Coast Guard family moving to Atlantic Beach, NC should we rent or buy? (Jacksonville: for sale, real estate)

[coastieswife]

Hi, we are a Coast Guard family moving to Atlantic Beach, NC (Fort Macon) should we rent or buy?

We will be living there for three years starting around July. I really like Morehead City, but I am also looking in Newport as it seems to be the most affordable in the area. Also, it (Newport) is on the way to Cherry Point where we will go for medical care, big shopping, etc. So it seems like a good area to live.

I am having a hard time finding long term rentals available. Is it smarter to buy or rent right now in this area?

Any info. on housing in this and surrounding areas would be greatly appreciated.

Thank you.

[dsobotta]

Originally Posted by coastieswife

Hi, we are a Coast Guard family moving to Atlantic Beach, NC (Fort Macon) should we rent or buy?

We will be living there for three years starting around July. I really like Morehead City, but I am also looking in Newport as it seems to be the most affordable in the area. Also, it (Newport) is on the way to Cherry Point where we will go for medical care, big shopping, etc. So it seems like a good area to live.

I am having a hard time finding long term rentals available. Is it smarter to buy or rent right now in this area?

Any info. on housing in this and surrounding areas would be greatly appreciated.

Thank you.

Actually I am not trying to be flippant, but a lot depends on your personal financial situation.

There are some very good buys in housing right now. However, there are still homes that are overpriced for the market.

We have been in a depressed housing market for over two years. I believe that smart buyers who do their homework and work with a Realtor® who knows a particular area will have a better chance of buying a home which will rise in value.

However, three years is not very long in terms of the housing market so there are no guarantees that what you buy today will be worth more in three years.

Some people buy homes, live in them for a few years, then rent them for a few years and eventually come back to the area.

I think you should talk to a good financial adviser before deciding whether to buy or rent. Look at how much home you can afford, examine what is available in your price range, consider the mortgage tax break and any other incentives, think ahead, and consider whether or not you would be able to rent what you are buying if you ended up not being able to sell it.

Talk to a bank, see how much they would lend you and on what terms.

Once you have figured all this out, make the decision to buy or rent.

[macjr82]

3 yrs is a short turn-around to own and sale. Though my house appreciated about 40% in that time (from 90k to about 130K, 04-07) and the market has been fairly stable. The navy is moving some f-18 squadrons to cherry point so there will always be a rental market will just get better. U also have the option of base housing, which is all new for e-5 and below. SNCOs still have some of the older housing on base.

[Steven McCurdy]

Three years is fine to buy a home....Your military, and the military is not going away from here...

I can recommend some strategies based on your situation, that will help safeguard your interests in buying a home...

Remember you get one opportunity to buy, cause when you close, you own it....One time to rent, cause when you sign the lease, your in for a for a year...

Buy or rent smart....

[Conroy25]

Newport seems to be a more steady area as far as home prices have gone. I spent some time in the area and saw many people loose a lot of money trying to sell their homes in Morehead, Beaufort, and A. Beach. I would say the closer you get to Cherry Point, the better you'll be if you plan on renting your house out when you leave. I am in the Coast Guard and I've transfered 5 times in less than 8 years, so I wouldn't count on being there for 3 years to build equity. On the flip side you will have all of the tax bennefits of being a home owner/landlord. Try doing some rent vs own calculators online and see what you come up with. Pm for more information on the area and referrals.

[macjr82]

^^^^^^

I'd concur with this assessment. My home is in havelock and it's property value has pretty much held since the economic downturn, and as I said before, is about a 40% increase over when i bought. In havelock the property values have stalled/slowed, but not dropped.

The depressed market a previous poster spoke of is the beach market which values went up too quick and too much developing until it reached a point that no one could buy them but non-locals, and then when they started having there own financial troubles, it just trickled down. I knew an Atlantic beach cop who lived in Havleock b/c he couldn't afford to live in Atlantic Beach. From Morehead on east is just undergoing price/market correction right now.

[coastieswife]

Ok, so I need to plan on being able to keep it as a rental property just in case...which is fine. Having the means to put a down payments and all I would say it's probably slightly cheaper to buy (mortagage would be less than renting). Other factors to consider are closing cost, slight decrease in value, and other expenses as a homeowner may have (maintanence). It just seems like such a hassle. Even if we break even. We've been homeowners before, so no first time homebuyer credit either.

On the other hand. It's nice to OWN a home. There is nothing like it. And I can't seem to find many long term rentals. Anyone know of any good rental sites?

Thanks.

[macjr82]

Havelock Apartment Rental and Havelock Apartment Search. Havelock North Carolina Apartment. Town & Country Rentals (252) 447-8188

this is my property manager. I have 3/4 bedroom I will be putting on the market in July for about $800/month that will be managed by them. I will be spending the next 3 years recruiting out of Goldsboro, NC.

Here's a Newport rental for 1k/month:
P&J Rentals, Inc. of North Carolina

If you buy in Craven County, anywhere from New Bern to Havelock specifically, you should have nothing to worry about. At worst, you'd break even in 3 yrs. Which is ahead when you consider rent. One thing I will caution you is insurance. get a quote before you buy. Homeowners insurance in general is expensive on the coast, some locations more than others, and it's not restricted to a city but flood lines and such. Over a third of mortgage payment is escrow, most of that insurance (though property taxes aren't exactly cheap). I will say insurance drops alot as a landlord as compared to living in your property, should you choose to rent later on.

Judging from some of these prices, I think my property value may have gone up some more since I last checked. Here are some homes on the east side of Havelock, most off of McCotter Blvd.

For Havelock Homes for Sale, Newport Real Estate, and Pine Knoll Shores REALTOR®, go to the expert: Century 21 Town & Country Realty
http://homesinhavelock.chttp://homes...ve-a98304.html
For Havelock Homes for Sale, Newport Real Estate, and Pine Knoll Shores REALTOR®, go to the expert: Century 21 Town & Country Realty
John Vesco, Havelock, Morehead City, Jacksonville, Cherry Point, Camp Lejeune, Real Estate, - Listing Details
John Vesco, Havelock, Morehead City, Jacksonville, Cherry Point, Camp Lejeune, Real Estate, - Listing Details
John Vesco, Havelock, Morehead City, Jacksonville, Cherry Point, Camp Lejeune, Real Estate, - Listing Details
John Vesco, Havelock, Cherry Point, Jacksonville, Morehead City, Newport, New Bern, Homes - Listing Details
John Vesco, Havelock, Cherry Point, Jacksonville, Morehead City, Newport, New Bern, Homes - Listing Details
http://www.johnvesco.johnvescoreales...opertyCount=31

[macjr82]

Also as Coast Guard, you can check out this site and may even find discounts on rentals properties you see elsewhere or some that may not even be listed elsewhere.

https://www.ahrn.com/index.php

[melindab68]

one other thing to keep in mind about the area (I'm in Havelock) is that property taxes in Carteret Co. are a lot higher than Craven County. Craven Co. ends in Havelock. Carteret Co. starts in Newport all the way to the beach. Friends at the beach/Carteret County constantly complain about it. OH! and even in Craven County our home owner's insurance rates just went up about 24%. The Havelock/Newport area is really great because it's not so far from the beach and recently Morehead City has just blossomed with shopping and restaurants. Need any help send me a message!