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5 Mistakes Veteran and Military Home Buyers Make
Buying a house is a big decision, and as an active-duty service member or veteran there are always extra variables to consider when making a real estate purchase. Timing is essential when you're searching for a home, and there's always a chance that you'll be moving again in a few years if you receive new orders. There are also some excellent benefits available to military home buyers if you know where to find them and how to take advantage of them. Our veteran-friendly real estate agents are here to help, with a guide to five mistakes to avoid as a service member shopping for a home.
- Waiting Until the Very Last Minute
One of the biggest challenges for active-duty service members is the short window of time you have to shop for a home. Since you only get 10 days of free lodging when you arrive at your new location, it really pays to start shopping from a distance as soon as you realize you'll be on the move. You can learn about homes, neighborhoods, and real estate agents online, to simplify the process of finding the right match when your new orders arrive. - Expecting One Home to Last Forever
As an active-duty service member, it's a good idea to think of any home you purchase as an investment because there's always a chance you'll be moving again within a few years. So it's important to consider the potential resale value of the home, and think about whether you're willing to become a landlord if you can't find the right value for your current home before moving on to your next location. - Missing Out on the Benefits of VA Loans
VA loans can be a great option for military members buying a home because they have lower credit requirements, no down payment, and low interest rates. In order to make the most of a VA loan – and decide if it's right for you in the first place – it really helps to work with a real estate agent and lender who understand the details of how VA loans work. - Not Preparing to Pay Closing Costs
While VA loans have many benefits, there's a common misconception that buying a home with a VA loan means that you definitely won't have to pay closing costs. In reality, the competitive nature of modern real estate markets means that you may have to pay closing costs, even with a VA loan. Closing costs can be equal to two or three percent of the overall loan amount, so it's smart to be prepared. It may still be possible to secure lender-paid closing costs, but that also means that you may have to pay a higher interest rate on the mortgage long-term. - Unexpected Costs After Closing
VA loans make it easier to buy a home with limited up-front cash, but it's wise to remember that owning a home comes with its own unique costs after closing. Make sure that you're financially ready to purchase a home, and have a solid emergency fund stashed away in case you need to take care of a major maintenance issue or make upgrades to the home.
Are you searching for a real estate team that understands the needs of military home buyers, and can help you find the right home, at the right time? Contact Wright-Patt Realty for all of your real estate needs in the Beavercreek, OH area.
