Permanent Change of Station (PCS) is common for many military members, and, especially in the Colorado Springs area, that can become a reality. A PCSing expert realtor Colorado Springs can provide invaluable guidance for military members facing a move to or from Colorado Springs. Citadel Realty, LLC has been working with military members for over 20 years and understands what a PCS move can entail for single people, couples, and families. Here are some important points that our team is familiar with and thinks you should know.
Understanding Military Housing Allowance (BAH)
Military members should understand how their Basic Allowance for Housing (BAH) will factor into their housing options to help determine their budget and what type of housing they can afford. The purpose of BAH is to offset the cost of housing when service members are not provided with government housing. Rates are based on several factors, including location, rank, and whether the service member has dependents.
Key things you may not realize about BAH:
- Dependents: BAH rates are higher for service members with dependents (spouse and/or children) compared to those without dependents. The presence of dependents can significantly impact the amount of BAH received.
- Non-Taxable: BAH is not considered taxable income. This means that, as a service member, you do not pay federal income tax on BAH payments and that can increase your take-home pay.
- Rent vs. Buy: While BAH can cover rental expenses, service members can also use it to pay a mortgage if they choose to purchase a home. Consider factors such as length of assignment, personal or family needs, and potential for relocation before buying a home.
- Changes in BAH Rates: BAH rates can change annually based on shifts in housing costs and other factors. It’s important for service members to stay informed about any updates to BAH rates in their area.
There can be unique policies or regulations regarding BAH, such as restrictions on certain types of housing or additional allowances for specific circumstances, such as being single or married. Service members should look to a PCSing expert realtor Colorado Springs who is familiar with policies that may affect your housing options.
Understanding VA Loan Benefits
For military members using a VA loan to purchase a home, it’s essential to work with a realtor who understands the intricacies of VA loans and can help you navigate the process smoothly.
VA loans offer several benefits for service members and families who are relocating due to a Permanent Change of Station (PCS) move.
- No Down Payment: One of the most significant benefits of a VA loan is that eligible service members can purchase a home with no down payment. This can be particularly advantageous when relocating frequently due to PCS moves, as it allows service members to conserve savings for other expenses.
- No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans do not require private mortgage insurance, even with a zero-down payment. This can result in lower monthly mortgage payments, saving money over the life of the loan.
- Competitive Interest Rates: VA loans typically offer competitive interest rates compared to conventional loans. Service members can potentially save thousands of dollars over the life of the loan due to lower interest rates. Also, VA loans have more lenient credit requirements, making it easier for those with less-than-perfect credit.
- Assumption Feature: VA loans often have an assumption feature, which allows the loan to be transferred to another qualified borrower in the event of a PCS move. This is beneficial if the service member needs to relocate and wants to sell their home without paying off the mortgage.
Knowledge and Timing
Your PCSing expert realtor Colorado Springs should be familiar with these programs and be able to guide you through the process of accessing them. If you’re moving to Colorado Springs, having a realtor like Citadel Realty, LLC who is familiar with the proximity to military installations like Fort Carson, Peterson Air Force Base, and the United States Air Force Academy can be beneficial.
Our team can help you find housing that is conveniently located near your duty station if that’s preferable. We also have a comprehensive understanding of the neighborhoods, school districts, amenities, and commute times in Colorado Springs. Important factors if you have a working spouse or schooling concerns as a family. A PCSing expert realtor Colorado Springs can help you find a home that meets your needs and preferences.
We also know that timing is crucial for military members during a PCS move. We want to help you better understand the local real estate market trends, the best times to buy or sell, and how to coordinate your move with your PCS orders. Let us be your experts, so you don’t have to be.
Citadel Realty for Your PCSing Expert Realtor Colorado Springs
Military moves can often be unpredictable, so it’s crucial to work with a realtor who is flexible and understanding of your unique situation. A PCSing expert realtor Colorado Springs should have a strong network of professionals, including lenders, inspectors, movers, and other resources that can assist you throughout the relocation process. Our team at Citadel Realty, LLC can accommodate last-minute changes and adjustments to your timeline.
By working with our knowledgeable and experienced PCSing expert realtor Colorado Springs, military members can navigate their PCS moves to or from Colorado Springs with confidence and ease.
Citadel Realty, LLC
Citadel Realty, LLC provides top-notch services for residential, land, income properties, bank-owned properties, and relocation in the El Paso County area. We pride ourselves on providing the best customer service with honesty, integrity, and respect. Contact us to get the best property management services in Colorado Springs, Monument, Fountain, Falcon, Manitou Springs, and other cities in El Paso County. With decades of experience in real estate and property management, you can rest assured that your property is under professional care. Give us a call at 719-266-6003.
