It takes a little more than two years for buying to beat renting in South Florida, a new report shows. Buyers in the tricounty region will realize the financial benefits of buying a home instead of renting it in 2.4 years, according to real estate website Zillow.com.
If you know you’re going to be in one place for 2 1/2 or three years, it makes sense to buy a home. However, buyers also must consider how easily they can qualify for a mortgage and save for a down payment. What’s more, finding an affordable home could be a challenge, given the limited supply of available properties.
Tips on buying a foreclosed home
The biggest caveat when buying a foreclosed home is that it is typically sold as is, which means the bank is not going to fix any problems. And there may be plenty of them, considering that many foreclosures have been slowly crumbling into disrepair due to the previous owner’s financial strain. And unlike a normal home sale, in which disclosure requirements force owners to reveal a home’s every flaw, there’s no such legal stipulation in a foreclosure. What you see (or don’t) is truly what you get. To continue reading click here…