Are you active duty military and renting in Charleston? Why? Top responses are that I will only be here a few years and renting would be easier or I am not sure where I want to be, I need some time....
Response to number one is easy.....If the market continues to climb at a 7% rate a year (estimates based on current growth and expectations) and you are only going to be here for two years, on a $200,000 home you would have made $28,980. Plus you will get huge tax right offs and you are putting your BHA into your own mortgage and as you pay it down, you will recover that portion when you sell your home. So, if the average home in Summerville, ( 3 bedroom, 2 bath house) (side note Goose Creek and Monks Corner is even less expensive for the same home and are enjoying the same growth rates) sells for $189,000 and you put nothing down, (use your VA), your payments would be less than $900 a month. (estimated taxes and insurance at 4% interest). This same house would rent for $1500. If you are an E1, you will save $600 a month, not only in rent, but from your BHA. If your BHA includes dependents. In two years that is an additional $14,00 plus the equity, you will make $43,000 with nothing down.
Now the second question, where.....That's why you need a good agent. Someone who knows and understands your concerns and who knows the area. You can also ask your sponsor or colleagues. Check the inter net.
For further information contact Dave Schuj @ 843.922.2003 or email me at email@example.com