Finding the right place to live is part of the adventure of military life. Housing options will be influenced by a variety of things such as rank, location and family size. You may want to live on the installation, rent a townhome off base or buy a home. Before you decide where to build your nest, it is important to weigh all the information and know about the resources available as a renter or homeowner.
Here are a few things to consider as you explore your next home:
Decide whether to rent or buy.
For military families, the decision to rent or buy a house may surface over and over. Both have benefits. Renting offers lower maintenance fees, up-front costs, monthly payments and greater flexibility. Buying provides tax breaks, the option to renovate and a chance to build some financial equity. Get guidance on making the right decision for you.
Make the most of living on an installation.
Living on an installation is a great opportunity to become part of a service-oriented community and save money by living in affordable housing. Military OneSource offers tips to make the most of living on an installation, such as taking advantage of the programs and activities available on base, ideas for getting to know the people in your neighborhood, and connecting with your Military and Family Support Center.
Make your home accessible.
An accessible home is one with modifications that lets an individual with disabilities do what he or she wants and needs to do, as independently as possible. Service members or veterans with disabilities may be eligible for assistance under one or more Department of Veterans Affairs programs. Military OneSource highlights some government and community resources that can provide financial and technical assistance for home modifications to allow for more comfort at home.
- Home Modification Resources for Wounded Warriors
- Make a Home Accessible With Department of Veterans Affairs Program
Use a financial calculator.
Take the guesswork out of home financing by using a few financial calculators available through Military OneSource. These tools will allow you to figure out the numbers for a variety of situations, such as comparing the cost of refinancing your home against the interest you pay on your current loan, computing what your principal payment should be, and determining the estimated payments and interest for an adjustable rate loan.