Military Real Estate For Buying Selling And Renting Homes
Military Real Estate is formed to help the military people for Buying, Selling and Renting Homes anywhere in the United States. We understand military life is not easy and what it takes to relocate with family while keeping to the timetable for military moves. We provide an informational platform that is convenient for both buyers and sellers. We deliver A to Z solutions to our customers for getting a right property at affordable prices. Our aim to reduce the pain and stress while moving to a different workstation by offering homes near military bases. We help military people and their families by providing them Military Homes for Sale or Rent in the US and in other states of United States.
Rent a Military Home in the US
Getting the best house on rent is everyone’s dream and for a military family, it is not easy to get the desired home near military bases that meets their all basic needs and close to your workplace. If you are unable to find the home you are looking for, you can check our rental listings by states. Some prefer to rent a home while moving house, as it is budget friendly and you dont need to worry while moving to next military base camp.
Looking for home by Military Owner?
You can contact us for Military Rentals Home in the United States through the various forms on the website or directly reach us through email or phone on 540-300-7075. With us, you can easily find Military Homes by Owner.
Selling a Military Home in the US
Are You A Good Candidate For A Va Home Loan
If youre an active-duty member of the U.S. military, you should qualify for a VA home loan that allows you to purchase a primary residence with no down payment. VA loans typically have more lenient underwriting standards as well. VA loan eligibility makes homeownership a lot more attractive for service members without excellent credit and tens of thousands of dollars in liquid savings.
VA loans come with significant drawbacks, however. These include financial downsides, such as the funding fee and a strict limit of one loan at a time. This second requirement is a big sticking point for service members whod like to keep their old house as a rental property after a change of station forcing them to come up with the cash to pay off the mortgage or abandon their rental dreams.
Basic Allowance For Housing & Buying A Home
Let’s build a couple of basic examples to show you what BAH can mean for a homebuying budget.
To help us create a consistent and more realistic picture of purchasing power, let’s use the following information:
- We’ll say you’re an E-4 with dependents
- Your VA loan will ultimately come with a 4.5 percent interest rate
- The monthly escrows for your property taxes and homeowners insurance will total $260
- We’ll look at BAH at two different duty stations: Fort Campbell in Kentucky, and Fort Belvoir in Virginia
Over the last five years, the average BAH rate for an E-4 at Fort Campbell has been about $1,200. Using just this $1,200 as your housing budget, you could roughly look to buy a $190,000 house based on our example loan parameters. That purchasing power is based solely on your BAH rate.
If you wanted to pump another $500 a month from your monthly base pay into your housing budget, you’re now talking about a monthly mortgage payment of around $1,700. At that amount, your purchasing power jumps to $290,000, just by putting $500 of your regular pay toward housing each month.
Now, let’s look at a more expensive housing market. Over the last five years, the average BAH rate for this same E-4 stationed at Fort Belvoir has been about $2,100.
With the same example loan parameters as before, just that $2,100 BAH payment could buy you a $365,000 home. Putting that same $500 from your regular pay toward housing in this market pushes your purchasing power to nearly half a million dollars.
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Meet The Vas Minimum Property Requirements
Active duty and veteran buyers are likely to take advantage of their VA loan benefit, which requires an authorized appraisal. Prepare your home to sell to them by meeting the VAs Minimum Property Requirements .
Most regulations stem from a health and safety standpoint, including properly functioning HVAC and water and sewage systems. Some sellers find it helpful to invest in the services of a professional home inspector with experience managing MPR expectations before putting the house on the market.
Before starting a home improvement project beyond the standard MRPs, discuss with your agent the payoffs of the update or upgrade. Their knowledge of the local real estate market provides insight into which projects resonate most with buyers and which are not worthy of the time and money.
According To A Recent Survey Done By Suntrust A Quarter Of American Households Earning More Than $100000 A Year Are Living Paycheck
My husband and I got married right before we moved overseas to our first duty station. At our wedding, a friend told us a story of a service member he knew that was able to save enough money during his overseas assignment to buy a house with cash when he returned. We had a little bit of money saved at the time, but I figured it would be impossible to save that much! I do, however, love a good challenge.
We decided to save as much as we could while still taking advantage of the really cool place we were living in. After living overseas for nearly 4 years, we returned stateside last summer and I can proudly say that we did it!
