Decided Between Living on Installation or Off
Decided Between Living on Installation or Off
There are definite pros and cons about living on and off post! Currently our family lives off post in Colorado Springs. We feel like living off post is rewarding to our family, because the children can be rooted into the local culture. Their lives and memories feel less temporary and more traditional. That being said, owning a home means repairs and daily upkeep. Living on post there are fewer worries about repairs as housing is there to assist with quick fixes.
Living on post you have the luxury of just having your BAH taken out to pay for rent and utilities. Living off post required more financial planning. While house hunting for off-post housing, we found it important to write down all our bills, including potential mortgage payment, utilities, phones, etc. It’s quite easy to fall in love with a house and get swept away by the romantic parts of it, so it helped us to see everything on paper.
We bought our first home in Colorado Springs in 2010 during a recession for a low price. Upon returning to Colorado Springs in March 2021, we were able to sell that home for a profit that we could apply to our new home. Applying a larger down payment, as well as using a VA loan with record low interest rates, was a blessing to our family. We hope to one day retire in The Springs and buying a home is an investment into our future after the military.
MilSpouse Money
Mission Response:
Thank you for sharing your experience and photo of your family, Jessa! We love hearing more about the benefits and potential challenges of home ownership from military families like you!
For others thinking about housing options, buying a home is a major purchase and it can be a challenge to find the right housing situation for your family. Your decision may depend upon a variety of factors including current situation, availability, and long-term plans. Take the time to do your research and weigh the pros and cons of all your options. Weigh the pros and cons and full costs of renting vs. buying and check out the Five Rules of Buying a House to help set your family up for success in your housing decision. Jessa makes a great point in her tip regarding the cost of homeownership – it is more than the mortgage! Make sure to include utilities, taxes, maintenance, and closing costs – both buying and selling your home. Strive to keep your housing costs to 25% or less of your pretax pay.
Also, know that Service members and veterans may be eligible for certain benefits including a home loan backed by the Veterans Administration. Click to learn more about this program and see if it is a good fit for you. Deciding on the right housing option for your family can be a challenge, make sure to use the linked resources, research your options, and find the path that works best for your situation.
