MilitaryByOwner Blog

NBC Nightly News reported this week that home prices are rising faster than they have since the peak of the housing bubble in 2006. Pair this with low home inventory, rising rental rates and more first-time buyers and we have frenzy in the housing market. But buying a home under pressure can quickly lead to the path of buyer’s remorse. For military families, this pressure can be intensified due to the need to find housing near their next duty station in a moments notice.

You have found your perfect home, secured the financing, negotiated the price and had a home inspection performed and now it is time to close. Have you missed anything? If you skipped the step of performing a final walk-through, you may have missed a lot.  This is your final opportunity to verify that the condition of the home has not substantially changed since you wrote the purchase contract, that all repairs uncovered during the home inspection have been completed and that all items agreed to be removed or left behind have been fulfilled.

While the golden rule of real estate; “location, location, location” may seem a bit shopworn, it is an element that bears special consideration when looking for homes for sale or for rent. However, the information age has broadened the parameters of what to look for in a home with good “location”.  

As we discussed in our post “Real Estate Market Outlook for 2013” the real estate market is in recovery and house prices are on the rise. How does this translate as good news for military families on the move? Many of the cities listed as “healthiest” or “fastest growing” by Trulia and CNN Money have military installations located nearby. So if you are a military homeowner, the upside of this news is obvious, but if you are looking for military off-base housing, how does this information benefit you?

Every new year brings new hope for bigger and better things, so as we move into 2013 there are many who are hopeful for a turn-around in the real estate market. Are there bright things on the horizon for 2013?

Now that visions of sugar-plums have cleared from your head, maybe it is time to dream about your future.  Is retirement on the horizon or something you desire to plan for now. Where do you envision spending the lazy days of retirement? How about a 17-acre horse farm in Kentucky, an acre lot on the 7^th hole of a golf course in North Carolina or a waterfront lot in sunny Florida?

We have discussed how utilizing the benefit of a VA loan can make homeownership a reality for military families in our article, "Is a VA Loan a Good Option?” but what if you wish to seek more conventional methods of mortgage financing but do not have the funds for the down payment?

Michele Allen
MilitaryByOwner Staff Writer

The difference between a condominium and an apartment community is purely legal: there is no way to know a condominium from an apartment simply by looking at or visiting the building. What defines a condominium is the form of ownership.

The same building developed as a condominium (and sold in individual units to different owners) could actually be built someplace else as an apartment building (the developers would retain ownership and rent individual units to different tenants). As a practical matter, though, builders tend to build condominiums to higher quality standards than apartment communities because of the differences between the rental and sale markets.

If multi unit living is a good fit for you, when should you BUY that condo or RENT that apartment? Here are some things to consider:

1. The value of a condominium can appreciate at a greater or lesser rate than a home, depending on your area and the local housing trends. It’s a better investment than simply pouring rent payments into your apartment landlord’s pocket, but may or may not pay off more than a house. Over the long haul, houses do tend to appreciate more than condominiums. However, in certain (usually more urban) areas, condominiums are becoming so popular that you may be able to make some money on yours, particularly in the short term.

The cost involved in purchasing a home involves more than the down payment, interest rate, and closing fees. Depending on the type of home or area you buy in, there can be the added expense of Homeowners Association (HOA) fees.

Related reading: What Fits? Trying on Home Styles

The HOA fees are commonly determined during the developer’s planning process. Clearly stating what areas of the building or subdivision will be “common areas” that will require regular maintenance and upkeep will help determine the budget that will be passed along to individual home owners. While developers want to keep the fees as low as possible, it is also in their best interest and yours to be realistic about the expense involved in the upkeep of the building or subdivision.

HOA fees vary greatly, but typically cover items such as, landscaping, pool maintenance, clubhouse, hallways, and gyms. It is important to have clarity on the monthly fee, as the added expense of monthly HOA fee can alter the amount that a bank will lend you.

A walk or drive through an established neighborhood with charming, historic homes and large established trees can make for a wonderful Sunday afternoon, but if you are in the market for a home you may be having the old vs. new debate.