Buy or Rent

[WEGL]

I'm a recently designated SNFO and will be graduating in August... if any of that matters. I was wondering what y'all think is best, buying or renting a place in Pensacola. I'll likely be there a while so I'm seriously looking into buying a home. How's the home insurance/property taxes in the area? Would reselling likely be a problem? Thanks.

 

[ChunksJR]

I'm a recently designated SNFO and will be graduating in August... if any of that matters.

Yes, it does. The closing costs are usually mostly paid for by the buyer. If you are looking to sell when you get orders than you'll probably have sunk 6-7 grand in creating loans that you'll pay back when you sell.

I was wondering what y'all think is best, buying or renting a place in Pensacola.

Depends on what you'd do with the money. Sinking money into a home has a lot of tax advantages, but if you rent really cheap and then invest the rest...you may have more money/less headaches in the end. The best person to talk to is a realtor. I have a great one in the PCola area, just PM me to get it.

I'll likely be there a while so I'm seriously looking into buying a home.

As a NFO, you have many different options and most of them are all over the US...

How's the home insurance/property taxes in the area? Would reselling likely be a problem?

Home insurance is running about 100 bones a month (USAA) and more if you are in a flood area (POSSIBLY Perdido Key, definitly Garcon Point). Taxes are looking about $1800/year for 2500 FT^2 home...and the bigger the home, the more the taxes.

Selling is never a problem, until you put contstraints on yourself. IE, you don't have time/money to fix things that need done...orders where you can't rent out the place and now can't afford the mortgage on two homes, etc. If you have the resources (money, renters, loan terms, etc) than you can sell the house for nearly anything (or rather wait forever to get what you want for it)...

Good question...sorry for the rant. I just purchased my second home (first detached) about 2 miles south of NAS Whiting and have my condo in Va Beach on the market right now. I rented last time I was in PCola. Hope I helped.

~D

 

[WEGL]

Thanks for the great info Chunks. Another thing I forgot to ask. I've searched the USAA website and will probably just end up calling them, but does anyone happen to know if a mortgage loan can be deferred until after commissioning like the $25k personal loan they offer can?

 

[jjordan19]

I would think it would matter who was loaning you the money as to whether or not they will defer your payments and for how long. There is a rental liason person in the Pensacola Military Housing office who might be able to help as well. I think there is also a realator in the office to bounce questions off of as well. I know they can both pull a list of rentals in the Pensacola area to give you an idea of what you looking at, but you either have to get someone in P-cola to pick up the info for you and send it to you or pick it up in person. Hope it helps, I head down for API in July.

 

[SnipeDude]

Also a future SNFO considering buying...

After pipeline selection how much leadtime do you typically get before executing your orders? In other words, if selected for Maritime or E-2 how long from that point until you move to San Antonio or Norfolk?

 

[SnipeDude]

Also, I've seen talk on here of ~600 new Air Force students... Will they be primarily at Pensacola or up at Whiting?

 

[Fatboy]

Its a buyers market out here. There are allot of people asking crazy prices but overall the "fair market value" is low. Its at an all time low. I spend allot of time watching the real estate market out here. Allot of people think the prices are about to bottom out which means its a great time to enter the market.

I think the overall factor is gonna be the 2007 hurricane season. If we get hit the market will probablly sit for a while if we don't the prices will probabablly come back up. Wich means more money for you to sell or hold on to as a rental.

 

[jtf]

If you need a place to stay until you buy

I have a great room for rent.

Asking $410 per month. Currently have one Marine SNA in other room. I live in the third room.

Call if interested: (850) 346-1629

 

[cfam]

Same situation as the OP, new year. Anyone have any idea what the housing market is like in P'Cola now? Is buying still a good idea vs. renting? I did a search on the topic, but it seems to vary from year to year, based on the market. I'll be an SNFO, checking in early June.

 

[Fog]

Ask around/don't take my word for it, but the housing market in Pensacola area is lousy right now. You can rent apartments or homes much cheaper/mo. than you can own them & make mortgage payments (unless you make a huge cash down payment). Fatboy is right that it's a "Buyers Market" now, but the flip side is what happens when you try to sell 15 months from now after you get your wings. If you absolutely can't afford to make house payments in Pensacola for 6-9 months beyond the date you get your wings, then maybe you should not buy. JMHO.

 

[ea6bflyr]

From the tax side, you will never lose out on buying a house. I had a fellow SNFO that bought a house and rented out the other two rooms. Not only did he get the annual tax break, but he also made some bank. In the end, you are getting tax-free money (BAH) and gaining a tax credit out of it. If you could always rent it out when you move from P-Cola.....just an option if the market isn't doing well.

-ea6bflyr

 

[cfam]

Appreciate the help guys. :icon_mi_1

 

[FLYTPAY]

it is a great time to buy right now because there is a flood of houses on the market.

Don't jump into a pool half filled with water...ie the bottomout has not necessarily come.

if you are going to be here for a while you will not be affected by the current market.

Awile=more than 3 years..........You must be an economist....any good stock tips?


IF YOU ARE GOING THROUGH SNFO TRAINING BE VERY CAUTIOUS ABOUT BUYING.

 

[PNSRealtor]

What's your real estate background?

 

[FLYTPAY]

What's your real estate background?

I've flown over alot of it....what's your aviation background? www.realestatewarriors.com:D