Rent or buy owner occupied: pros and cons

If you are trying to decide whether to rent or buy, owner-occupied properties owner-occupied properties present complications that may require you hire a lawyer.

When you are ready to move into a new place, can rent an apartment or a house. You can also buy a house, condominium or small apartment building. If you are trying to decide whether to rent or buy, owner-occupied properties present complications that may require you hire a lawyer.

One advantage of renting a home is that the process is relatively simple compared to buying one. If you decide to buy, you must get approved for financing, find a home that suits you and negotiate the sale. A real estate agent can help with this process, but that means you need to select an agent as well.

Although you opt to buy foreclosed homes at reduced prices, these homes bring another set of complications. One issue in the rent or buy decision is that homes may be owner occupied. In most cases, the owner moves out once you have purchased the house. However, if this doesn't happen asking the former owner politely to vacate may not work. You may have to evict them, which is costly and time-consuming. You would need to hire a real estate lawyer because each state has laws governing eviction and squatter's rights.

If you're trying to make a buy vs. rent decision, many financial experts recommend buying a home. These experts claim that if you can afford to rent, you can probably afford to own a home. They also explain that the money you pay for your mortgage builds equity in your home and eventually your net worth. You also get several tax deductions with homeownership.

Another thing to consider in decision buy vs. rent is that you may qualify for a Federal Housing Administration (FHA) loan whether you buy a foreclosed home or a traditional home. FHA loans are insured by the government. They typically require a low down payment and have low interest rates.

It's important to know what is best for your housing needs. If you buy an owner-occupied home, be prepared to pay for legal proceedings to get the people to leave. If you would rather buy a foreclosure that is not occupied, go to RealtyNow for free foreclosure listings in your area.