rent vs purchase

do u have a rent vs purchase widget?  trying to show buyer potential financial advantages of buying rather than renting.
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February 17 - Kendale Lakes
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Answers (4)

Profile picture for Trump Junior
I used the calculator in 2007 when I bought my home and for my situation (mortgage rate around 6 %) and my rental rate, it was never going to be better to buy than rent.  But I bought anyways because I had always want to to buy a house and could finally afford it.  Using the calculator now that conditions have changed and I re-financed at a lower rate and what do you know?  It pays to buy a house for me.   Imagine if I had gone by what the calculator said: I'd still be living in a cramped apartment, but this time with two fully grown teen age boys and be at the mercy of my landlord and I would have suffered many rent increases.  I suspect with rates and rents the way they are, it is tilting towards buy for many people more than before.  Lots of unknown variables are not figured into the calculator such as inflation, rates in the future, appreciation, rental increases.  Some are given a value in the calculator, but a bad guess is worse then no guess, in my opinion.  I think the main thing to think about is can the potential buyer really afford the mortgage and upkeep?  If so, then buy if they prefer house to apt. if not, then don't buy.
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February 17
Profile picture for wetdawgs
I would strongly recommend the NY Times calculator (link in Sunnyview's post) because then your client can run a number of scenarios and assumptions.     It does not always make sense to purchase.

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February 17
Email me the numbers and I will put it into my software and email you a breakdown. I need:

Rent payment
Purchase price
Down Payment
Estimated Taxes and Insurance
Credit score/type of loan client is expecting to get (FHA/conventional/VA/USDA)
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February 17
Profile picture for sunnyview
I don't know if Zillow has a widget, but the NY Times has a good rent vs buy calculator that might help. Zillow does have a Breakeven Horizon for some communities that might be useful.
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February 17
 
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