Post # 1
My husband and I are considerigng purchasing our first home, but not sure if now is the right time.
We can afford it, but the problem is he is in the miliarty with only 1.3 years left at his current duty station, then he will be moving us back to his home town, which leaves us with a house accross the country. We would most likely rent it out. He is looking at it as an investment, but the thought of renters does scare the crap out of me. Plus I have no idea if we will end up being able to sell it down the line, it is a military city so I don’t think we would have an issue, but who knows… not me! HAHA.
Does anyone have any insight, advice, tips? Anything? Thank you in advance 🙂
Post # 2
leahsullyjohn: Nope. I wouldn’t. Renters can be NIGHTMARES. It wont be as simple as just “renting it out”. Youll need a maintenance person IN the area that will essentially be able to “manage” the property. Who will clean it between renters? What if the renters destroy the place, etc. etc? How will you check when they move out? It seems like too much work.
Post # 3
weatherbug: That was my thought too, but it was suggested to me that I could hire a company to manage the property ect.
At the end of the day, I don’t wan to potentially have to fly there to fix major damages.
Post # 4
I wouldn’t. It seems like a lot of stress that will be here in a very short amount of time. If Darling Husband is 1.3 years away from moving you would probably only be in this house a year. It can easily take 90 days to close after your offer is accepted.
I’d wait until were settled in your new area and then buy a house.
Is there any chance you’d eventually move back to this area and live in the house permanently?
Post # 5
I think it’s too much stress and effort for a house you’ve live in for a year, then have to deal with renters across the country. You’d have to hire a property manager to check in on the place and make any repairs. Not worth it for something that’s not necessary right now!
Post # 6
No, I wouldn’t buy. My husband’s friend tried that and it failed. especially if it’s a base house or near base. That tends to be a group of niche buyers if you ever wanted to sell in the future. It’s only 1.5 years, I’d just wait.
Eta: not all mortgages consider rental income as income anymore either. If you wanted to buy another house in the future, depending on your working income and assets, you may have difficulty since you’d be carrying two mortgages
Post # 7
leahsullyjohn: I probably would not buy it. Buying a house is such a hassle, then just to have to do it again a little over a year later. As far as renting it out, I think that would be a pain from far away. Then you may not be able to rent it right away, and you’d be having to pay two mortagages without the rental income you were expecting. It’s only a year. I say rent now and buy later.
Post # 8
My mom’s friend lives in PA and has a rental property in FL, and she has had nightmare situations. She has had to fly down several times (even with a management company managing it) to deal with things being broken, the property being left abandoned, etc. If I were you, I personally would not deal with the stress of it.
Post # 9
leahsullyjohn: I’ve always been told you shouldn’t buy a house unless you plan on living in that location for at least 5 years.
Post # 10
- Wedding: October 2019 - City, State
leahsullyjohn: I would wait until you are buying in an area you are going to stay for more than a year. You will barely have gotten settled in before you’ll have to up and move again. It just doesn’t seem like a necessary thing to do right now and would make much more sense if you waited and did one move when you were more ready to settle.
Post # 11
If you have plans to buy a house to live in long term in your husband’s home town then I would either wait until you move or buy a house there and rent it out until you’re ready to move and live in it. I think the timeline between when you purchase the home and will be moving out is just too tight to purchase in you’re current town. Unless you have a legitimate, pressing reason to move out of your current home right now it just doesn’t seem smart.
It is really common to buy homes at a duty station and then rent it out later after you PCS (my Darling Husband is military too) but I think you need to be able to live in it for the full 2-3 years you’ll be there to make it a smart choice. I personally wouldn’t want to be trying to find a dream home for myself once he gets out and still have to worry about another home and mortgage from the last place even if it is rented quickly (I’m sure you know there’s definitely a market for nice rentals that are convenient to base, some places they’re few and far between)
Post # 12
A property management company can be a nightmare as well. We’ve had some bad ones, including one that was skimming from us. I’m a broker & I will never be a landlord again.
Post # 13
Thank you EVERYONE! You have all made valid points. I appreciate all of the input. We are talking about buying only if his career path changes and we stay in the area for longer.
Post # 14
So glad to hear you will only buy if you are going to stay for several years.
The truth is that there are a lot of houses that people think they can just rent out, but then they can’t find good renters, and the stress of not knowing what is going on in your house from several states away, plus higher taxes on a rental house vs. a house you live in… absolutely not worth it!
Post # 15
I probably would not unless I personally planned to live in it for several years. I wouldn’t want to be a landlord, especially one living so far away.