Buy Or Rent? A Guide For Military Families
Finding a home as a military family can be a difficult task. The ever-present risk of relocation creates a unique home hunting situation. With that in mind, is it worth it to buy, or is renting the better option? If you and your family are in this situation, consider this guide when looking at new homes for sale.
What To Consider When Choosing Between Buying And Renting
Deciding whether to buy or rent a home for your family is a complicated decision, so it’s important to consider all possible factors. The following are some crucial factors to keep in mind.
- Local Real Estate Market: Watch trends in the local real estate market to decide if buying is worth it and whether you will be able to sell when the time comes. If the housing market is doing well, you might consider buying. If not, renting may be the safer option.
- Your Financial Stability: It’s important to be realistic about your financial means. You probably should not finance a home if you do not have the means to do so. But if you do, buying a home could be a wise investment.
- Family Planning: If you know that you want to have more children or that you will be caring for an aging loved one in the near future, investing in a larger family home may be worth it. But if your family is fairly small and you are not sure whether it will grow, renting while you are stationed in a certain location could be more responsible.
- Current Interest Rates: These rates tend to move in trends. When interest rates are high, mortgages generally follow. Work with a realtor to learn if current rates are feasible for you and your family.
- Length Of Stay: While it can be difficult to know how long you will be in this location, it can also determine your housing situation. If you are in your final station or will be there for the foreseeable future, buying a home might be within your reach.
A Qualified Realtor Can Inform Your Decision
Having the right real estate agent on your side can be a highly valuable asset during your home hunting journey. This is especially true when the company has experience working with military families and veterans. A recent survey found that 78% of recent buyers found their realtors to be a useful source of information. By explaining your needs, expectations, and current situation to your agent, you can make your home hunting experience as smooth and successful as possible.