Just because there are tons of housing benefits and privileges for being a military serviceperson does not mean you should readily take advantage of those benefits. There are still plenty of things to consider before deciding to actually buy a home.
For others, renting provides the more flexible solution. You pay less on home maintenance and can ditch the place whenever circumstances dictate a move. But is it really the wiser option? What are the things that need to be kept in mind before deciding whether to buy or just rent?
Personnel on active duty have to deal with the idea of frequent relocations. If you move every three years, for example, what will you do with the home? Should you sell it or simply have it rented out? Would you be comfortable with the idea of inviting strangers into your home for profit?
If this is not suitable for you, or you refuse selling your home because of the complex processes involved in acquiring another property, you may want to opt for renting instead.
If you are on active duty, your monthly stipend is also good to cover for your monthly housing costs. Among the costs included when owning a home are: yard care, home warranty, and average maintenance cost.
Whether renting is less costly than owning a home is dependent on location. Renting in some states may cost you more than in others. Do your research and find home prices in your area of choice to gauge the difference between homeownership and home renting.
Diagnosing your needs versus your wants is important when making a decision to rent or buy. If you want more personalized space, renting may not allow you the flexibility to do so. If you are the type who do not care so much about who takes care of which, a rental would then be the finer option.
At the end of the day, it’s still your situation that would dictate the better path. Settling into a home is a big decision so rushing into it is against all things practical and sensible. Do the extra effort of honest self evaluation – of your plans and of your finances. Coupled with these tips, you would be better guided as to which decision to make.