As long as I have worked in brokerage this has been a burning question for people who are thinking about buying a property. Now you can work out the answer for yourself thanks to our Rent or Buy calculator.
There have been some great calculators around but we never saw one that lets you factor in changes in rents and purchase prices in the future to give a more user oriented solution. This calculator will also factor in Tax Relief at Source for first time buyers and rent relief for renters, as well as compounding interest on savings so that you get a more genuine feel for the real life end result.
Trying to model ‘real life’ scenarios is difficult, and there is always a difference of opinion on what should or should not be factored in.
We did our best to replicate a situation based on the up to date taxation treatment of property and rent as well as using realistic rates for mortgages and savings to give as clear a picture as possible.
If you want to read through the methodology you can find it here.
This is the first in a series of calculations we are going to develop and in time they might even appear on the MyHome phone app!
Feel free to post your results and have your say in our poll.
It goes without saying that we need strong criticism to improve so any additional thoughts on changes to methodology are welcome.
And one last thing, what other burning questions do you want answered? Are there any other calculations you’d like to see to help you make better decisions?[poll id=”33″] [poll id=”34″] [poll id=”35″] [poll id=”36″] [poll id=”37″]