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Melissa | Buy a house before I deploy or wait until I come back? |
I am set to deploy in a few months and I have really been wanting to buy a house. I found the perfect one but I don't know if I should try to buy it. I know that while I’m away I’ll be getting plenty of money to pay the rent on it but just not sure if it would be smart. Right now I’m staying with my mom and told her that I would help her out with some of her rent while I’m away but it would be nice to have my own home and use that money to pay for my own home.
I also think that I could find some renters, my sister needs a place to stay as well as my best friend, that would take care of it while I’m away so it would almost be like double income there and may still even be able to help my mom. I know that if I wait that house will be gone and who knows how much lower the market will go, I’m pretty sure it’s at the bottom.
I have some debt that I could completely pay off if I were not to get the house while I’m gone. It's not a lot like 5 or 6k and my credit is actually pretty decent (690-710) I’m just not sure if it would be smart to try and buy it right before I leave and not even really be living in it. Should I wait or go for it?
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joe.attaboy
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There are some pros and cons to what the other responders said, but I would consider doing it, for a couple of reasons.
We appear to be at or near the bottom of the real estate market now, so the chances are, if the house is in good condition, you're not going to get it for much cheaper. Even if prices drop some more, they'll be heading back up soon enough -- this is what everyone seems to forget about real estate: eventually, it rises in value.
You don't say how long the deployment is, but you seem to have a good grasp on what you can do with the place while you're gone. I would make certain that you either have someone living in it (family member, a trustworthy friend) or at least keeping eye on the place while you're gone. Having a tenant is the best way to go, because they are there and can handle any emergencies. Another responder mentioned things like broken pipes and the like. That's good to think about, but you can prevent those things from happening. First, you'll have someone living there. Second, make sure you have a qualified home inspection done before you close. This way, no surprises. Make it a condition of the sale.
There's another thing you need to consider: you're in the service, you're going away for a while...wouldn't it be great to come home to your own place? Just knowing I had a "new" home of my own waiting for me would make that deployment fly.
You also need to consider the tax implications. Military folks get paid a scandalous wage (I was in the Navy...), so any investment you have that will shelter some of your money is a good thing. You'll be able to deduct the mortgage interest, real estate/property taxes, and any points paid at closing. Plus moving expenses if you "move in" prior to deployment.
Finally, think of it as more than an investment. This will be your home, and that's the really important thing. So many people go sucked into the real estate bubble because of the perceived investment, which seemed to drive prices up into unsupportable heights. Now that reality has set in, they're all broke or at least in financial difficulty. I've always looked at my house as my home first, and an investment second. Sure, it's important to see it in that way, but you will be spending much of your life living in it.
Good luck and I hope you make the best decision for yourself.
Also, I work at the Pentagon and am surrounded by lots of your comrades. I served in the Navy and the Naval Reserve, and have worked for the military for most of my adult life. What you folks do for this country is one of our great blessings, and I salute you. Come back safely. |
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Tina T
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Definitely WAIT...there are too many issues to deal with while you are away. I am not sure where you live, but what if the pipes freeze, it's broken into, there's a gas leak, the roof leaks due to an ice storm, etc...do you see where I'm going with this? there are too many unexpected things that could go wrong. On the other hand, everything may be fine and you will have a nice cozy home to come to when are done with your deployment. Houses are a dime a dozen right now and you should really wait until your life is a little more stable...let someone else pay for the headaches that you don't need to worry about while you're off serving our country.
Be safe and thanks for your bravery!!! |
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PennyLeeD2
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I'd wait. Lots of things could happen in two years. What if your renters didn't work out and you needed to find new ones when you are half a world away? What if something happened to you? What if you decided to reup? Or met the love of your life, who lives in a different state or has 2 kids and the house is too small? Or decided to go back to school when you got back? Not to mention what might happen in the housing market. Or the job market when you come back.
The first few years of a mortgage, you are paying very little on the principal, almost all of the payment is interest. If housing stays flat, you will have paid off very little of the loan. If you have to sell in the first 5 years or so, you will have lost money. Better to pay off existing debt completely and save up for a bigger down payment.
