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Buying a Kings Bay Area Home
Congratulations! You have decided to purchase a Kings Bay Area Home, or are thinking about buying one. You'll be joining the ranks of hundreds of Navy families who realize that home ownership offers a number of benefits including building equity, saving for the future, investing your BAH, and creating an environment for your family. |
Can You Really Invest Your Kings Bay Housing Allowance?
The short answer is a resounding YES! There is a way that you can take your Kings Bay Housing Allowance and invest it. It is almost like getting free money to build a savings or investment account in your name.
Here's the slightly longer answer: When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your Kings Bay home will increase in value...and you have a very good chance of cashing-out to get your BAH back in your pocket when you sell your home. Navy Family Housing, PPV projects, and your landlord love to keep your BAH. If you really think about it, buying a home is the only way to invest your BAH with a chance to get it back at a later time.
If you receive $1000 per month in Kings Bay Area BAH and pay it to a PPV Project or your landlord, at the end of five years you will have spent $60,000 in rent payments or BAH forfeiture (to military family housing or PPV). That is an awful lot of money that you will never see again.
If you bought a home and paid the same amount in a mortgage payment (assume $200 of it goes to property taxes and home insurance each month) you would have $800 going towards your homes mortgage. At 5.5% you would be purchasing a $141,000 home. Assuming 5% appreciation annually and making 60 mortgage payments (5 years of payments) you would have paid your mortgage down to nearly $130,000 and your home would have appreciated to just short of $180,000.
If you received PCS orders and wanted to sell your Kings Bay Home you would find the difference between your estimated $180,000 home value and your $130,000 payoff is a difference of $50,000. In addition, the interest paid on your mortgage and the property taxes paid to the county/city are all tax deductible so each year you may find you get a larger tax rebate.
Which scenario would you prefer? Giving $60,000 to your landlord, a PPV project, or BAH forfeiture through military family housing...or would you rather create a strategy to build equity and invest your BAH. Remember that when you move out of military housing or a rental they do not give you your money back. In contrast, when you sell your home they do not ask for all the profit!! DoD gives you the BAH for your housing - whether you give it away or invest it is entirely up to you!
What are the advantages of dealing with StayNavyHomes.com?
It is true that you can always visit your local Navy Family Housing Office to ask about buying a home. They are widely considered a trusted source that is assumed to not have an agenda of making money off sailors and officers. This has some truth to it, but it also has some major draw-backs. The draw-backs of using the information provided by your local Navy Housing Office is that the majority of those government employees or contractors providing you guidance have little-to-no experience in comparison to the individuals working in the real estate profession. Their job is to sit in the Housing Office and give you information based on books, networking, or training that has been provided to them by their employer.
StayNavyHomes.com has major advantages as a network of people that actually work in the real estate industry and have also served in the military themselves. Our network professionals are retired service members that went into real estate as a second career, are service members that did one or two enlistments and decided to get out, or are the spouse of service members. Each of our Navy experienced professionals bring major insite to the process, having made PCS moves across the country or around the world. Let's face it - there is no substitute for having experience with a military move and knowing how to apply it to a Kings Bay area home purchase!
Please feel free to contact us if you have any questions about buying a home in Kingsland, St. Marys or anywhere around the Submarine Base in Kings Bay. We are honored to serve those that continue to serve our nation.
In the following reports, you'll find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step , to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving.
For the information on buying a home select desired reports and complete the form provided.
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