I will be going to my next duty station (Corpus Christi, TX) in a few weeks and am planning on purchasing a home.
From the research I’ve done I believe that the homes are fairly priced (especially when put in context with other markets across the country), and it actually appears to be one of the last beach towns that is still affordable.
However, I am still hesitant to purchase for a number of reasons. It is possible that I am only going to be in Corpus Christi for 6 months (although it could be in excess of two years… you never know when it comes to the Navy). My goal is to purchase another home at my follow-on duty station and to rent out the home I purchase in CC.
I have saved up a little over 12K delivering pizzas at night and living frugally, but am still planning on financing all but 1.875% with a VA loan quoted at 5.875% (the interest rate). I am not set on which place I want quite yet, but am leaning towards purchasing a condo on North Padre Island. The places I’m looking at range in price from 120K - 165K.
I saw some other threads relating to this topic (Housing Bubble and another that was started by Nate Dogg I believe) and there was a lot of valuable feedback.
If anyone has experience with real estate (especially frequent movers who continue to rent out places after leaving) I would greatly appreciate your insight.
Thanks in advance to all who reply!