Thank you for your service! |
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Expert Realtor
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If you are getting ready to deploy, you cannot purchase as a primary residence, you'll have to purchase it as an investment property.
If you don't tell them you are going to be renting it, that is occupancy fraud, which is a felony.
Wait until you get back. |
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Kay
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It depends on how long you will be deployed. If you could be back in a year or less, you have time to wait in obtaining a mortgage with lowest rate in the past 30 years. In any event, pay off your debt first. Should you decide to buy a house, don't rent it to your best friend or your sister because collecting the rent from these people becomes impossible. If any of them default on rent, how are you going to collect it? If they have no place to go after you return, are you prepared to evict your best friend or you sister? You seem like a real nice guy and chances are you will end up supporting them by paying the mortgage without collecting the rent.
Renting is a business transaction. Find a good tenant, do the credit check of the tenant and have the rental agreement in writing. Hiring a rental management company to manage and maintain your home is advised since you won't be here.
Otherwise, buy your dream home after you return. Meanwhile, help your mom and save a lot of money for a big down payment to reduce your monthly mortgage payment. |
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GiR
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You should wait and pay off your debt then open a certificate that matures in like years with USAA and put the money you would spend on a house into that and watch your money grow then buy a house. Are you getting out when you come back from deployment? And renting it out while you are away is bad to especially to family. With strangers there are contracts involved and you won't feel bad if legal matters have to be taken. We are so trusting of family which can be bad when it comes to business and having your sister and best friend move in your house while you are away is business. Will they pay you rent? Will they take care of the house? Will they more out (if you want) when you get back or are they going to take advantage of the fact that you family and milk it for all its worth. I'm not saying they are bad people but when you are comfortable with someone sometimes you don't realize what your doing and you become hesitant to say anything when something is wrong. You can prob find a better deal when you get out the housing market isn't great right now you might be able to find a better house for cheap. save your money and buy a house when you can be there to take care of it and know what your situation will be like when you are back from deployment. Are you in the reserves? Is your job going to also help with the house payments? |
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momo
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it depends on where u live, if u live in and want to buy the house in the uk u have to consider the tax that comes with the acquisition of a house . since u are living with ur mom and have also promised to help her with her rent which u would do whether u live with her or not, i advice that u continue at ur mom's until u come back, go ahead and buy the house put it up for rent, while still staying at ur moms and use the proceeds to pay ur mums rent and the debt. this is the best time to buy as the economy is down. as for ur sister she could also stay at ur mums until u are financially bouyant for the two of u to move . |
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Doctor Deth
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it would be idiotic to buy now - prices are still going down-maybe a another 10%, I''ve heard-probably into mid 2009, maybe longer - who knows at this point, save your money for a bigger down payment when you get back |
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Juliet R
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Buy it now. Mortgage rates are crazy low right now. No telling what they will be when you get back. |
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nuyoricanone
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You have some benefits to both. I personally suggest not getting it so that you can get your debt down and your credit score up so that you can get a better rate for a loan and may even find a nicer home.
The decision is yours. There are pros and cons to both. |
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Blessed
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In my opinion, this is the time to buy a house. Your situation makes it a little bit different. I would buy the perfect house and if you do want to rent it out, make sure your lease stipulates everything that you would have to do if you were living in the house.
Fix any problems, but make sure there are photos and receipts for what was fixed. Lawn maintenance, garbage pick up and if need be, paid for. Insurance on the house for you and paid for by you and renters insurance on whoever is renting and paid for by the renters.
Since you will be away, I would hire someone to collect the rent and make sure all is well with the property. It is better than coming home to a disaster area and fines for tall grass and garbage.
Not to mention the insurance on gas, water lines and sewer lines that you should pay for just in case
they should need replaced. You should pay for that.
Believe me when I say it is worth it. Depending on how long you are gone, you will have some equity in the property when you get back and you will be able to move in because you stressed in the lease exactly how long the renter can live in the home. |
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