| |
Not sure whether you should rent or buy? We certainly understand that buying isn't for everyone, especially if you will be in the area for less than a year. If you've never considered owning a home because it was too difficult or costly this may be the time for you to invest and we'll do the hard work to make sure your buying experience is a pleasant one.
Being activity duty or former military comes with a huge advantage in today's housing market. You have eligibility for a NO DOWN PAYMENT VA insured loan.
Frequently asked questions:
What is the typical out of pocket expense to buy versus rent?
When renting you need one months rent, plus a security deposit, plus a pet deposit (if applicable). The average cost to get into a rental home is about $3,500.
The average cost to purchase using your VA loan is about $8,000 for closing costs. We can often negotiate with home sellers to pay all or most of your closing costs. This can make purchasing more affordable than renting.
What are the advantages to buying versus renting?
As a military member you are given a tax free housing allowance. When you use that money to pay for a rental you gain no equity or no additional tax write-off.
When you use your tax free allowance towards a home you own you get an additional tax break in that all of your interest and real estate taxes on your home are tax deductible.
And you get an even bigger tax write off your first year of ownership in that many of your closing costs are tax deductible as well. EVEN if the seller paid them for you!
Homes near Fort Meade have been appreciating at 20% plus per year with some areas being dramatically higher. For example, if you had purchased a $200,000 single family home in Crofton in 2000 years ago you can expect that the current market value would be in the $500,000 range or more! That's $300,000 in equity that could have been in your pocket (or childrens college fund!).
When you own your own home you can paint, re-decorate, improve, have pets and generally enjoy the privileges of homeownership for your entire stay at Fort Meade.
When renting, some landlords only guarantee a one year term. That could mean you have to move once or more during a typical three year assignment.
You can often buy a nicer home than you could rent. Landlords are not known for making improvements to their rental homes and even so they find tenants. Families who are selling their homes are much more conscientious about the condition their home is in when you view it.
For more information please don't hesitate to call us toll free at (866) FT MEADE.
| |
