Home Buying in Birmingham>Question Details

Tamika, Home Buyer in Birmingham, AL

My husband is Military and we are moving back to our hometown for 3 years so that he can get a recruiting

Asked by Tamika, Birmingham, AL Mon Mar 3, 2008

job. He has been military for 9 years. Does it make since for us to buy a house while we are in our hometown for these 3 years thinking about putting the house on section 8 are selling when we move.

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8
Tamika, There are many variables to consider when thinking of buying or leasing in Birmingham. There are currently quite a few investors in the Birmingham area that are leasing due to the time it is taking to sell their investment properties, so if you are going to be in Birmingham for 3 years but may decide to stay here longer if your husband finds a great job in the area, a lease purchase option may work for you. But this would also depend on the area of Birmingham that you would like to live. Also, since interest rates remain at a record low now is the time to invest instead of renting. There are some great properties available in our area and our market is one of the strongest resale markets in the country. If your time frame is only 3 years, I would look at properties that are already updated, because living during updating a home is difficult and you only have a short time to enjoy Birmingham.
I wish you the best!
1 vote Thank Flag Link Fri May 9, 2008
Tamika,

There are many things to consider when buying a home. Whether to buy now or later is certainly a decision you have to make for yourself. With that being said, I personally believe it is a great time to buy a home because prices are down and interest rates are down too. There are some great deals out there now too -- some are foreclosures -- and foreclosures can be excellent investments and can put you in a stronger equity position. Foreclosures, which are bank owned, are different than most typical purchases. Most foreclosures are in need of work, but you can get a 203k repair loan and include the repairs in one loan. This will allow you to either do, or hire the work done, and pick up some equity on the property by virtue of improving it. Good luck with your decision making and home search, whether rental or purchase.
1 vote Thank Flag Link Tue May 6, 2008
I am a realtor in the Montgomery area and also a wife of an Active Duty Air Force member. Things are starting to move again here in our area and if you know that you are going to be in your area for atleast 3 years then "I" would go ahead and buy. The rates are really good and there is a great selection of homes to choose from. In "my" opinion - buying is definitiely better than renting for three years.
0 votes Thank Flag Link Thu May 15, 2008
Real Estate investments are how 95% of the rich got that way. If you are going to be in one spot for at least two years, it makes perfect financial sense to buy. Not only are you paying yourself instead of a landlord, you are also allowed to write that off on your taxes!

You should re-think the section 8 idea though. It is a full time job dealing with renters, and if you are not going to be in the same town it is even more of a pain.
0 votes Thank Flag Link Fri May 9, 2008
TODAYS HOUSING PRICES AND INTREST RATES ARE AT AN HISTORICAL LOW POINT AND GIVEN THOSE FACTORS I THINK IT IS AN EXCELLENT TIME TO INVEST IN PROPERTY!
Web Reference: http://www.lake-barkley.com
0 votes Thank Flag Link Fri May 9, 2008
Tamika,

I'm answering your question assuming you are moving to Birmingham.

After several years of a high priced market, prices are down in Birmingham. It's a great time for buyers. Interest rates are going down and will continue to do so over the next couple of months. Birmingham is a growing city, so as long as you are smart in your purchase, you should be able to sell in three years.

As far as turning your house into a Section 8 rental when you move in three years: I know investors who buy only with the intentions of renting via Section 8. They do very well, they know they will get that payment every month, but they also know there is a risk of property damage. If you aren't prepared to keep your property up, and don't want the probability of having to remodel down the road (should you want to move back to the property), then renting the property may not be financially feasible for you.

There are a lot nice apartment communities in our area should you choose to rent instead of buying your own home. Some areas of town are rather expensive though, so buying may make more sense.

Good luck to you and your family!
0 votes Thank Flag Link Thu Mar 13, 2008
Tamika,

I'm not much for renting, especially if you read my profile ....

But .. hubby is in the Military and things "could" might maybe" change after the elections, so I would want to know about that issue in the next 10/12 months ...

Depending on the area Birmingham(?) ... I would just rent, I would save, I would take my time and watch the market (and save) and track the properties in the area .... homes won't be hard to find (depending on the area) and rates will drop into the low 5% in the next 2 or 3 months and will stay low for some time...

The 2 most important things when you're looking for real estate --- accurate information and patience ..

Thank your husband for a job "well done".!


:^)



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0 votes Thank Flag Link Sun Mar 9, 2008
It depends where you hometown is and what the market conditions are like at the time. I am also military. Feel free to email me at crosbydemetrias@hotmail.com do more information as I don't check this site often
0 votes Thank Flag Link Thu Mar 6, 2008
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