It can be easy to envy renters when you’re a home buyer. They don’t have to worry about home repairs, home owner fees or even property taxes. But the downside to renting should be a consideration too. Renters are not building their own equity. They are simply paying their money each month for somebody else to benefit from. Renters are building somebody else’s equity!

As such, today’s housing market has hit bottom and foreclosures have sky rocketed, many renters are looking at becoming a home owner. Buying foreclosures provides opportunities and the high number of foreclosures is bringing a new group of homebuyers to the market. Renters are seeing foreclosures to be a smart investment and the group of first-time home buyers is growing.

While foreclosures can be great bargains, consumers need to take the time to educate themselves before going that direction. While consumers say that hidden costs are what makes buying a foreclosure a negative, they need to know that foreclosure sales will provide them the same title protection and safeguards as non-foreclosure sales. An experienced foreclosure or REO realtor will be able to walk them through the steps and explain the process when buying the foreclosure just as when buying a non-foreclosure.

It is expected that there will be an increase of foreclosures in 2010 over 2009, giving renters interested in foreclosure a large inventory to select from. While the economy is dark for many, it can be bright for others. Renters that are considering becoming homeowners are often looking at the less expensive and more run-down properties. Younger renters will be more likely to purchase a foreclosure than those first time buyers over the age of 55.

Those renters that are looking at becoming homebuyers should keep their eyes open on areas with the highest rate of foreclosures or for even fewer risks and the same affordability, renters should contact a REO agent and discover the safer first time world of buying an REO property. There are some great bargains in that market for first time homebuyers and they definitely beat paying for someone else’s retirement.