Before you get too excited, let me explain. We dont have enough cash to buy a house or even a condo in California, but we did save enough money to buy a modest 3-bedroom/2-bathroom home in small town USA.
It took a fair amount of planning and self-discipline, but this is how we did it:
People often say to live within your means, but has anyone ever told you to live below your means? I dont mean that you should live like a college student and only eat ramen for dinner, but find a comfortable cost of living that is actually below what you can afford.
Let me give you a few examples.
For more money tips from Alex, check out Military Planners.
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Home Purchase Consideration : You Might Relocate Sooner Than You Think
Great! You secured a house, just so you dont have to move again. Except your local job market tanked, or your leads dried up, or whatever. You can get a job, but its not anywhere close. So you can either become a geo-bachelor & leave your family behind, or you can move your family.
Most likely, family separation is one of the reasons you left active duty in the first place. So if you decide thats a non-starter, then you might become an accidental landlord. Probably another thing you swore off as well.
You might be able to sell your house at a profitbut the smart money wouldnt bet on that.
Thinking Of Buying A Home In Germany Buyers Beware
Kaiserslautern Legal Services
Americans are allowed to buy real estate in Germany. If you are considering buying a house or land on which to build a house, there are a few important legal tips you should know.
The purchase agreement must be signed before a German Notar, a publicly-appointed lawyer who can issue deeds and documents for direct enforcement. Dont sign a contract in German unless you have been presented with a written translation in English. Some Notars in the KMC specialize in generating bilingual purchase agreements.
The real estate purchase tax and any broker commission will be based on the value of the property bought. As a result, undeveloped property will trigger less tax.
VAT tax relief forms cannot be used for materials for the construction of a house.
It is a good idea to have the value of the house appraised. Effective January 2009, the new energy usage estimate which must be done by an architect or the German TÜV will also be helpful in determining whether the house meets environmental standards.
Germans mainly buy or build their house in order to have their own property and to be able to pass it on to the next generation, not to make a profit when they sell it.
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Will The Military Buy My House
Military personnel often must pack up and move when transferred or reassigned, and numerous programs exist within the military to help them deal with their current home. This comes via programs set up to help rent or sell your home, mortgage help, assistance to prevent foreclosure and counseling. Some of these programs also assist by guaranteeing the sale of your house or making up for a loss from selling your home due to a declining market in the area. Programs are for eligible civilian Department of Defense employees and uniformed service members.
Hire An Agent With A Military
One option is to funnel your nervous PCS energy into finding an experienced professional who will listen to your biggest worries and create an action plan you can trust.
The best time to contact a Realtor can be anywhere from three to six months before your house goes on the market. Chances are youre already in that window and shouldnt wait any longer to hire someone.
As plenty of local Realtors would gladly accept your business, youll need to discern whos the right person for the job. We recommend focusing on the following attributes:
Sells homes faster than average
When hiring an agent, military sellers should focus on a key stat in the agents track record: days on market .
Every city has an average days on market which refers to how quickly properties go from active to under contract .
Dont be afraid to ask your agent: Whats your typical DOM, and how does it compare to the area average?
You can find the average days on market for your city with a quick glance at your citys page. If the agents DOM is lower than whats typical for your city, thats a good sign that they have a strong network and solid marketing chops to find a buyer quickly.
If not, consider it a red flag.
Keep in mind, days on market is not the total time it takes to sell a home. You also have to factor in the closing period, which can take around 45 additional days.
Special designations, like military-relocation specialist
Overwhelmed by where to start your agent search?
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Special Mortgage Programs And Tax Breaks Offer Assistance To Military Families Looking To Purchase Or Sell A Home
Many families’ largest investment is their home. And homeownership comes with an extra portion of complexity for military families. Many were hit particularly hard by the housing downturn, saddled with houses they simply couldnt sell when ordered to move to a new location.
But servicemembers also have special mortgage programs and tax breaks to help them afford a homeand assistance if they’re unable to sell.
Key Home-Buying Decisions
Members of the military receive a tax-free housing allowance to cover all or part of their monthly rent or mortgage payment. (To check on the Basic Allowance for HousingBAHby rank and zip code, use the tool at the Department of Defense Web site. If you buy a home, you can deduct mortgage interest, even if you’re paying it with that tax-free money. But the rent-versus-buy decision is difficult when you may be stationed in an area only a few years.
