It’s a question which every family contemplates. To Buy or not to buy? It’s also a question which rarely has a simple answer and is entirely dependent upon your personal circumstances. We’ve all read the many benefits attached to buying a home, yet for military families, this decision is far more complicated. Below we look at five questions which can help you decide if your family can prosper from such an investment.
How Likely Is Your Family Home To Be Moved?
One of the major differences between a military and a civilian family is the chances they will be relocated to a new area. This potential is enough in itself to rule out the option of buying a home as it would not be financially viable to do so. Buying a holiday home or house to rent is also greatly reduced in this situation unless you have a property management agency who will maintain and service the house on your behalf.
Are You Ready To Settle Down?
Is the area that you find yourself somewhere that you would choose to live given the choice? Many military families are not given this choice and so it’s a question which can be easily overlooked. Not only should you consider whether it makes financial sense, is it also a neighborhood which you would be happy to find yourself living in ten years from now?
Can You Manage A House On Your Own?
One of the big advantages which come from renting a house is the maintenance services which is there to support you. With your partner liable to be unavailable to help if and when something does go wrong, Maintenance provides an invaluable service for many. If you choose to buy a house then either you pay extra for this service or you effectively fly solo. For this reason, many military families decide to buy new-build houses when they take a plunge into the housing market. Because this doesn’t negate the problem entirely, you should still be confident of being able to deal with an emergency situation if it arises.
Does Buying A House Represent A Financial Risk?
Buying a house is often far more expensive than many people imagine. If you are considering buying, take financial advice from an expert to explore exactly how your finances will be affected and what costs you will need to account for. For anyone serving in the armed forces and in need of security clearance, financial problems could have a negative impact on your future assessments.
Do You Have A Contingency Plan In Place In Case You Need To Move?
A set of orders to remain located in a set location can be changed at relatively short notice. If this was to happen to you, would you be able to cope? There are services provided by the military to support you in such circumstances, however, it is still your choice on how to react. Having a clear contingency plan in place before an event makes it far easier to deal with than with the stress of the situation intensifying your decision.