If the current real estate market has you skittish about buying a home, it's time to reconsider the options. You need shelter. A place to live is a basic necessity, and in the past, owning your own home has been the dream that offered security. With the current rash of HUD foreclosure listings on the market, people now wonder if it's safe to buy. The list of reasons it is smarter to buy than it is to rent is long, and there aren't many options beyond those two choices.
Buying Foreclosure Listings Makes Sense
Financially, buying is still the way to go. You can buy HUD foreclosure listings at deep discounts so you save a bundle on a home that you might not have been able to afford normally. Buying a home is also a long-term investment and increases your assets for greater overall personal value.
Buying a foreclosed home for sale allows you to live in more desirable areas as well. You can buy HUD foreclosure listings in areas where renting isn't even a possibility. Many of the better neighborhoods will not allow renters. While it is not an absolute, homeowners have a better record of stability and care for their property better as a rule.
When you buy a home, or HUD homes for sale, you enter into an unspoken agreement with yourself to save money. By paying into a mortgage you are purchasing a high-valued asset on monthly installments. Most people could not save the same amount they spend on a mortgage in order to buy it in cash later. The money always ends up going somewhere else, and usually it is not for a valuable asset, but more often, it is for some momentary fun.
Another serious downside to renting is that you are at the mercy of your landlord. When you own your own home, you have to pay the mortgage, but the bank has no say over what you can, and cannot do in your home. Rental properties can refuse to rent to you if you have young children, if you have, or want to get pets, or just plain change their rules at whim in many cases. Some instances of tenants being kicked out so that the landlord themselves could use the apartment even occur. With a home you are secure.
Bank Foreclosures or HUD Foreclosure: Where to Buy
Start with this foreclosure listings website. hudforeclosed.com. The site brings all the hard to find listings into one place to make it easy for shoppers to see all discount homes for sale. After a trial period, a subscription allows users to access their data for as long as they need. Be careful and use a trusted foreclosure website, such as one with a high BBB rating like HUDForeclosed has. After you find homes you like, work with a good foreclosure local real estate agent. The agent referrals on this foreclosure listings site are a great place to look for cheap homes for sale. Good agents with foreclosure experience can also point you in the direction of the latest great values on HUD foreclosure listings for sale. Buying a foreclosure is a double value: you save money buying the home, and you increase your net worth with a valuable asset all at once.