Buying a Home When You Are a Military Family

A home tends to be the biggest investment a person makes in their lifetime, and military families often find they purchase multiple homes as they move from station to station. Make the most of this investment by learning about the various programs and tax savings available to those serving the country. By taking advantage of these benefits, a military family can save a great deal of money over the years.

Buy or Rent?

The first question to be asked is whether it makes sense to buy a home. Financial experts often recommend a military family rent if they will be in an area for less than three years. The housing market plays a role in this, however. If the home is expected to increase in value by more than six percent, it’s time to buy. This ensures that any money spent to buy and sell the home will be covered. If this isn’t the case, rent and save money to buy in the future. Do so easily by renting a home that is less that you can truly afford.

Compare Mortgages

Individuals often assume they will get the best deal simply by taking advantage of a mortgage loan program designed for service members. This isn’t always the case, especially when a family has the necessary down payment for a conventional loan. Be sure to shop around to get the best deal, taking into account any other debt the family has. It may be wise to take a mortgage specially for service members if the funds available for the down payment would best be used to pay down other debt. Each situation is unique, but everyone should shop around for the best mortgage deal.

Sell or Rent?

Another factor to consider is what will be done with the home once the military family is transferred. Will it be sold or rented? Buying a home isn’t a decision anyone should make lightly, whether they are in the military or not. Consider the pros and cons of all options to ensure the right choice is made each time.

To learn more about how to deal with personal finance issues in a military family, head over to http://www.dinksfinance.com/2016/11/money-matters-military-families-priceless-pointers-handling-personal-finances/. Having a clear understanding of one’s finances is the first step in financial freedom. No matter how much or how little you make, you can live within your means and save for the future. Knowledge is key in this situation.

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