Housing

iVillage Member
Registered: 01-12-2008
Housing
12
Wed, 10-12-2011 - 2:54pm

We are getting ready to move from Mississippi to Upstate NY. I can't wait for the snow and skiing.Housing on post has a 4-6 month wait list. We could rent, but we have two GIANT dogs (Zankou is 38 inches at the shoulders.) or we could purchase. We know the area as we have lived there before, and if we buy I would go back to work, don't have to, but to make sure we are secure 100% I would. I'm scared with the fact that DH will deploy (don't know when,) from this unit as it is the most deployed Division in the army. I really don't want a big yard to care for, with two little people. Even if DH is home we will be paying someone to plow our drive.

What would you do? We have lived there before, as this is where DH and I met. We can afford up to 200,000 and get a VA loan. We wouldn't purchase a house that was older than 5 years old. FIL is an appraisor and he builds housing devolpments for a living, he said the five year rule. We should be there for 5 years, and retire from there, where we end up is still up in the air. Thoughts?

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iVillage Member
Registered: 09-26-2007
In reply to: nessie_132
Wed, 10-12-2011 - 3:30pm

I think there are a few major factors to consider.

1) Is this your DH's last enlistment or will you me moving again under new orders?

2) Is there sufficient rental property to give you options with your pets?

3) Is it worth it to you to go back to work in order to buy a home.

For me personally I would value time at home over owning a house, but that answer will vary for everyone. I also know that we were told 6 months for a waiting list in CA and it ended up being 2 weeks because we got very lucky. I would very heavily consider a month to month rental if there was one suitable in the area. Living in base housing also gives you the advantage of knowing the basics are paid for if DH does deploy, regardless of income.

If you're planning to make this your permanent home then of course the equation may change a bit, but I wasn't

iVillage Member
Registered: 01-12-2008
In reply to: nessie_132
Wed, 10-12-2011 - 11:26pm
1.) He is in until they let him retire. He has 4 years till he can drop the retirement packet, which he is planning on doing. So this should be our last move, of course we are in the military and its up to the military if that is true or not. But Drum is now a big enough base that he can change units.

2.) not really for the prices they are asking and then to have to pay heating on top of it, not worth it IMO.

3.) We wouldn't purchase we a future income of mine, that way I won't have to work. I believe I would want to to help pay it off faster. This is something that DH and I have already talked about. But nothing on this is final. We just make sure all bills and savings can be done with his pay.


We like the area, but depending on jobs (his when he retires, and if I find/get one.) will depend on us staying there after military retirement. If I have a GS job or one at a local hospital, we aren't moving.
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iVillage Member
Registered: 12-12-2009
In reply to: nessie_132
Thu, 10-13-2011 - 7:35am

My only thought was about whether you knew the area at all but you said you've lived there before so I guess you do! I am under the impression that the real estate there is VERY affordable, but that the economy is not that strong (I think the army is the biggest employer). I only know the area slightly because I've cross-border shopped nearby, and I read one book recently about the area (it was about a serial killer in the 70s). From my recollection, it is a nice area and you'll definitely get plenty of snow to enjoy :smileywink:

Community Leader
Registered: 08-25-2006
In reply to: nessie_132
Thu, 10-13-2011 - 1:22pm
Nessie, I don't know anything about the military, but wanted to through out my two cents.

I guess I would ask yourself what the worst case scenerio could possibly be for either proposition, renting or buying. Then ask yourself if you could live with that.

If you can buy a newer house for under $200,000, that sounds like a reasonable market. Of course, it is all relative to the pay scale there, also.

So, if the worst case scenario is you end up having to move again and sell your home, possibly at a loss, can you live with that? Is the risk of taking a loss (or possible tax consequences if it is within two years and there is a profit) over ride the idea of renting and all that goes along with that?

Just one perspective to consider. If you really think you will be there at least 5 years, and maybe even stay long-term, I would be tempted to purchase my own home. With a stable income that supports all of you, that is the way I would probably lean.

However, again, I do not have any understanding of what it means to live on base. So my rationale may not apply and maybe you should rent while waiting to get onto base.



