Buying & Selling a Home for Military Families in Dover, DE
Military families tend to be very independent and creative in buying, selling, and renting homes without a true relocation benefit. Whether you intend to sell or rent your home "by owner" or employ the services of a Realtor, Military Families must take different steps to market their home. And if you are searching for a new home (whether to rent or purchase) in your new duty station, Burns & Ellis Realtors has tips to market your home to sell or initiate your buying search. Any military family needs a reliable and knowledgeable real estate agent. Contact the experts at Burns & Ellis Realtors today to get started on your buying, selling, or renting journey!
Expert Selling Tips From Burns & Ellis Realtors
Hire A Real Estate Agent With Relevant Experience
There are many things to consider when hiring a real estate agent. If you are a military family, finding an agent with experience working with military families is essential. Military families move often and have unique needs when finding a home. An excellent real estate agent will be familiar with buying or selling a house on a military base and be able to provide helpful advice and resources. In addition, an experienced agent will know how to navigate the challenges that come with moving frequently and will be able to help make your move as smooth as possible.
Connect With A Cash Buyer
Military families frequently find themselves moving to new duty stations, making selling a home an extra challenge. One option that may be worth considering is working with a cash buyer. Cash buyers are investors who purchase houses for cash without the need for a loan. This can simplify the selling process, as there is no need to worry about getting approval from a lender. In addition, cash buyers are often able to close quickly, which can be helpful when you need to move quickly. Of course, there are some downsides to working with a cash buyer, including the fact that you will likely get less money for your home than if you sell it on the open market. However, if speed and simplicity are your top priorities, working with a cash buyer may be your best option. Burns & Ellis is committed to military families! Learn more about our experience and listings!
Take Advantage Of Military Programs, VA Loan, & Tax Benefits
If you're a military family selling a house, there are a few special programs you can take advantage of to make the process easier. First, if you have a VA loan, you may be eligible for the VA Interest Rate Reduction Refinance Loan (IRRRL) program. This program allows you to refinance your existing loan at a lower interest rate, saving you money every month. Also remember to take advantage of your tax benefits. The Military Homeowners Protection Act (https://www.military.com/money/home-ownership/buying-a-house/homeowners-protection-under-scra.html) allows military families to exclude some of their capital gains from taxation when selling their primary residence. With these programs in mind, selling your home as a military family doesn't have to be stressful — take advantage of the benefits available to you and make the process as smooth as possible.
Expert Buying Tips From Burns & Ellis Realtors
To Buy or Not to Buy?
Deciding whether or not to buy a home is a big decision, and it's one that military families have to make with extra consideration. On the one hand, owning a home can provide stability and a sense of roots in an otherwise often-transient lifestyle. On the other hand, buying a home requires a certain amount of financial stability and flexibility that may be hard to maintain with a military lifestyle. Ultimately, deciding whether to buy or rent depends on each family's circumstances. Some factors to consider are things like how often you move, your budget, and whether you want the flexibility to pick up and move at a moment's notice.
Visit the Area
One of the most critical steps in buying a home, especially if you are relocating to a new area, is to visit the area in person. This will allow you to get a feel for the different neighborhoods and see first-hand what amenities are available. Even if you don’t end up making any offers while you’re visiting, you can at least narrow down the local schools and see what childcare options are available. By visiting the area in person, you can ensure that you find the perfect place to call home.
Understand BAH
If you're an active-duty service member, you may wonder whether renting or buying a home is better. The good news is that you'll receive a Basic Allowance for Housing (BAH) regardless of your choice. How much you receive each month will depend upon factors such as your pay grade, dependency status, and the cost of living in your chosen area. For example, service members who are single and have no dependents will receive a different BAH rate than those who are married and have children. So whether you're looking for a cozy apartment or a spacious house, rest assured that you'll be able to find something that fits your needs and budget.
Compare Several Types of Mortgages
Deciding what type of mortgage is right for you can be difficult, especially if you're a military family. There are many factors to consider, including interest rates, down payments, and eligibility requirements. However, by researching and comparing your options, you can find the mortgage that best suits your needs. For example, if you're eligible for a VA loan, you may get a lower interest rate than a conventional loan. Or, if you're looking for a low down payment option, an FHA loan could be a good choice. There are also special mortgages available for active-duty military members and veterans. So whatever your situation, there's likely a mortgage that can fit your needs. By comparing your options, you can find the best possible mortgage for your family.
Above All Else, Have an Experienced Real Estate Agent By Your Side
Whether you’re in the position of buying, selling, renting, or selling to buy, having an excellent real estate agent is every buyer’s secret weapon. Having an agent with experience in military family real estate is even better. Having an experienced and savvy negotiator on your team will make your real estate process smoother. Burns & Ellis Realtors can help at every step. Send us a message or call our office in Dover, DE, today to see how we can help!