And if buy a foreclosure what are some good sites to go on and search them?
10 thoughts on “I am moving out next year and I was unsure if i should rent a apartment/home or just buy a foreclosure home? ?”
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Buy- why waste money renting?
http://infoonforeclosures.blogspot.com
home ownership is s huge step
buying is always better
when you pay rent all your money is gone
when you buy a house your money the value of it goes into the house
it is almost like living for free cause when you sell the house you get the money back
It’s more a question of what you can afford to do. You don’t want to strap yourself to a foreclosed house, only to find yourself in the same situation as the previous owners. If you can qualify for a mortgage, than great, but otherwise just rent and try to save up for a good down payment.
It depends on your financial situation. You have to be careful about foreclosures. You have to look at the condition of the house and what it would cost to bring it up to what you want. If you buy one right and do not have to put much into it. It is probably the best way to go. Just be prepared for a few repairs on foreclosed properties.
You don’t provide enough info about your financial situation.
There is no such thing as "just" buying! :> The first consideration is how long you plan to be in that area. (2++ years) Then go find yourself a financial adviser, who won’t tell you what you can afford to rent or buy, but what you ought to do over-all with your money. But don’t jump on just that one’s say-so.
After much research, thought and discussion with trusted family and friends and other professionals, if you decide to buy, take your time, because this down market isn’t going up anytime soon…
THEN (presuming that you’ve read about the pitfalls of buying foreclosures), and using certified inspectors, zoom in on your preferred area.
Renting money is evaporated money , one way trip
it goes and never back
but if you are a house owner , this house had a value
in the future if you like to move you can sell it and get cache
it’s a kind of small investment
You should rent an apartment first till you’ve done all the research on buying a home. It’s a major step.
Good to plan ahead. WORK on building your credit rating as you need good credxit for renting or buying. This means paying all your bills in full and on time and not running up large credit card bills, using moderation in credit card usage, always paying 3-5 times minimum due. SAVE for the down payment for buying a house or for deposit in renting. Renting takes about 3 months to get into apartment and buying takes 3-5% down payment. Buying with no down payment is a lousy idea and not possible now. FHA requires 3-5%, and 10% down is better. STUDY the area, neighborhoods and towns to decide where you want to live.
Despite what many posters state, renting can be a good idea and appropriate for people, depending on situation they are in. Many people CANNOT qualify for mortgages and are unable to buy homes since underwriting is stricter now. If your job situation is unstable or may change, or is short-term in that location, renting makes sense.