Serenity
iVillage Member
Registered: 12-31-2010
In reply to: nessie_132
Thu, 10-13-2011 - 4:12pm
Can you get decent place where a 15 year loan (max you should ever take) is not more than 1/4 of your monthly net income (one week's net take home pay) and ALL your debt payments do not exceed 35% of your income?
If you can, then, and only then can you really afford the house!!

-Marie
#Marie
iVillage Member
Registered: 01-12-2008
In reply to: nessie_132
Thu, 10-13-2011 - 10:59pm
Okay here is my question on the 1/4. I get that, but when we live off base, we get a housing allowance, for where we are moving to its 1584 a month. We don't want that all tied up in a payment, but use it to pay for the electric/gas, ect. IF we lived on post all of that would go to post housing office. I have been looking at a mortgage just on that payment alone. Figuring 900 a payment, plus taxes, then the rest for utilities. Thoughts??
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iVillage Member
Registered: 06-18-2004
In reply to: nessie_132
Sun, 10-16-2011 - 12:57am
I take it FT Drum has privitaized then? Go into it remembering two things, 1) the military can always change its mind. They tell you 5 years, but that may not be 5 years. What if they telll you to move to a new duty station? And 2) the housing allowance goes away upon retirement. Would you be able to make a mortgage payment after the housing allowance is no longer there? Will his retirement check cover it? If you feel comfortable that the Army isn't going to play games and force you to move and you can afford it even after he retires, then I say go for it.. Worse comes to worse, the government will have helped pay your mortgage for 5 years before you have to start paying it yourself.
Kellie
iVillage Member
Registered: 01-12-2008
In reply to: nessie_132
Sun, 10-16-2011 - 1:43pm
I believe all bases are privatized now. His retirement check would be able to cover it, so I'm not worried about that. We have talked about the possiblity of us having to move again, and DH has never deferred orders, and at this time we would, as we are trying to stay put. Having less than 5 years, is pretty good odds of staying put. Not many request FT Drum, actually when he asked branch for it, they were extremely excited. Many SRNCOs will either defer orders or drop retirement packets to stay away from there.
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iVillage Member
Registered: 11-17-2007
In reply to: nessie_132
Tue, 10-18-2011 - 12:41pm

Hello

I just sold a house and I will be paying to sell it for at least a year. I even got the mortgage owed on it but the fees and the payback to the buyer is what I owe.

Out there today selling a house is hard. First the buyer wants a turn key house. They don't even want to paint a wall. So if it isn't the colors they like they pass you by. Then they get in the house and they start picking at it. One guy was talking about they didn't like the color of the drapes I left and the shower curtain. Silly stuff anything to get the price down. The younger buyers out there think it is cool to lowball a seller. My house was priced at 62,000 about middle of what the houses were going for in the neigborhood. The guy that bought the house his first offer was like 55,000 and he wanted me to pay him 7,000 in closing cost. That is pure silly It is the shows on TV and the realtors that are behind this silly stuff. Anything for a sale.

Having said that. If I were in your spot. I would do a couple things. First I would try to find a soldiers family that maybe owns a home down that way and see if you can rent their house. That would be helping your family and also be helping his. I would find out from this family if you like the house and you are going to stay there. What are the chances that you could buy the house from him at some point. He might sell you the home at a reduced price and it would save you guys a lot of money. You might think about doing something that way.

Another thing for at least a year I would try to rent a private home. Apartments don't go for big dogs. Landlords will many times I did as long as the dog doesn't piss all over the place and tear it up.T

I am going to tell you about my son. Maybe his story will give you something to think about. He got married to this woman and she wanted a home. We all knew that the company he was working for was about to make some changes. But I was told by people that worked for the company he would not be laid off. They just didn't know if he would be staying in Florida. My daughter in law hates me she has made it a point of telling me and my husband that what ever I say she will make sure that our son does something else.

So of course I said I thought it was a bad idea to buy at this point. So what did they do they went out and bought a home at the top of their budget. 1700 a month mortgage payment. My son got transfered to Texas They tried to sell their home in Florida for what was owed and the fees but of course since they got the home with just 3% down FHA that made the house over priced.