When home prices were rising quickly, many servicemembers bought homes even if they expected to live in an area only for a year or two. They banked on selling for a profit when they were transferred. But the bursting of the housing bubble upended countless such plans.
Patrick Beagle, a retired Marine helicopter pilot who is now a financial planner in Virginia, recommends limiting housing costs to no more than 30% of your take-home pay. He also suggests that you consider buying only if you plan to stay put for at least three yearsfive is better.
Rent or Sell?
What Is Basic Allowance For Housing
Basic Allowance for Housing, or BAH, is a monthly allowance paid to eligible service members when government housing isn’t available. BAH varies by geographic location, pay grade, and dependency status.
In general, service members with higher ranks and more years of service receive a larger allowance each month for BAH, though there are exceptions. Rates also tend to be higher in major metropolitan areas or regions with higher costs of living.
BAH rate charts are set annually. If you decide to spend less on housing than your eligible rate, you can use the difference for other expenses. However, if your housing costs exceed the predetermined BAH rate, you’ll need to make up the difference yourself.
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Buying A House In The Military
The Army supplements its base pay with a number of allowances and special pays, depending on a soldier’s individual circumstances. One of these allowances is the Basic Allowance for Housing, which provides a monthly addition to pay for troops living off their assigned base. The BAH may be more than enough to make a monthly mortgage payment in the base’s area, even including taxes and insurance, if a soldier has enough rank and service time.
This actual amount of this allowance depends upon a soldier’s rank, time in the Army, whether or not he has dependents and where he is stationed. For instance, as of 2019, the BAH for an E-5 with dependents stationed in Sedgwick County, Kansas with 10 years of service comes in at $1,143 per month.The same person stationed in Honolulu County, Hawaii would receive $3,029 per month. You can use a Military Pay calculator to find out how much BAH you are entitled to receive.
The 1% Rule: If A Property Can Be Rented For At Least 1% Of Its Purchase Price Per Month It Will Be A Good Rental Property
In other words, its a good investment. If it can rent for more, great. Less, not good. To really simplify this, if it rents for 1% of the purchase price, it will make you about a 6% return on investment . Again, this is a very rough estimate, and you should do much more detailed calculations before actually buying.
This is just to give you an idea if you are even in the ball park of a good deal.
The Frequency Of Your Travel
A military job is far from a regular nine-to-five activity, where you have a set routine. You might be on the road for some months, or you might not be traveling at all. You might get stationed somewhere else in less than two years.
Even if your work profile is changing and you see stability, buying a house makes sense when you are prepared for a long-term commitment. If you are sure that you will be stationed at Norfolk for well over two years, you can then consider buying a house that fits your familys current requirements.
Alternatively, you can consider buying a home now and renting it out if you move, if you have the necessary funds.
Taking Care Of Their Own
The Homeowners Assistance Program applies to uniformed men and women — including the Coast Guard, civilian employees and certain overseas employees who have been employed at a base that has been ordered closed or whose operations have been significantly reduced. It also applies to non-appropriated fund employee homeowners who have served or have been employed there. An important criterion for this program is that the housing market must have been adversely affected by the closure. If you fall under this program, the DoD will reimburse you the difference in the sale price of your home up to 95 percent of its value or DoD will acquire the property for 75 to 90 percent of the fair market value or pay off your mortgage. In cases of foreclosures, the amount goes to the lien holder. As of 2013, applications are on hold due to a lack of congressional funding.
Focus On What You Can Afford
Lenders will check your debt-to-income ratio. That is how much money is coming in versus going out in debt payments.
Here’s how to calculate debt-to-income ratio before you start loan shopping: Add up all of your debt payments including mortgage principal, property taxes and insurance plus other recurring debt like credit card, student loan and car payments and do the math. Your ratio should be 36 percent or less. You want to do whatever you can to stay out of the debt danger zone.
If you gross $5,000 per month , you should not pay out more than $1,800 per month toward those bills. If you are, your credit-to-income ratio is not ideal. Remember: Just because your lender says you qualify for a particular loan amount doesn’t mean you can afford it.
If everything else is on target, buy a home you can comfortably afford on one income. That gives a couple some financial wiggle room in case one partner loses a job or decides to be a full-time parent.