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Thread: So many choices up in the air.

  1. i request the highest of fives!
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    #1

    So many choices up in the air.

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    So. A month ago I re-signed our lease for another year. We like this house a lot, I'm tired of moving every year, and DH is deploying in a few months so I was REALLY EXCITED to not have to go through the whole finding, renting, and moving process without him for the third time in a row.

    Then, a week ago, our friends who board our dog when we are away told us they are moving and getting ready to sell their house. We LOVE their house. Every single time we're there, we leave talking about how perfect it is, how it has everything we would want in a house, how great the location is, how amazing the property is, on and on. It's perfect for us. And the amount they are asking is something we would be capable of handling with no issues if we decided to. Also, now is a good time to buy in 29. Miramar is moving here. They're already laying groundwork for new developments everywhere. Property cost is going to go through the roof in the next few years. DH's next two choices of billets are here. That's a hypothetical, and as likely as the military gets, six years before we would begin renting out the house. Six years is a pretty good period of time to live somewhere.

    Here's the thing. We hadn't planned on buying yet. Just didn't think it was a priority for us now. DH NEEDS a new car when he gets home from deployment. There's no ifs ands or buts about that. His truck has 400,000 miles on it. It's a miracle it still exists. So we were ready to save a huge down payment while he is gone and be able to pay the majority, if not all, of his vehicle outright. If we buy a house, we're going to have a new mortgage payment and a new car payment. There's no other way.

    Here's the second thing. I'm thinking about living in DC for half a year while DH is gone to intern for an amazing magazine. So, hypothetically, I will be paying rent in two places (or rent plus a mortgage). Once again, this is possible for us, especially on deployment pay, though of course it's not exactly exciting. But no way that we would give up having a house here in 29 all together and then start over when he comes home. No way.

    So, do we buy a house because it's the house for us and because it's a good investment? Or do we stay stagnant so I can go to DC and make a huggeee move for my career and just deal with swallowing those costs, and stay in the house we are in for another few years? Or do we try to buy and move before I immediately leave for DC? What in hell do we do?

    I need a venn diagram I think...
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  2. Pour a little salt, we were never here
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    #2
    I like owning, even with the possibility of a move in the future. I think the deciding factor for me would be the timeline of when your DH leaves, when you leave, and how much time before closing you would have. There are so many frustrating things that happen during closing, and I wouldn't want it to be back to back with you both leaving. For us, DH was set to deploy end of May, so we put our cut off to get into contract with a house at the end of February (we actually found our house the last day of looking) and we knew if the deal fell through, we wouldn't be looking again until he got back. Anyway, our close date ended up being mid-april. that was comfortable enough for me, to have six weeks before he left in case it got extended, or worse fell through and we had to decide where I was going to live for the deployment (stay where we were, find a better apartment, etc...). So yea, that would basically be the deal breaker for me.
  3. i request the highest of fives!
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    Quote Originally Posted by [his] lobster View Post
    I like owning, even with the possibility of a move in the future. I think the deciding factor for me would be the timeline of when your DH leaves, when you leave, and how much time before closing you would have. There are so many frustrating things that happen during closing, and I wouldn't want it to be back to back with you both leaving. For us, DH was set to deploy end of May, so we put our cut off to get into contract with a house at the end of February (we actually found our house the last day of looking) and we knew if the deal fell through, we wouldn't be looking again until he got back. Anyway, our close date ended up being mid-april. that was comfortable enough for me, to have six weeks before he left in case it got extended, or worse fell through and we had to decide where I was going to live for the deployment (stay where we were, find a better apartment, etc...). So yea, that would basically be the deal breaker for me.
    Yeah, that's definitely a concern. We're not sure our friends would be ready to leave before my husband does. I reallyreallyreally don't want to do all of this alone. And that would point blank kill me going to DC, because our stuff isn't going to move itself
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    #4
    First, I feel like our SOs are on the same deployment rotation

    Second, I think buying the house is a good investment. If you both love the house and it's reasonably priced right now, I say go for it! I've never owned a home, but I would look at the following questions: How much are you paying in rent vs how much would you mortgage be? Is it a fairly new home (ie are you going to have to be paying for major repairs anytime soon)? Will you be able to afford the mortgage and the new car payment? I'm sure you've gone through some if not all of these, but maybe there's something there that will get your brain juices flowing about the finances and whatnot.

