Charleston Chapter – MOAA
Charleston Chapter – MOAA Charleston Chapter – MOAA
                             
Charleston Chapter – MOAA


Previously viewed stories are grayed-out.

5 Steps for Planning Your Life After the Military

Translating Your Military Resume for a Corporate Audience

VA releases plans for sweeping health care overhaul

How Do I Get My Free Military Plastic Surgery?

Vets Must Apply Online for New VA ID Card

Here's How the 2018 Tricare Changes Impact Retirees

TRICARE Reform Rules Fire a Curveball Over Jan. 1 Fee Levels

Veterans Coming in November

Benefits Delivery at Discharge

Former VA secretary: 3 tips for transitioning service members

Lawmakers take first steps toward a BRAC for VA facilities

Protecting Your Identity: Place an Active Duty Alert

Many Tricare Users Will Face Higher Out of Pocket Costs in 2018

Replace lost military awards and medals

VA and Walgreens Team Up to Provide Flu Vaccinations to Veterans

Determine Your VA Benefits Eligibility

Family Focus in Defense Bill

Proactive Steps to Take in Wake of Massive Equifax Security Breach

4 Response Strategies for Interview Questions

Translating Your Military Resume for a Corporate Audience

Military Discounts on Cellular Phone Plans

Navy Offers Emergency Preparedness Tips

TRICARE and Traveling

Veterans and Vaccines

VA Related Hurricane Updates

Hurricane Related VA Med Center Alternates

Hurricanes and the GI Bill

Military Discounts on Cellular Phone Plans

How Military Spouses Pay For College

Another Hurricane Is on the Way: Is Your Military Family Prepared?

Sample Resume for a Military to Civilian Transition

Navy Marine Corps Relief Society Evacuation Loans

New VA claims process promises decisions within 30 days

The Importance of an Updated Resume

How to Repair Your Reputation

Evacuation Entitlements If The Military Tells You To Go

Disaster prep: How military families can stay ready

Changes Are Coming to TRICARE. Are You Ready?

TRICARE: State of Emergency in Texas, Louisiana

New DoD benefits ‘mascot’ Robyn explains new retirement offerings

IMPORTANT, Prevent Steep TRICARE Fee Hikes Letter

GI Bill Payments Will Continue For Those Affected By Hurricane Harvey

Free Mental Health Care For Veteran Students

Here's How Harvey Is Impacting Military, Veteran Benefits

Select Service Army Marines Navy Air Force National Guard Coast Guard Spouse Member? Login Military News Military

National Parks Give Over 1 Million Free Military Passes

New to the VA World? Here's What You Need to Know

Harvey help: How military families can get emergency aid, and tips for donors

New Law to Streamline VA Claim Appeals Eases Some Protections

5 Things You Can Take from the Battlefield to the Boardroom

Air Force Boosts Pay Incentives, Targets Retirees Amid Pilot Shortage

VA Caregiver Support Line

This is the Skill All Employers Are Looking for

Annual Express Scripts Consent Coming

New Vet, Spouse Campaign to 'Ask Better Questions'

Commemorating WWI Aviation Heritage

CG National Retiree Help Desk

Tricare Users Must Approve Mail Order Drug Prescription Renewals

Trump signed the ‘Forever GI Bill.’ Here are 11 things you should know.

Smart devices can make life easier around the home for disabled Veterans

Online Network Connects Veterans and Spouses with Professionals

Trump Signs VA Funding Bill, Averts Choice Program Crisis

11 Things Employers Want from Job Candidates

As you prepare to get out of the military, don’t make these mistakes.

How Do You Write a Resume That Fits the Job?

The Top 10 Military Employers

15 Reasons The Coast Guard Is Completely Underrated

Research: You Should Attend Transition Assistance More than Once

Congress Passes New Forever GI Bill

VA to Decide on New Agent Orange Ailments by Nov. 1

VA 'STOP PAIN' Best Practices Guidelines

Service Dogs and Other Lesser Known VA Benefits

VA Medical Center plans for future national history center

VA Counseling Services

Vets Can Now Use Smartphones for VA Consultations, Appointments

Stay Informed About TRICARE

Post government Employment: Conflict of Interest?

