rent vs buy

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i do not know what to do. is it best to rent vs buy? I have 4 yes in MS what should I do?

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Specializes in ED. ICU, PICU, infection prevention, aeromedical e.

You are thinking too long term!

Rent for just 6 months. Let the dust settle on everything else, then reassess this decision.

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then I have to move all my stuff on my own dime

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Specializes in ED. ICU, PICU, infection prevention, aeromedical e.

True.

But it's moving vs making a quick decision you regret and end up with a house you can't sell in an area you find you don't like.

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i just spent three days looking...ugghhhhhh

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Specializes in US Army.

The military will keep your stuff in storage for a couple of months. Check with Defense Personal Property System (DPS) aka. JPPSO to see how long they will store it. This way you get a bit more time to find an area you like.

Good luck.

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Specializes in ICU, ER, OR, FNP.

Instead of tossing a coin or asking folks online, research finance and see the last time money was this cheap and when housing was so affordable (as a percentage of your disposableincome).

Money and houses are not likely to be this affordable again in our lifetime. So, if not now - when are you going to invest in a home? Buy high and sell low?

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if you don't know what to do - the answer is always rent....

+ as a service member your best bet is to focus on hitting retirement 20 years of service - as meeting this will afford you much more then a house appreciating.. its no fun to worry about renting / owning while moving across the country as a service member... that being said, if you 'know its the spot for you' then you should continue researching and since you know its what you should do - then all these renting recommendations won't matter anyhow ;)

best of luck.

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Specializes in ICU, ER, OR, FNP.
if you don't know what to do - the answer is always rent....

+ as a service member your best bet is to focus on hitting retirement 20 years of service - as meeting this will afford you much more then a house appreciating.. its no fun to worry about renting / owning while moving across the country as a service member... that being said, if you 'know its the spot for you' then you should continue researching and since you know its what you should do - then all these renting recommendations won't matter anyhow ;)

best of luck.

Wholly crap!!!!! !!!!!!! That is the worst financial advice i've read to date. I'm up 100% on two house sales, up 40% on the last and look for +%20 on this PCS.

This is the cheapest money in your lifetime unless you are 80 years old. Renting ANYTHING today is INSANE.

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So the advice "if you don't know what to do then rent" is poor advice to you.. that's fine. It's my opinion. Should be fresh in peoples mind with recent housing bubble.

The main point of my post is despite the gain that are potential within owning a home the key thing is to facilitate 20 years in service as I was pointing out that in itself has a far greater benefit to you then the appreciation of a home.

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Specializes in ED. ICU, PICU, infection prevention, aeromedical e.

And I would add that there are those of us who do own homes who can not sell them and it becomes an anchor and a bother. I have a house in Phoenix that I have to rent out because I can't sell it. It was a good investment, but I think there are other things to consider.

Congats that the game worked out for you, CRF. Doesn't mean it is the best decision for everyone.

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Look at the market you want to buy in and carefully weigh your mortgage vs. BAH (for various ranks) vs. current rental rates. Is the area you want to buy in one where there is a strong rental market? Or is it somewhere that almost everyone lives on base? Is it somewhere that the market is still strong, if you wanted to sell? We own a house in San Diego County, one mile outside of Camp Pendleton. We are renting just over our mortgage (so, about breaking even), and though we could sell it for at or just above what we bought it for, if we get stationed there again, we know that's where we want to live (good location, good schools, etc), so we chose to hold on to it. We are renting for under O4 w/ dep BAH, and our house is larger than what an O4 would get on base, just a mile away, and it feeds to a better school. We currently live in Fairfax County, VA- the real estate market is still fairly strong here, and the rental market is very, very strong (and soon to be even moreso, due to BRAC expanding the base near us). We are renting because buying wasn't an option for us when we got here, but buying in this area can be a very smart move.

There's no magic answer; definitely don't jump into something you aren't very familiar with, though. Buy intelligently, looking at it from all angles, and it will more than likely work out for you in the long run.

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