    Third, I think making a big career move would be great for you. I've seen how frustrated you are on the forums about not working. If this is going to boost your career, it's important. Regardless of if you buy the house or not, come to DC, work for the magazine (which one by the way?) and enhance your future. Plus I'm in DC. And we can force Trish to come down

  5. Pour a little salt, we were never here
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    #5
    Quote Originally Posted by lorem_ipsum View Post
    Yeah, that's definitely a concern. We're not sure our friends would be ready to leave before my husband does. I reallyreallyreally don't want to do all of this alone. And that would point blank kill me going to DC, because our stuff isn't going to move itself
    That sucks, because the DC opportunity sounds awesome! I flat out refused to move with him gone, like there were a few short sale houses we liked but I just vetoed them because the closing date was too unpredictable, but I know lots of people who are willing to move alone but if it affects your internship, that's a whole different problem. I hope it works out! Do your friends have a date they are willing/have to vacate yet?
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    #6
    Personally, I would see buying a house whose value will raise as a better investment as a new car. Is there a way you can buy the house and get a newer used car instead? That way you have both a house & a reliable car?

    be cool.
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    #7
    Is there a possibility of finding a tenant during the time you are in DC if you bought the property?
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    #8
    Quote Originally Posted by WiggleWiggle~ View Post
    Is there a possibility of finding a tenant during the time you are in DC if you bought the property?
    Good idea! Idk why I didn't think of that when we have somebody renting OUR house
    With the influx you expect, I would look into exactly how many more developments are coming and if it will be enough to keep up with rent demands. The new people coming in could either be a good thing and cause the renters market to be overflowed with too many hopefully tenants and not enough properties or it could be a bad thing and they could over produce rental properties (which is what happened in Jacksonville NC for us... but we still got tenants!) leaving the new properties to start throwing incentives that you possibly cannot compete with.

    be cool.
  9. i request the highest of fives!
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    #9
    It seems realllly unlikely that we would be able to buy the property and immediately be ready to rent it out, unless we had close friends that we could rent to without using a realty company to manage it or anything.

    Quote Originally Posted by the_lepus View Post
    First, I feel like our SOs are on the same deployment rotation

    Second, I think buying the house is a good investment. If you both love the house and it's reasonably priced right now, I say go for it! I've never owned a home, but I would look at the following questions: How much are you paying in rent vs how much would you mortgage be? Is it a fairly new home (ie are you going to have to be paying for major repairs anytime soon)? Will you be able to afford the mortgage and the new car payment? I'm sure you've gone through some if not all of these, but maybe there's something there that will get your brain juices flowing about the finances and whatnot.

    Third, I think making a big career move would be great for you. I've seen how frustrated you are on the forums about not working. If this is going to boost your career, it's important. Regardless of if you buy the house or not, come to DC, work for the magazine (which one by the way?) and enhance your future. Plus I'm in DC. And we can force Trish to come down
    They totally are

    I did a mortgage calculator thing today (which is obviously not concrete but good estimate anyway) and with the APR we could pull off, our payments would be within 100 bucks of what we pay in rent right now. Also, DH will be picking up while he's deployed, so either way our BAH is going to end up higher than what we're paying, and since we'd just be exchanging rent for mortgage, the car payment stuff would be fine either way... oh god I'm rambling. Can't stop thinking around in circles!
    And the house is totally immaculate and only six years old, but we'd have to do some stuff as soon as we moved in to get rid of a bunch of the stuff that our friends have set up due to their dog training, like taking out some fencing and whatnot. So that definitely factors into cost.

    I really REALLY want this DC stuff (with Barrelhouse, by the way!). It's just sooo many decisions. You and I would totally be deployments bffls And Trish would totally come because she's a secret American.
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    #10
    Have you included property taxes in your calculations?

    And renting it out immediately would not work because of your mortgage. The bank expects you to live in the house and you have to sign paperwork stating that is what you plan to do. If you plan to rent it out right away, you would need a different type of mortgage, which will probably have a higher rate.

    I'm not sure I understand about DC. Does that mean you would leave the house empty for six months? That is not usually a good idea. It will also effect your homeowner's insurance. Insurance companies do not like empty houses.
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