Are you active duty, and new to Colorado Springs? Currently home buying is in high demand. Our economy is good, and much of our economic success is driven by our Veteran owned small business. Our housing market is steady, but strong. The average home price in Colorado Springs in 2020 is just under $340,000. This has been a steady upward trend for the past 3 years. This is important for you as a soldier who may be transferring in the next 3 to 4 years. Our five military installations are Fort Caron, in located in Fountain, Cheyenne Mountain Air Force Station, home to the North American Aerospace Defense Command (NORAD), in southwest Springs, The Air force Academy, in the northwest part of the city, with Peterson and Schriever Air Bases, located in the east. So depending on your duty station, a wonderful community awaits you. Element Home Life has a number of ways to provide housing assistance to you. Not all Realtors are Military Relocation Specialists (MRP), so you will want to be sure, even if you are already in town, it is best to work with agents who specialize in relocation. More often than not, you will arrive before your belongings, and a specialist has the ability to help make your transition easier.
Real Estate Services For Our Military
Military Real Estate
Many service members believe that it is better to rent than to buy a home in a city that they are not going to stay in. In actuality, this couldn’t be further from the truth. There is no investment in renting. Whether you rent for 2 years or 10 years, the payments that you make are actually paying a mortgage, it’s not your own mortgage. The homeowner is gaining equity in their home off of your money. Most landlords are investors, who are making as much as $500 monthly off of their tenants. So if an investor is renting out 10 homes, they stand to make approximately $5000 a month in passive income.
Let’s do the math
If you live in a rental $1500 monthly (average rental amount in Colorado Springs), in one years time, you will have paid $18,000. In just 4 years that would be $72,000 that has been paid into someone else’s mortgage. Service members have earned by serving our country, the benefit of your VA home loan package. This is a privilege awarded to you to give you the opportunity to grow your financial portfolio. Real estate ownership is the way to build wealth as your home value appreciates. Appreciation happens more rapidly than in decades past. Think of owning a home like a bank account, with a much greater wreturn on your investment, over time. In Colorado Springs, ownership is a great place to own a home, because we have so many installations, which helps to keep homes values up, and our communities are home to many people who love and care for where they reside, more specifically because they want to keep the value in their communities, because they will be selling in the more recent future. Why is this beneficial to you, the service member who has the ability to use your VA loan, to purchase a home?
- You can begin to acquire investment properties much easier than the average person, and build a wealth portfolio, as you plan for your future and retirement.
- As long as you are within the VA loan limits (currently in El Paso County, $484,350.00), you can own a home, and rent it when you PCS, then purchase another home in your new location. If your new home is above your remaining VA loan limit, then you can use another loan program for the remaining amount of the home.
- There are a number of tax and financial benefits for homeowners. Owning a home makes it easier to acquire other assets. Also, homeowners establish a higher level of social capital, and more often participate in civic responsibilities, and community services.
If you wish to buy or sell your home, our team of experts are her to assist with all of your real estate needs. Our agents can help you get qualified to buy your home, provide real estate services to get your home sold, for top dollar, in the shortest amount of time. If you are interested in renting out your home, our Veteran owned property management partners will be happy to assist. They will manage and service your property, as well as keep you updated on your property while you are away. Choose from a number of different owner/lease services.
Element Home Life agents specialize in Military relocation, and are skilled in the process of helping you get your current home sold, and helping you to find one here in Colorado. If you are a homeowner, through our Realtor referral network, we can partner you with an agent in your state/country, to help you sell your home, while working with a local agent here in Colorado to help you find your new home, whether you wish to purchase or rent. Not in Colorado Springs, but you still need relocation services? We can still assist you. Element Home Life can still connect you to relocation experts in both locations!
Why should you use relocation services?
When you use a relocation service, the agent specialist not only helps to locate a Realtor to assist you, you will also have the Realtor who will be able to speak the language while communicating with your referral partner. We help to provide checks and balances for you, in order to ensure you are being well taken care of. It is our job to ensure that your transition runs as smoothly as possible; you will more than likely have enough on your plate. If you have a home listed for sale and you are trying to purchase one in your area of location, you want to be sure that your transactions stay on target. There is a lot of liability involved once you go under contract, whether you are buying or selling a home. If you are doing both at the same time, it’s called contingent (train transaction). This means the purchase of one home is contingent on the sale of another. Some transactions can consist of as many as two sets of buyers, sellers. For example, say a seller, who is also buying a home, and the home that is being purchased has a seller who is also buying. Technically speaking, that would mean there are four separate deals being negotiated, and a mishap in communication on any one, can be damaging to the entire train. So accurate and very timely communication is highly important. That said, this is not the type of transaction you see everyday.
The information in this section is to help you understand why a relocation specialist is a good asset to you as you relocate in or out of an area. And great specialists, as we are at Element Home Life, we work hard to ensure that you will look for us to be there for you each and every transition. Whether Veteran, active duty, or a member of your family, we are here, we thank you, and we are ready to serve those of you, and your families who serve alongside you.
Our lease with the right to purchase program allows you the ability to search for a home that is for sale in the housing market, and allows you to lease the home up to five years, and you have the right to purchase the home, or remain in the lease with absolutely no obligation to buy the home. You sign a lease annually, like any other rental process. The qualification process is oftentimes easier then a regular rental process, at times with an approval within a matter of hours. Additionally, the program opens you up to search for homes where you desire to live, and not have to choose from a limited number of rental homes.
Our buy before option is a fantastic partnership opportunity Element Home Life has available to you. This program is great for service members, because you can be approved to search for and purchase the perfect home, even before your home has sold. Our program partners will purchase the home for you, and pair you with a selling specialist to help you get your home sold! This new innovative approach to real estate is unmatched in the industry.
New Service: Coming Soon
New to Colorado Springs? Visit these sites for more information and coupons to help you get to know our community. Also, find local Veteran owned small businesses to support, in the Small Business Spotlight page.