Is Buying Foreclosed Homes in Florida Better Than Renting?

Do you have a hundred questions as you look for a new house? Has the option of buying a house instead

of renting one ever crossed your mind? Do you have friends telling you that renting a house would mean

spending a good amount of money month after month, which could be better invested in a house of

your own? Well, they have a point - especially if you’re looking for houses in and around Florida. Here’s

why:

There have been a huge number of foreclosures in Florida over the past years, making Florida a hotspot

for affordable foreclosed homes sold in good condition. You may think that renting a house is far more

affordable than buying one, but that may not be the case if you’re considering an REO property in the

Florida area. Such a property many not be brand new, or very attractive, but it is undeniably a sensible

investment.

If you are still uncertain about the benefits of investing in foreclosed properties, here are some points

that should help you:

1. You may think that monthly rent is much lower than mortgage payments, but that’s not always

the case. There are many areas in Florida where the monthly rent can be quite expensive.

Although it may not be as high as your mortgage payment, if you take into account the fact that

you will have a house of your own, that little extra you pay is definitely worth the investment.

2. If you have a limited budget, you may think you can’t afford a new home, and instead decide to

rent one. That is when you can take advantage of foreclosure listings in Florida. Since such

properties are repossessed or owned by banks, they are sold for below market prices, and are

much more affordable than brand new homes in the area.

3. Another reason you may resort to renting is that you are tied down by financial and budgetary

constraints. But if you consider foreclosed homes in Florida, you will find well-maintained

houses that may well fit into your budget.

4. If, at a later date, you relocate or choose to move into a larger or smaller space, you can likely

make a good profit by selling your house. This is not the case if you opt for a rented home.

Renting is perhaps the easiest and most affordable option for your immediate needs, but keep in mind

that investing in a house of your own can bring greater benefits in the long run. And with Florida being a

foreclosure hotspot, finding a good foreclosed home would not only be easy but would also be a very

sensible choice.

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