Updating Your Resumé for a Civilian Job

5 Steps to Building a Winning Network

Making the Most of Job Fairs

The Cost of Selling A House

13 Hobbies Veterans Recommend for Dealing With Stress

Upcoming Tricare Change Could Hurt Families

Squeeze Every Dime From MyCAA

How to Quit Your (Civilian) Job

Military Principles to Help You Succeed in Your Civilian Career

Franchises: One Way Veterans Can Own a Business

Navy Offers Education Vouchers

Great entertainment for veterans and first responders

Top 11 Career and Transition Apps for Officers

10 Military Discounts for Spouses

7 Hot Tips on Negotiating Your Salary

Veterans among the first to benefit from cutting edge bionic arm

Top 10 Don’ts of Home Selling

See all your military benefits in one place

Business Lessons from the Tuskegee Airmen

New GI Bill Would Make College Education a Lifetime Benefit

Interviewing Etiquette: 14 Steps to Success

Home front help: 14 tips for dealing with deployment, from spouses who've been there

Secrets and Marriage: When They Just Can't Talk About It

National Parks Pass Price for Senior Retirees to Skyrocket

The Top 16 Careers for the Future

Air Force Warns Airmen Against Talking Politics on Social Media

Reservists to Get Equal Death Benefits Under Bill

Military Star Card Questions & Answers

US Air Force Museum to Mark 75th Anniversary of Japan Raid

70 military and veteran job fairs across the U.S. — now through January

Scam Alert: Top Five Veteran Swindles

6 tricks for veterans transitioning from college to the workplace

Hit the Ski Slopes with Military Discounts

TRICARE and Flu Shots

TRICARE and Assisted Living

New USAF Drone Combat Officer Course

9/11 Memorial Concert

5 Ways to Emergency Prep Like a Pro

Enter your Title5 Ways to Emergency Prep Like a Pro

Should You Sell Back Leave or Take Terminal Leave When You Get Out?

Yes, You Need a Business Card

ROTC & JROTC Awards Presenter Thank You

Read our Newsletter
Breaking News   
Register for News Story Emails

Should I Buy A House?
This Story expires on: Monday Jul. 31, 2017


Okay, this one’s not quite exactly from the mailbag.  It’s a composite question from several different conversations, comments and emails I’ve had recently.

Dear Kate,

We are PCSing this summer and want to buy a house.  Any tips?

Excited Homeowner-To-Be

In every situation, I think the other person is sorry that they asked my thoughts.  When it comes to active duty military and homebuying, I have a lot of them.

Can You Actually Afford It?

Many people decide to buy a house because “the mortgage payment is less than rent.”  Owning a home costs so much more than the mortgage!  Be sure you thoroughly understand all the costs of owning, including mortgage, utilities, home owners association fees, regular maintenance, and all those little repairs.

What’s Your Long-Term Plan?

Most military families move every 2-3 years.  Buying a house and selling it in three years is risky, at best.  With paying costs of buying and possibly a funding fee for a VA loan, or points for a conventional loan, after three years, most home buyers still have a loan balance that is higher than what they’ll get, after selling costs, from selling.  That leaves them with the option to either a) come to the closing table with cash to sell their house, or b) turning it into a rental.

While owning a rental can be a good choice, there are many factors that need to be considered.  There are too many to be discussed thoroughly here, but they include:

  • the rentability of the particular property:  schools, location, home details
  • renting price of property compared to the current mortgage plus property management fees (if using a PM), higher taxes, higher insurance, and 20-40% for maintenance and repairs
  • volatility of homeowner’s association fees, if applicable
  • your ability to carry the mortgage if it is vacant
  • availability of large maintenance and repairs fund (I like $10,000 per house, separate from your own personal emergency funds.)
  • your understanding of the liability involved, and the cost of umbrella liability insurance, if appropriate
  • customary property management fees in your market
  • your knowledge about taxes in general, capital gains taxes, depreciation, and the recapture of depreciation
  • your tolerance for stress and uncertainty

If You ARE Going To Buy

If you’ve considered all the things listed above, and still want to buy, be strategic.  Don’t max out your budget.  Have a down payment, and don’t roll funding fees or costs into the loan.  You want to start the owning experience with a loan value that is less than the value of the house, minus the costs you will eventually incur to sell.

A disproportionate number of military homeowners become accidental landlords, so you want a house that is renter friendly and will also be easy to sell if you do decide to sell.  Schools are very important, even if you don’t have kids in public schools.  Proximity to at least one military base gives you a larger pool of renters.  At least three bedrooms, and least two bathrooms, are good for single family homes.  Fenced yards are very popular, especially if you think you’ll allow pets.

This is just a brief taste of the things you need to consider when buying a house while still serving in the military.  Be smart, and don’t join the thousands of military members who lose money on houses each year.



Charleston Chapter – MOAA
Charleston Chapter – MOAA

· Copyright ©2017 Charleston Chapter – MOAA P.O. Box 70421 Charleston SC 29415 ·
· Contact Charleston Chapter – MOAA · Editorial and Privacy Policy · Webmaster · Browser and Email Settings ·
· MOAA Website by NonProfitDynamics.com ·
V.7


SUPPORT OUR SPONSORS