Finishing BOLC Soon? Here Are Four Reasons To Buy Rather Than Rent
As an Army officer, I understand what it's like to go from graduating college, temporarily moving to a duty station to attend your BOLC class, and then to make a permanent move (PCS) to your next duty station. One thing that almost always gets overlooked is why you should buy a home versus rent. Below is my list of 4 reasons why almost every young Army Officer should buy their home at their first duty station!
1. Equity: This is one of the most overlooked reasons to purchase a home, no matter who you are. People do not understand what equity in a home does for their financial life and future. When you buy, even if your home's value stays the same over the next few years, you will still have equity in your home that you have built up from the payments that you made over your time. The longer you live in your home and make the necessary payments on your mortgage, the more equity that you will have, and you will then be able to leverage that equity in various ways later in life!
2. Renting Market: This also ties into equity, as well as other things. Whether you stay in the military and PCS, or you decide to get out of the military and move to a new city, renting your home can be very beneficial for your financial life. First off, you'll most likely be able to rent your home to other military members without any issues. When living near an Army base, there will always be renters for your home. Additionally, you can leverage your property for tax purposes very favorably. You can write off your mortgage interest and the depreciation in your home from your income in order to lower your tax burden for the year.
3. Pets: Let's face it, most people have pets, especially in the military. Do you know what you do not have to worry about when owning your home AND owning a pet? The answer is a fee to have your pet live with you. When you buy your home, you do not have to worry about any pet deposits, increases in rent for your pet, or any of those issues.
4. VA Loan: The VA Loan benefit is by far one of the best products to purchase a home. Unlike other low to no money down mortgage programs, you do not have to pay private mortgage insurance, which is an additional cost towards your monthly payment! This is significant due to the favorable VA Loan rates and the fact that there is no minimum credit score for the VA Loan!
If you have any questions, please feel free to reach out to me or anyone in my team! If you're interested in learning EVERYTHING that there is to know about the VA Loan, CLICK HERE to register for the "VA Loan Bootcamp" and use the registration code "VLGCME" to watch the Bootcamp on demand by Veterans Lending Group.