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Rent vs. Buy Definition
With the housing market seemingly beginning to pick back up in recent months, many people who have been renting are slowly considering the option to buy instead. After all, homeownership comes with many benefits, such as the option to modify one’s home as desired and the advantage of typically enjoying a yard, more space, and more privacy than in a typical apartment. However, before you decide to take the plunge and buy a home, it is important to consider your finances.
Deciding Between Buying and Renting
Most people operate under the assumption that buying is always the better financial choice as opposed to renting; after all, this is a supposed fact that has been floating around for many years now. However, this is not always necessarily true. Whether you will pay more in the long term by owning a home or renting will vary depending on a number of aspects that come into play, such as monthly rent and mortgage costs, maintenance costs, and many more.
Using a Calculator
If you are considering the option to rent or buy, then, it would be wise to take advantage of our accurate and easy-to-use rent vs. buy calculator. This particular calculator analyzes specific factors related to renting versus buying a home, such as:
The monthly rent vs. monthly mortgages cost
Appreciation of a home vs. increase in monthly rental rates
The cost of maintenance in an apartment vs. in a home
Renter’s insurance costs vs. homeowner’s insurance expenses
From there, the calculator is able to accept specific input from the user, in turn running it through the site’s calculation formulas and providing the user with an instant breakdown of information that will allow him or her to make a more informed decision as to whether renting or buying is the ideal option. Specifically, the results of the calculator will display:
The total cost of rent over an equivalent period of a home mortgage repayment term
The estimated future home value based on appreciation percentages by the time a mortgage is paid off
The down payment to be placed on the home when taking out a mortgage
The total home cost over the term of the mortgage itself
Making a Decision
With this information, it is easy for users to determine whether it would cost more to rent or buy in the long term. Not to mention, all it takes is a couple of minutes to input the necessary information in the blank fields prior to clicking the “calculate” button. This rent vs. buy calculator simply could not be easier to use.
Of course, the decision to rent or buy can also be influenced by a number of other factors…
Those who have jobs that require frequent relocation may be better off renting so as not to be tied down to any one place for extended periods of time
Those who do not have time or will to perform home maintenance or yard work may be better suited with a rental property
Those who plan on having pets and/or children and who desire a yard for them to play in will likely be better off investing in a home in the long term
All of these are considerations that should be kept in mind when making a decision regarding whether to rent or buy, but using our calculator can be a great first step.
How to Calculate Rent vs. Buy
Let's be honest - sometimes the best rent vs. buy calculator is the one that is easy to use and doesn't require us to even know what the rent vs. buy formula is in the first place! But if you want to know the exact formula for calculating rent vs. buy then please check out the "Formula" box above.
Add a Free Rent vs. Buy Calculator Widget to Your Site!
You can get a free online rent vs. buy calculator for your website and you don't even have to download the rent vs. buy calculator - you can just copy and paste! The rent vs. buy calculator exactly as you see it above is 100% free for you to use. If you want to customize the colors, size, and more to better fit your site, then pricing starts at just $29.99 for a one time purchase. Click the "Customize" button above to learn more!