We bought another house!

Surprise! Mac and I closed on a four-bedroom, three-bathroom house in Blacksburg, Virginia, on Friday, and we are officially homeowners again. This home buying process has been completely different from our first experience in Colorado. It was honestly stressful and kind of a headache, so I’m very glad that it’s over (even if I’m much less excited about having a mortgage payment again). I thought I would answer a few questions you may have about our decision to buy a house again

Why did you buy in Blacksburg?

Mac and I met while in college at Virginia Tech. We both love Blacksburg and have been back to visit over the years since we graduated. Each time we go back, we talk about how much we love Blacksburg and how much we would love to live there. We had some serious conversations about post-Army life, and we decided that we want to move and settle in Blacksburg. That led to casual home window-shopping to keep an eye on the real estate market.

Why did you buy now?

When we moved back to the East Coast, we decided to actually look at houses to see what was for sale and how the market was doing. The Blacksburg real estate market is hot. Home values are up around $100,000 from ten years ago. We realized that buying now may be the best financial decision for us. Mac has been active duty for almost ten years. If he stays in for the full twenty years needed to earn retirement benefits, he’s about halfway there. Since our plan is to move back there, we decided to buy now while we could reasonably afford something. We were concerned that the market could grow another $100,000 in the next ten years and then we wouldn’t be able to buy in the area. If we move back sooner, we already own a house.

Are you moving?

Short answer: no, not to Blacksburg. Longer answer: we should find out in January if Mac is selected for promotion. If he is, he will attend a course, and we’ll find out if and where we’re moving to attend that course. Looking at the next few years, the main chance for Mac to get a job in the Blacksburg area would be as an ROTC instructor at Virginia Tech. He has to complete the course and a key development job (basically a specific job he has to do to be promoted further) before an ROTC job would be an option.

What are you doing with the house?

Our plan is to rent it. Fingers crossed that we can find a good property management company and renters by January (when spring semester starts). Renting the house long-term is honestly the main way that we are going to be able to afford the house and make progress on our other financial goals. Finding tenants has been the most concerning piece to me. You have to price the house correctly to make sure it rents (and put yourself in a position where you don’t lose too much money). And you want to find people who will treat your house as their home (which includes not trashing it). And you need to make sure that it’s not empty for long periods of time.