Rent vs Buy calculator

Explore the long-term benefits of renting or purchasing a home and decide if it's better to buy or rent a home
Frequently Asked Questions
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Is it better to buy or rent?
The decision of whether to buy or rent a home arises for everyone at some point in their lives. To assess this, a variety of criteria must be considered, including the property price, rental amount, loan information, appreciation potential, and taxes. To help you make the best decision, we've created a Buy vs Rent Calculator that will guide you through the process.
What is the purpose of this Calculator?
This calculator compares the costs of owning versus renting a home. It is determined by factors such as:
1. Property Costs
2. Appreciation Rate
3. Home Loan Rates & Tenure for Monthly Rent
The calculator then calculates the purchase and rental costs, as well as the break-even period.
I am renting, will I own it at the end of the contract?
No, at the end of the lease time, you do not own the item. It is still the property of the landlord.
Depending on the conditions of your contract, you may be able to:
No extra payments are required if the item is returned in acceptable condition.
Make a purchase offer, which may include paying a higher price for the products (but the lease provider can refuse to sell them to you).
After returning the old model, upgrade to a new model and sign a new lease agreement (which may be at a higher rate than before).
Unless you agree to a new lease, lease payments stop once the rental period finishes. If you continue to be charged without your permission, contact your leasing provider right away.
What happens if I wish to end a rental contract early?
An early termination fee may be requested. It's possible that it'll be as much as 95% of the outstanding balance. You may be able to apply for a hardship variation if you are terminating your lease early because you can no longer afford the payments. To discuss this, contact the leasing company.
Advantages of buying instead of renting
In the end, buying a home will give you greater security than renting one. There is no one to order you to leave or to come in for an inspection every few months. Other advantages of buying include the fact that your net worth can be significantly higher than if you rented.
When opposed to optional deposits into a savings account, mandatory mortgage repayments keep you on pace with developing equity.
You should be able to stop making mortgage payments in 25-30 years, which is when most people expect to finish paying off their home loan; nevertheless, renting will continue.
You have more say over what happens to the property, whether it undergoes renovations or is converted into a rental that can generate additional income.
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