Military families relocating to Virginia Beach face an important decision early in the PCS process: Should you rent or buy? The right answer depends on a variety of factors, including assignment length, lifestyle preferences, and financial goals. Our team of real estate agents in Virginia Beach specializes in helping military families navigate the area market, and can break down the pros and cons of both options to help you make a more-informed housing decision during your transition. If you’re PCSing to Virginia Beach, here’s a quick overview of buying vs. renting.
Renting in Virginia Beach
Renting can be a great choice for those who expect to be in the area for a short time or are unsure about which neighborhood best suits their needs. Virginia Beach offers a wide selection of rental properties—from apartments and townhomes to single-family residences.
Benefits of Renting:
- Flexibility: Renting provides the freedom to explore different neighborhoods before committing long-term. Some homebuyers find it challenging to make such a significant decision—like purchasing a home—without being familiar with the local area.
- Low Upfront Costs: Compared to buying, renting typically requires less cash up front (security deposit vs. down payment and closing costs).
- Low Maintenance: Landlords are usually responsible for repairs and upkeep, reducing the workload on busy families.
However, renting comes with trade-offs. Monthly rent payments do not build equity, and in high-demand areas close to military installations like Norfolk Naval Base or Oceana Naval Air Station, rent prices can be quite high. In some cases, long-term renters may end up spending more than they would have if they had purchased a home.
Buying a Home in Virginia Beach
For military families planning to stay in Virginia Beach for a longer period—or who see real estate as a strategic investment—buying a home can be a smart decision. The region offers a variety of homes across all price points, from modern condos near the beach to spacious suburban properties in family-friendly neighborhoods.
Advantages of Buying:
- Equity Growth: Homeownership builds wealth over time, especially in appreciating markets like Virginia Beach.
- Stability: Owning a home provides consistency in housing costs, long-term stability and the opportunity to establish deeper roots within a community.
- Customization: Homeowners have the freedom to personalize and renovate their living space.
Many military homeowners in the area have gained significant equity by holding onto properties purchased during their initial PCS move. However, buying also means assuming responsibilities such as property maintenance, repairs, and upfront costs like down payments and closing fees.
Homes near military installations often receive multiple offers. When you’re planning to buy, be prepared to act quickly when the right property comes along.
Choosing the Right Neighborhood
Location is key, especially for military families balancing work proximity, schools, and lifestyle preferences. Here are a few popular neighborhoods to consider:
- Ghent (Norfolk): A walkable, historic neighborhood with early 20th-century homes and a vibrant arts and dining scene.
- Larchmont (Norfolk): A family-oriented neighborhood with parks, older homes, and close community ties.
- Kempsville (Virginia Beach): Known for its quiet streets, suburban feel, and long-term residents—a popular option for military families.
- Greenbrier (Chesapeake): Offers a variety of home sizes on larger lots, generally at a better value, with easy highway access for commuting.
Older properties in these neighborhoods may require updates, so a professional home inspection is highly recommended. The Cova Collective Realty Team can connect buyers with trusted inspectors and contractors to ensure peace of mind.
Buying vs. Renting When PCSing to Virginia Beach – What’s Best for You?
Ultimately, the choice between renting and buying during a PCS to Virginia Beach depends on personal circumstances. Renting may be ideal for short-term assignments, while buying a home in Virginia Beach may be the better option for those looking to create stability for their family or invest in their financial future. Whether you’re choosing to rent or buy, partnering with a Virginia Beach real estate team that understands the unique needs of military families is critical. We’re proud to assist service members and their families throughout the PCS process. From neighborhood tours and rental searches to home inspections and negotiations, our team is committed to ensuring a seamless and successful transition.
