Serving in the military doesn't mean that you and your family have to live on base. Many active-duty members of the military opt to purchase a home when they move to a new place, and doing so can be a very wise investment. However, just because you have been given orders to move to a new destination, it doesn't mean that you should make hasty decisions about buying your next house. It is very important to be prepared and organized so you can make the best choices. If you're serving in the military and are interested in purchasing a home for you and your family, use the following tips:
Work with an Experienced Real Estate Agent
One of the challenges of being in the military is the fact that you can be ordered to a new base in a location that you may have never even visited. When you know next to nothing about the area that will be your new home, it is extremely important to work with a reputable real estate agent, preferably one who is experienced with military real estate and assisting members of the military. A real estate agent will understand the local market conditions and will be able to narrow down your home search to an area that is convenient for traveling to your base but also has all of the features and amenities that you and your family want.
Get Your Finances in Order
As soon as you make the decision to purchase a home, it is important to get your finances in order. Luckily, there are a number of government programs that allow members of the military to qualify for a mortgage with no money down and low interest rates, so it is easier to afford a home even if you don't have a large amount of cash on hand. Understanding the different mortgage loan options for members of the military can be confusing, so look for a lender who is very experienced in military loan programs and can answer all of your questions.
Consider Your Home to be an Investment
Most military members only live in an area for a few years before they receive orders to move to a new base. Thus, when you're looking to buy a home, don't focus on finding your dream home. It is much better to be flexible and think of the house you are buying as an investment in your future, Many members of the military do well for themselves by purchasing the right home in an area and then selling it for a sizable profit several years later.
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