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Military Families Making Tough Decisions When the Orders Arrive

Military Familes Making Tough Decisions
Over the last few years many military families making the move to Fort Belvoir, the Pentagon or any of the installations within the Military District of Washington made the decision to purchase a home when their orders arrived.  With quick appreciation and fast sales it made the choice easy.  Now with prices lower and the market slow trying to make the choice between buying and renting is harder.

VA loans make buying a home in Northern Virginia with no money down a snap.  With lower prices military members can buy more house today than they could before.  With sellers often making a contribution to the closing costs up to the allowable VA limits it gets even easier to keep your money in your savings.  But is it the right choice?

If this tour is your first to our area and you know that you are coming back in the next five years, buying and using your home as a rental after you leave could be a viable option.   Understanding the costs associated with owning a rental property including maintenance, management fees and  tax implications are a big consideration.  If you know your current tour is less than three years, you have to weigh the risks of  breaking even or even a loss when you go to sell.  There are tax benefits to owning your own home but do they outweigh the concerns you may have when you go to sell?



Finding a rental can take as much time as finding a home to buy.
  The more flexible you are in what you are looking for will be helpful.  If you focus on only one type of home or only one school district then you will need to understand that your choices may be limited.  If you own a pet or two the available homes shrinks even further.  None of this is insurmountable it just means that you need to be realistic.

Before you decide which is the right choice for you, talk to your financial advisor and a mortgage professional to understand how buying or renting will impact you.  Then find an agent who is willing to work with you no matter which decision you make.  Just as with buying a home if you decide to rent work with an agent who knows the local neighborhoods, transportation options and school districts. 

If PCS orders to Fort Belvoir, the Pentagon or any of the installations in the Military District of Washington is in your future give the Cindy Jones team a call at 703-346-2213.  We will assist you in your local home search whether you want to buy or rent during your tour to our area.

                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Military Relocation Professional


Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

Comment balloon 12 commentsCindy Jones • February 25 2009 06:23PM

Comments

Cindy,

Good post.  With the many changes in our lending industry the VA Loans are one of the true 100% financing programs left.  We've seen our VA volume increase quite a bit over the last 12-18 months.  Thanks for your thoughts.

Ben Olson, Mortgages Unlimited, Maple Grove, MN 763-416-2620

Posted by Ben Olson over 9 years ago

Cindy, great post.  Next time I am up your way I will have to stop by and say hello.

Posted by Tim and Pam Cash, Real Estate Professionals - Clarksville TN (Crye-Leike (Sango)) over 9 years ago

Wonderful information, Cindy.  Especially the warning about the difficulties in finding rental properties for pet owners!  They are few and far between here, especially for moderately priced leases.

Posted by Lisa Heindel, New Orleans Real Estate Broker (Crescent City Living LLC) over 9 years ago

Cindy, a lot of Foreign Service families keep a house in Washington and rent it out for decades. 

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) over 9 years ago

Ben-It has been great to see VA loans make a comeback.  I might even dust of my eligibility when I buy my "retirement" home.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 9 years ago

Tim & Pam-I hope you do!

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 9 years ago

Lisa-sometimes you can talk a non-pet landlord into it with the right tenant.  I managed that last week for a family with a small dog.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 9 years ago

Patricia-Both foreign service and military families can benefit from owning and holding rental income in our area.  It is just a matter of what there comfort level is when it comes to becoming a landlord. 

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 9 years ago

Cindy, we have many miitary families  - NAS Jax. We have thousands coming from the base closing in Brunswick, ME. They are being told to rent if they have orders under three years. That sounds consistent with what you wrote. I just sold two houses in the last month to families coming back to the US from Japan and they wanted to buy because they want to retire here. Great post!

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) over 9 years ago

Frank & Sharon-my first closing this year was a military family who plans on using the property as rental property when they leave.  They have been investors in the DC market before so know what it means.  I bought my first house in this area after having lived in Japan for 3 1/2 years!

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 9 years ago

Cindy:  Great article!   Military families need to really think through their options when making a decision to buy vs. rent.

Posted by Kathy Torline, Colorado Springs Real Estate Blog 719-287-1049 (ERA Herman Group Real Estate) over 9 years ago

Kathy-I'm currently working with three military families who will be renting on their upcoming tours in Northern Virginia.  It is a smart decision and surprisingly hard to find good properties despite the huge inventory.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 9 years ago

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