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Should Active Military Members Rent or Own?

Joseph Coupal - Thursday, April 26, 2018

Abberly at Southpoint, Fredericksburg, VADeciding when to take the home-buying plunge can be tough. For military members and their families, the unique nature of their service often adds a new layer of consideration.

Here are a few key things to consider.

1. Frequent relocation

Active-duty military personnel move frequently, often once every two to three years. Prospective buyers should be comfortable with the idea of turning around and reselling a property or renting it out—and the possibility of neither of those coming to pass.

Talk with real estate agents and other experts to get a feel for the local housing market and near-term trends. You might have no problem selling the home or finding renters in your particular community, but there are no guarantees.

Even if your Permanent Change of Station (PCS) moves you across the country, you’re still on the hook for that new mortgage payment. Short sales and foreclosures can wreck your credit and put home buying out of reach for years. So it’s not a decision to take lightly.

2. Costs of renting vs. buying

Do your homework, and get a clear sense of what’s likely to cost more. Paying a mortgage is may be cheaper than renting in some U.S. markets, but every buyer’s situation is different. A good lender can help you get pre-approved and run realistic affordability numbers.

Keep in mind homeownership comes with costs that renters don’t typically face, like maintenance, lawn care, appliance repairs, and more. And buying with $0 down means you’ll start life as a homeowner with little to no equity.

3. Wants and needs

Homeownership offers a lot of freedom, but it also comes with significant responsibility. Take stock of your priorities to see where you land. How important is it for you to personalize your space? Do you enjoy home and yard maintenance? How do you feel about paying for them?

Owning a home means you can’t call the landlord to fix a broken pipe or replace the water heater. Renting means you’re building equity for someone else.

In the end, there isn’t a one-size-fits-all answer. Buying a home evokes thoughts of long-term stability that are sometimes at odds with the unpredictability of the military lifestyle.

Still, there’s something to be said for the sense of pride and independence that come along with homeownership. Think long and hard about what’s right for you, and get good information from experts you trust.

For more information on apartments in Fredericksburg, VA contact Abberly Southpoint.

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Realtors.com


Virginia Ranks 9 in Top Ten Best States

Joseph Coupal - Thursday, April 12, 2018

Abberly at Southpoint, Fredericksburg, VAMost Americans do not choose where they grow up and often end up living in the same place as adults, either for financial reasons or because of social and familial connections. Still, many Americans choose to pack up and move to a new state — usually in search of better life.

People who contemplate such a move would certainly consider a state’s overall quality of life. While every person is different and may weigh certain factors more than others, quality of life generally consists of a multitude of factors, including an area’s economy, jobs market, income levels, poverty, crime, education levels, health care, transportation, and whether the area is generally desirable.

Based on these factors and others, 24/7 Wall St. ranked all 50 states for overall quality of life.

9. Virginia

  • 10-yr. population change: +10.1% (21st largest increase)
  • Annual unemployment: 4.0% (tied — 14th lowest)
  • Poverty rate: 11.0% (tied — 12th lowest)
  • Life expectancy at birth: 79.1 years (25th shortest)

Problems with crime tend to be local rather than statewide, but across Virginia crime tends to be low and the state is relatively crime free compared to most of the country. There were just 217 violent crimes reported in the state for every 100,000 residents, nearly half the national figure of 397 incidents per 100,000 people.

Virginians are also among the most likely to have a college degree, which often results in higher incomes and better quality of life across a population. Just over 38% of Virginia adults have a bachelor’s degree, compared to 31.3% of adults nationwide. This high educational attainment rate may help explain Virginia’s relatively low unemployment rate. Last year, average unemployment was 4.0%, well below the national average rate of 4.9%.

For more information on apartments in Fredericksburg, VA contact Abberly Southpoint.

#HowYouLive

247wallst.com


Should You Buy or Rent in Retirement?

Joseph Coupal - Friday, April 06, 2018

Abberly at Southpoint, Fredericksburg, VANationwide, it usually makes more financial sense to buy a home than rent. But it's a little more complicated for those in their golden years.

Retirees also need to decide whether they want to leave an inheritance behind -- a key factor in the rent vs. buy decision.

If a retiree does not plan to pass the home on to heirs, it's nearly always cheaper to rent than to buy, according to a report from Trulia.

That's because building equity is one of the biggest factors that favors purchasing a home. But if there are no plans to leave the home behind, or buy another home, it usually makes more financial sense to rent.

The value of that equity matters a lot when making the decision. If you don't care whether that value will be around when the house is sold, it might be a better deal to rent.

Out of the 100 cities with the highest population of people 65 and older, renting made more financial sense in 98 of the cities, for those not considering leaving the home equity as inheritance.

To calculate the savings of buying versus renting in retirement, Trulia assumed buyers were in a 15% tax bracket and would stay in the home for 15 years. For more information on renting an apartment in Fredericksburg, VA contact Abberly Southpoint.

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CNN-Money



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