Leaving the military can be a stressful transition, and you must be fully prepared for the changes that it will bring. One excellent way to help ground yourself is by buying your first property. Opinion is divided on whether buying a home during active service or after leaving the military is best, with good arguments for each.
Buying a home after leaving the military means that it won’t be left unoccupied for months at a time when you’re on deployment, and it can be a great way to settle into civilian life. Here are some of the top reasons you should buy a property after leaving the military.
Lay Down Roots
It’s not uncommon to move dozens of times during active service, making it hard to lay down roots and build a community in any one place. Buying a home allows you the freedom to put roots in a particular area. Consider moving near to loved ones for an instant support system.
Save Money Over Time
Buying a home will often work out cheaper in the long run than an extended period of renting. Many consider rental money to be lost money that could instead be going towards your own property. Renting in the short term can be beneficial to identify the neighborhood you want to live in.
Enjoy Financial Security
Owning property diversifies your investment portfolio. Once your mortgage is paid off, your property is a valuable asset. Consider renting out a spare room for additional income.
Give Your Family Room To Grow
If you plan to have a family, owning your home is crucial. Choose a home big enough for the number of kids you want. Research schools to find the right location.
Check Out VA Loans
VA loans are backed by the Government and allow veterans to buy a home without a down payment. You can find out more about this loan program from Hero Loan, an experienced and professional lender.
Make Your House Your Own
Renovate and decorate your home without restrictions from landlords. Homeownership allows you total autonomy and creative control.
Try Out Your DIY Skills
Save money and buy a fixer-upper. Improve your DIY skills by doing the work yourself. Take courses to ensure you can do the work to a high standard. Never attempt work you aren’t qualified for, such as gas or plumbing repairs.
Secure A Civilian Job First
Find a secure job before applying for a mortgage. Sign your employment contract and start work before you consider buying a property. Ensure it is the right role for you.
Make Space For Pets
Buying a home allows you to keep as many pets as you want. Ensure you buy a home with a large yard for larger pets like dogs.
Give Your Kids Stability
Owning a home will ensure your kids have stability as they grow up. Choose a location with plenty of child-friendly spaces like parks and play areas.
Owning a home is an important rite of passage. Ensure your finances are in good order and save as much of a deposit as possible while you’re in active service. Once you have a civilian job lined up and are sure you want to remain in an area, start looking into your mortgage options.