Renting vs. Buying: not sure which makes the most sense for your financial situation right now? You’re not alone. When deciding whether to continue renting or to buy a home, there are a number of important factors to consider. Do you plan on moving to a new city in the near future? How much will your mortgage payment be compared with your current monthly rent? Do you have enough saved for a down payment? Will you have enough money (or skills) for maintenance and repairs after you become a homeowner? (You can learn more about those costs, here.)
With so many questions to consider, it’s no wonder the renting vs. buying dilemma can seem impossible. Luckily, in the age of information, you can easily find great resources online. You can watch a YouTube video, attend a webinar on homebuying, or find any number of articles. Here’s one we shared about saving for a down payment.
Renting vs. Buying Calculator
This handy renting vs. buying calculator from our partners at Balance financial education is an easy-to-use interactive tool that lets you compare costs and adjust variables, such as interest rates and down payments, to analyze renting and buying in different financial scenarios. You can even email yourself a report when you are finished. Balance is a free service to all members of Salal and we encourage you to take advantage of what they can offer you. Click on the button below and try it out!