Military Service Members Moving to a New Home: Should You Buy a Condo?

Military service members face many relocation challenges that many other people don't face. Primarily, military service members are forced to move a lot for their job. When moving, military service members must make decisions like whether to buy or rent an apartment, a home or a condo. The experience of condo ownership versus apartment rental can be very different, so it's important to make the right decision when relocating for work. If you're a military service member who is relocating soon, here's what you need to know about buying a condo.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Benefits of Owning a Condo

There are many advantages of owning a condo that can benefit military service members. Like single-family homes, condos are a good investment. When a condo is sold, as long as it has appreciated in value, the condo owner may collect a profit from the sale of the house. In addition, condos have benefits that can be particularly useful for service members.

• Less maintenance. Condos require less maintenance compared to single-family homes, because the HOA handles all exterior maintenance.
• Lower cost. Condos are typically more affordable than single-family homes.
• Control over the environment. People who want to paint their interior rooms and make changes to their inside space often turn to a condo purchase over an apartment rental.

Downsides of Condo Ownership

Unfortunately, there are some downsides of condo ownership that can have a particular impact on members of the military.

• Condos can take longer to sell than single-family homes. Often, military personnel must move quickly, which can be more challenging when trying to sell a condo.
• Buying property is a commitment. Month-to-month apartments are much less of a commitment than the purchase of a property.
• Renting a condo to someone else brings its own challenges. A military service person who decides to rent their condo to someone if they decide to move will face all the challenges of being a landlord, which could be especially difficult overseas.

Which is Right for You?

If you're a member of the military and you're trying to decide whether to buy a condo or rent an apartment, start by exploring both options. Contact a lender to find out how much you would have to pay for a monthly mortgage, then compare that to the amount that you would have to pay for an apartment in the same area. You can also browse pre-selling sites like Precondo.ca for immediate price comparison. Knowing how much money you can expect to pay for each can help you decide which might be more appropriate for your situation.

Other factors to consider include:

• Whether condos are a popular commodity in the area where you are moving.
• The projected length of your assignment.
• Whether someone else will be living at home and will be able to maintain the condo, should you be shipped somewhere else for duty.

Contact a Real Estate Professional to Get Started With Your Home Purchase

If you're a member of the military and you would like to purchase a condo, work with a real estate professional in the area where you would like to buy. Look for a real estate agent who has experience working with members of the military. Working with a real estate agent who has experience with military personnel can help you get the condo you want at a price you can afford.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.