PCSing to Bliss, Summer 2010: Buy or Rent? (El Paso, Horizon City: to rent, credit)

[windystar]

Greetings! I've read through these threads extensively and have found only one opinion that stated that it is better to rent to save money rather than to buy a home. We will be stationed at Bliss for three years and thought it might be a great opportunity to take advantage of the first-time homebuyer's tax credit. However, knowing nothing about the housing market except that it is "soft" right now, I would appreciate a frank opinion on whether it would be worth it to buy a home now and sell a home in three years.

We are excited to live in El Paso. It looks like a beautiful place and I do like cultural diversity. I am also starting some Spanish lessons as this would be a great opportunity to learn a second language. Thank you!

[jaxart]

Originally Posted by windystar

...it might be a great opportunity to take advantage of the first-time homebuyer's tax credit.

The way the $8,000 tax credit has been promoted is misleading to many people. It is not a fixed flat rate. It really pays to investigate - read the fine print! I believe the actual tax credit is only 10 percent of the "cost" of the new house. Not sure what defines "cost" since there are closing costs, etc.

Same thing is true of the tax credit for current homeowners looking to trade homes. It's not a $6,500 fixed amount - it's 10 percent of the "cost."

[malamute]

There is that old advice that you should plan to be in a home for at least 5 years if you buy. It could depend on how well your Spanish lessons go, maybe you'll end up staying on longer but otherwise you'll probably be leaving especially if you like cultural diversity, there isn't so much of that here.

[SoldierBoyBliss]

I have not figured out why people come to believe that El Paso Texas is culturally diverse. I am not complaining, I happen to love the food, and Spanish culture, but diverse this place is not.

I would rent... well I do rent. El Paso is nice and all, but not where I plan to retire or live. You may end up wanting to stay here, me I want to go back home when the military is done with me.

[windystar]

Thank you so much. All helpful information. We are planning on visiting the city prior to the PCS to get a feel of the city, post, and neighborhoods. There are great contributors to this site. Thanks again!

[mrsrobinson73]

Hey Windystar!

Just wanted to add my 2 cents. We PCS'd here from Germany nearly a year ago. We were thinking along your lines, and we did end up buying. Got a GREAT house for a GREAT price, and don't regret it a bit. We will be here for atleast another 4 years, and by then we may just want to stay here longer, or we will sell.............just depends on what were dealing with then.

I have known millitary members who buy a house at each duty station, then sell when they PCS........they usually made a few bucks on the sell to reapply to the new house.

Also, when you come to el paso, you will see there are quite a few different areas. Its a very sprawled out city. I would think that the decision to buy or rent would also take into factor the proximity you want to live to post. We live out in Horizon City and hubby just jumps on 375 to go to work, and loves that. 375 is never as bad as I 10 is. However, the only "drawback" if you want to call it that, is that its a few miles to the nearest shopping area. (im talkin like 5 to 6 miles so not bad lol) There is a grocery store, dollar store, walgreens, burgerking, subway etc 2 minutes down the road if ya don't feel like driving 5 miles to target lol.

Anyway, sorry Im rambling, but i would think that the closer you'd live to actual post, it would be easier to rent as far as I've seen i dont' prefer many of the houses around there. But, thats just My opinion.

gOOD LUCK!

[JJ_MM_12]

I would advise against buying in El Paso. That's because there is so much sprawl happening and so much new housing being built in the Northeast (near Ft. Bliss) and further out on the West Side. So "older" houses now aren't selling because why would someone buy your "old" house when they can buy a brand new one just a couple of miles away.

[SoldierBoyBliss]

I can give you two reasons..

Older Houses seem better built.

They are normally less than newer homes.

Ok three reasons..

And the space between older built homes and newer ones is far greater, you dont feel like your in your neighbors house.

Originally Posted by JJ_MM_12

I would advise against buying in El Paso. That's because there is so much sprawl happening and so much new housing being built in the Northeast (near Ft. Bliss) and further out on the West Side. So "older" houses now aren't selling because why would someone buy your "old" house when they can buy a brand new one just a couple of miles away.

[jaxart]

4th reason: Older neighborhoods have mature trees/landscaping and much less blowing grit, plus they've withstood the "flash flood" test of time.

[mrsrobinson73]

I love the "older" houses with pretty yards...........in the well established neighborhoods......