Active duty military personnel have a unique set of challenges when it comes to affordable housing. Many career servicemen and women, concerned about budgets and possible transfers, choose to rent as an alternative to buying a home. However, in today’s market, you might want to consider buying or building a new construction home if you’re currently serving in the armed forces — and Lowder New Homes goes the extra mile to make it easier to buy. Here are a few benefits of buying a new construction home when you’re active duty military.
Greater sense of stability
Military families often feel a sense of transiency and uncertainty, especially when living in temporary housing. Buying a home gives your family a stronger sense of stability, even during times when you may be called away for duty. Additionally, military members who suffer financial hardship due to duty, injury or other circumstances may be eligible for government mortgage forbearance programs in the event that paying the mortgage becomes a challenge.
Investment in your future
When you rent, you are effectively lining someone else’s pockets. When you buy a home, you’re investing in yourself. Real estate is always a good investment that generally increases in value over time. If you have to pay housing costs (which you do), why not put that money toward your own investment? If you do get transferred and need to sell, new construction homes tend to be easier to put on the market because the hold their value well, and because they require less preparation and upkeep.
More affordable than you think
Many military personnel fall into the default mentality that they can’t afford to buy a home, when actually mortgage payments are comparable to rent, or even cheaper. As to down payments and closing costs, many programs are available to reduce or even eliminate these costs. Many servicemen and women are surprised to discover how accessible buying a home is.
If you’re going to buy, why buy a new construction versus an existing one? Simply put, a new construction is move-in ready, and may even be constructed to your specifications. As a busy service person, you probably don’t have the time or bandwidth for a “fixer-upper.” New constructions eliminate that issue.
Some home builders offer additional financial breaks for military personnel. Lowder New Homes, for example, currently offers an additional bonus of $1000 to active duty military, which may be used for closing costs or moving expenses.
At Lowder New Homes, we are grateful for the service and sacrifice of our men and women in uniform to help keep us free. This is why we offer special incentives available only to active duty military personnel. To learn more, call us today at 334-270-6789.