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The rent vs. buy calculator will allow you to consider the other payments that you are going to have to make if you own a property. These types of fees include taxes, insurance, and other homeowner fees to see if owning a home is the right financial decision for you.
When it comes to finding a place to live, one of the big questions facing people these days is; should I rent, or should I buy a property? Both options have their benefits; this calculator is designed to help identify the best choice for you.
The majority of the benefits of renting are short-term and therefore appealing to those with a less predictable or secure financial future. By contrast, the benefits of owning a home are long-term and tend to appeal to those whose finances are more established.
Despite the debate, the bottom line is this; money spent on renting doesn’t come back to you in any form. Conversely, when you own a property you are building equity with each payment that you make. Every monthly payment contributes to increasing how much of the property you actually own, and that equity can be very useful in a number of ways.
When making the decision whether to rent or buy, there are a plethora of factors to consider. Prominent among these is the mortgage rate you would expect to receive, but there are many more important aspects that should form part of your decision-making process.
Although it is usually more beneficial in the long-term, don’t forget that owning a property comes with a lot more financial responsibility than just the mortgage payment. Additionally, if you are not planning to retain the property for a very long time, your investment may suffer if property prices fall at the wrong time.
The Rent vs. Buy Calculator enables you to compare the costs over time of renting and buying, while also considering the extra payments that come hand in hand with owning a property – such as closing fees, taxes and insurance.
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The Rent vs. Buy Calculator is most useful if you:
If you can afford the down payments and the associated fees, then home ownership really makes a lot more sense than renting in the majority of cases. Click the orange Get FREE Quote button above to be taken through a brief questionnaire regarding your circumstances and intentions, and we will match you up with the best mortgage providers in your area completely free of charge! It only takes five minutes of your time!
This is because the monthly rental prices are subject to inflation, and therefore are likely to rise slightly year on year. Mortgage interest rates are a little less predictable and usually, less volatile.