I was considering putting this in Serious, but it's fine here.

I'm thinking about buying a house when I move to Norfolk, VA in June. I'll be there for about a year, and could continue to stay there another three years. I know that monthly payments tend to come out a few hundred dollars less than rent, and we'd rent it out using a property management company when we leave, rather than sell it. Norfolk is a huge military town so we'd never have a problem with finding reliable renters. Right now we're DINKs and intend to stay that way for at least 4 more years.

But still, as a 23 year old it's a huge responsibility. We're looking in the $150,000-$250,000 range, using a VA loan for the down payment and a 30-year mortgage around 3.75%.

I know there are only a few homeowners here, but any advice would be appreciated.

DINK?

Dual income, no kids.

I wouldn't buy unless you know for a fact that you'll be there for at least 5 years. Otherwise you're most likely going to take a loss.

Wish I could buy a house.

Quote from: THE BOAT ecks two on April 19, 2016, 05:07:11 PM

Why not just rent something with dat sweet BAH?

We were planning on renting, but mortgage payments are less than rent and it shouldn't be hard to find renters after we leave. And if I get assigned there for my first deployment we'll be there four years, and then I could stay on as an instructor and stay another three.

Quote from: PSU on April 19, 2016, 04:46:11 PM

I wouldn't buy unless you know for a fact that you'll be there for at least 5 years. Otherwise you're most likely going to take a loss.

Even planning to rent it out after we leave?

Well, that does sound like a solid plan... but will renting the property afterwards really bring you that much to sort of cover itself?

Quote from: Decimator Omega on April 19, 2016, 05:27:18 PM

Wish I could buy a house.

what would you do?

live in it?

Yes.

I plan on buying my own home within the next 1-2 years myself. I thinks the smarter option paying off a mortgage then getting stuck in the rent trap.

I see too many disadvantages to renting.

Edit: Im also only 20 but feel completely ready to take the responsibility.