First-Time Home Buyer: Should Active Duty Military Members Rent or Buy?

First-Time Home Buyer Q&A - Quicken Loans Zing Blog

For most people, buying a home is a smart financial decision. For our active duty military men and women, the decision to buy is a bit more complicated. For instance, if you’re going to be routinely stationed at different bases, or even deployed, should you invest in owning a home or continue renting?

We addressed that very question in our First-Time Home Buyer Q&A Google Hangout with the Department of Veterans Affairs and the National Association of Realtors. Realtor Margo Willis suggests that every active duty military member facing this decision talks to their lender about their options based on their specific financial situation. While she agrees that individuals who know they’ll be stationed for quite some time may not be eager to buy a home, Willis reminds us that “right now it is very conducive to purchase if you’re going to be in the area long enough.” In fact, she finds that in her market, a mortgage payment is often less than what someone would pay to rent a similar property.

Mike Berris, Quicken Loans director of relocation mortgage banking, agreed that it’s an ideal time to buy, but says it’s ultimately a personal decision. There are a lot of benefits of owning a home, especially if you have a family. However, leaving a home vacant for long periods of time isn’t always a good option if you don’t have somebody to do basic upkeep. Berris urges you to contact a lender to “talk it out and see what makes sense for you.”

Watch the full video below!

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