Is Buying Foreclosed Homes In Georgia Better Than Renting?

If youve been looking for a house to move into

, you may be wondering whether its better to rent a house or buy one. Many tend to believe that renting a house is always better than buying one, because if you are not happy with the house youve rented, you can simply move out and find a better place. Although renting a house has this one advantage, buying a house of your own has many benefits both short-term and long-term. This is especially true if youve been considering buying a foreclosed home in a state like Georgia.

Georgias foreclosure market is a great way to find attractive homes at highly affordable prices. Many foreclosed homes in Georgia are sold well below the market price making them a promising avenue for investment too. While foreclosures are devastating to homeowners, they open up a great opportunity for first-time home buyers, because of the steep discount in home prices. Considering these factors, buying a foreclosed home is undoubtedly smarter than renting a house. Here are some other benefits of buying a house in Georgia instead of renting one:

1. Foreclosed properties in Georgia are available for below market price. Therefore, the mortgage loan amount on the property will also be less. Consequently, the payments you make on the mortgage loan will contribute towards acquiring a major asset. However, if you rent a house, you may have to spend a good amount of money month to month without any return in the future.

2. Most people tend to think that the rent on a house may be considerably less than the mortgage payment they have to make if they buy a house. But the truth is that in states like Georgia the rent is often equivalent to, if not higher than, mortgage payments. If you decide to buy a house in Georgia instead of renting one, you may have a house of your own while paying just as much as if you decided to rent.

3. Some people think that buying a house is not possible with a limited budget, and therefore renting a house is a better option. But you should remember that foreclosed homes in Georgia are available at a wide price range. There may be a wide variety of foreclosed homes which are suitable for your budget. All you have to do is look for foreclosure listings in the area and narrow down your search based on your requirements.

4. Most importantly, remember that buying a foreclosed home in Georgia can be a great investment. If you intend to move into a larger space, or relocate to a different area, you can sell the house for a great price and ideally make a profit on it. However, if you decide to rent a house, you wont have this option.

There have been a great number of foreclosures across the country. In states like Georgia especially, the number of foreclosed homes in the market has multiplied. But on the positive side, this has opened up a new avenue for first-time buyers and investors. In this scenario, buying a foreclosed home in Georgia offers many more benefits than merely renting a house.

by: Gladeyas

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