So it was on the market at 1700 a month for 4 months while he had to come up with money to pay a deposit and first and last months rent for a house in Texas. After 5 months he found a doctor that was willing to rent the home in Florida from him at 1200 a month. So he is sitting in Texas paying not only rent on that house at 1400 a month but 500 more on the house in Florida and a 130 dollars a month to a management firm to collect the rent and so on. Our son did talk to his dad in Sept. and he said this doctor was driving him nuts on little things the house needs.

Of course I could be sitting here and saying I told you so and say that is what you get for not listening to someone that has been around a few years. but I feel sorry for him. Think twice but I think for the first year until you get that job I would rent a home that is less then what you plan to spend on a mortgage. And start banking every cent you can. This will also give you time to check out the housing market. They are saying around here the housing market is going up a little.

Oh one last thing You don't want to buy a house at one end of town then get a job at another end of time. Gas is going to stay high and you have to consider that fact these days in what you do.

I know this is long sorry but I hope it helps.

Mary Ann

iVillage Member
Registered: 11-17-2007
In reply to: nessie_132
Tue, 10-18-2011 - 12:45pm

Hello

I just sold a house and I will be paying to sell it for at least a year. I even got the mortgage owed on it but the fees and the payback to the buyer is what I owe.

Out there today selling a house is hard. First the buyer wants a turn key house. They don't even want to paint a wall. So if it isn't the colors they like they pass you by. Then they get in the house and they start picking at it. One guy was talking about they didn't like the color of the drapes I left and the shower curtain. Silly stuff anything to get the price down. The younger buyers out there think it is cool to lowball a seller. My house was priced at 62,000 about middle of what the houses were going for in the neighborhood. The guy that bought the house his first offer was like 55,000 and he wanted me to pay him 7,000 in closing cost. That is pure silly It is the shows on TV and the realtors that are behind this silly stuff. Anything for a sale.

Having said that. If I were in your spot. I would do a couple things. First I would try to find a soldiers family that maybe owns a home down that way and see if you can rent their house. That would be helping your family and also be helping his. I would find out from this family if you like the house and you are going to stay there. What are the chances that you could buy the house from him at some point. He might sell you the home at a reduced price and it would save you guys a lot of money. You might think about doing something that way.

Another thing for at least a year I would try to rent a private home. Apartments don't go for big dogs. Landlords will many times I did as long as the dog doesn't piss all over the place and tear it up.T

I am going to tell you about my son. Maybe his story will give you something to think about. He got married to this woman and she wanted a home. We all knew that the company he was working for was about to make some changes. But I was told by people that worked for the company he would not be laid off. They just didn't know if he would be staying in Florida. My daughter in law hates me she has made it a point of telling me and my husband that what ever I say she will make sure that our son does something else.

So of course I said I thought it was a bad idea to buy at this point. So what did they do they went out and bought a home at the top of their budget. 1700 a month mortgage payment. My son got transferred to Texas They tried to sell their home in Florida for what was owed and the fees but of course since they got the home with just 3% down FHA that made the house over priced.

So it was on the market at 1700 a month for 4 months while he had to come up with money to pay a deposit and first and last months rent for a house in Texas. After 5 months he found a doctor that was willing to rent the home in Florida from him at 1200 a month. So he is sitting in Texas paying not only rent on that house at 1400 a month but 500 more on the house in Florida and a 130 dollars a month to a management firm to collect the rent and so on. Our son did talk to his dad in Sept. and he said this doctor was driving him nuts on little things the house needs.

Of course I could be sitting here and saying I told you so and say that is what you get for not listening to someone that has been around a few years. but I feel sorry for him. Think twice but I think for the first year until you get that job I would rent a home that is less then what you plan to spend on a mortgage. And start banking every cent you can. This will also give you time to check out the housing market. They are saying around here the housing market is going up a little.

Oh one last thing You don't want to buy a house at one end of town then get a job at another end of time. Gas is going to stay high and you have to consider that fact these days in what you do.

I know this is long sorry but I hope it helps.

Mary Ann

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