FROM SPOUSEBUZZ...
My professional opinion is that it is very risky for military folks to purchase houses. However, we have managed to acquire and retain two houses in the last 19 years. So, you can see I'm a little conflicted on this issue.
Because it is my professional opinion that you should probably NOT buy a house, I'll start with that:
Eleven Reasons Why You Should Not Buy A House When You Are Military
- Renting can be less expensive outright: Depending on the market trends on your area, you might be able to find a great rental for significantly less than a mortgage payment.
- Houses cost more than they seem: Sure, there is the purchase price of the house - and you're probably smart enough to calculate insurance and taxes into the total mortgage price. What is hard to calculate are all the other costs: window coverings, and extra insulation, grass seed, new furnaces, decorations, and all the other expenses that come with owning a home. You can say that you'll skip all that stuff, but you won't.
Read more: http://spousebuzz.com/blog/2012/02/money-talk-to-buy-or-not-to-buy-a-house.html#ixzz1mehsrwsj
SpouseBUZZ.com
Comments for "11 Reasons Military Should NOT Buy a House…and 7 Reasons They Should " (1)
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Cyrus Bonnet said on Feb. 18, 2012 at 1:03am
I disagree! Sure you have to take care of your own house, but that is called being responsible. When you rent you are literally paying your landlords mortgage! (throwing money away) Now is perhaps the best time in history to buy with low interest rates, low home values, and significant tax advantages. Some people I know are paying less on a mortgage than they were renting. More Americans have become wealthy by investing in real estate than any other type of investing! (yes even stocks) There are over 1million millionaires in the U.S. and 90% of them made there millions through real estate. Only 27% of military own there own home. If a soldier bought a home at each duty station rented out the others he would have that many homes to liquidate on when he retired. Compair retirement plans to real estate. Compair rules your landlord gives you to your own. Compair rent money over the years to equity.Some people cant buy however due to bad credit, collections and variouse others. In which case renting may be your only option. Consult a lender or financial counseler to see if you are capable of buying now. There's my 11 reasons too buy!
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