mortgage rates, the same way you would use it for paying rent.
The amount of BAH depends on:
- the marital status
- the rank and the paid grade
- the location in the US
- the type of BAH; with or without dependents
Since the number of dependents does not affect the amount of BAH, it is only important if you have them or not.
Think about the location
If you are waiting to be deployed abroad, the location does not play that much importance. However, if you are serving on the United States territory, think about the location before the purchase. If you know you will be moving between places, you will need specialized assistance perfectly tailored to meet your needs. The location of your home is crucial at that moment.
Unless you are not planning to sell your home every time you move, carefully think about the location before committing to the purchase.
Use the benefits of the Internet to find homes
A part of purchasing a home is visiting multiple houses in person, speaking with the owners and agents, and making sure everything is the way you want it. If you are in the military, this might not be possible.
A good way to look at homes is to use video tours. You can do it at any time if they are pre-recorded. Or, if you have a real estate agent look at the home instead of you, you can ask them to provide a live video tour of the place, and you can ask any questions you want.
Having a move-in fond is a smart idea
If you are too eager to buy a home, you might step into everything too early. Spending all of your purchase budgets and not having any move-in fond is not the right way to buy a home while in the military.
Start thinking in advance, and leave a little something on the side every month, if you can. Once you have enough money to move in and cover expenses for two to three weeks, it is time to start actively hunting for a house on the market.
Hire specialized moving services
Once you start planning the relocation, it is vital to speak with the right people. Even though there are many moving companies in the business, looking for specialized military relocation specialists like Zippy Shell Columbus is the best move.
The entire relocation must be without delays and too much hassle. Since you won’t be able to organize everything yourself, you will need professional help to do all the heavy lifting.
By making sure you are getting the best service, you and your loved ones may relax and stop worrying whether the move will go as planned or not.
Key takeaways for buying a home while in the military
Let’s do a quick summary to give you a better understanding of the most important tips for buying a home while in the military:
- research the latest information about the housing market
- hire a professional real estate agent or a lawyer to act in your stead
- set the budget and move-in fond, and stick to it
- do not go for houses where the cost is three times your annual income
- use tax benefits, VA home loans, and BAH to your advantage
- consider the location when picking a house
- use online video tours to find the best home
- hire professional movers for a quick and seamless military relocation
Understanding and applying these tips for buying a home while in the military will substantially help you out in the process. Serving your country is one of the most honorable callings in life, so hopefully, you will be rewarded by finding the best home for your loved ones. Good luck!