Active-duty members are often faced with the dilemma of whether they should buy or rent a property, considering the nature of their work. However, investing in a home in Norfolk can be a good decision for military families, provided you consider a few factors beforehand.
There are several advantages to buying a home in Norfolk; the constant presence of military families, renting opportunities, great school districts, and an increasingly booming real estate market. Even so, there are a few factors that you need to consider before buying a home in Norfolk. These include -
The frequency of your travel
A military job is far from a regular nine-to-five activity, where you have a set routine. You might be on the road for some months, or you might not be traveling at all. You might get stationed somewhere else in less than two years.
Even if your work profile is changing and you see stability, buying a house makes sense when you are prepared for a long-term commitment. If you are sure that you will be stationed at Norfolk for well over two years, you can then consider buying a house that fits your family’s current requirements.
Alternatively, you can consider buying a home now and renting it out if you move, if you have the necessary funds.
Location of the property (Proximity to base) vs. Budget
Housing preferences in terms of proximity to the workplace, i.e., the base, differ from person to person. Some people like a house close to the base to avoid time spent commuting back and forth, while other people prefer a house that is farther away but in a nicer neighborhood.
The primary concern here is the budget. Properties located close to the military bases are more expensive but they also rent easily. Properties located slightly farther away are less expensive and have more square footage, but increase your commute time, especially considering all the underground travel.
The location of your potential property will determine its cost; you need to ensure that you are happy with the location as well as the budget.
Your family needs
Even if the house-buying decision is up to you, your family gets the ultimate say in it. If you have a small family, a comfortable two-bedroom home will do well. However, if you have multiple children, you might need to buy a bigger house.
It is important to realize that it is not only the house that matters but also the neighborhood. In addition to proximity to the base, your house should be in a good school district, must have all the necessary amenities like playgrounds, public libraries, shopping areas, pools, and restaurants.
Selecting a property manager
Active-duty service personnel have to live with the uncertainty of their job even after they have bought the house. In this case, you need to have a good property manager who will take care of your home and ensure that you earn the best return on your property investment. A property manager will smooth out the property renting process for you, and will also help you find tenants according to your requirements. With the right property manager, you won’t have to worry about your property even after moving.
Market analysis
Buying a house is a long-term investment and you need to make sure that it is profitable in the long run. Conducting a thorough analysis of the local market can help you determine the overall maintenance costs, insurance costs, and mortgage rates. Based on this, you can decide whether it is profitable for you to buy a house.
Buying a house in the Norfolk area can be a good long-term investment for military families, provided you have all your considerations straight and a trusted property manager to take care of your investment. If you are looking to buy a house in the Norfolk area, reach us at Doud Realty Services.