Question 1

When should I use this tool?

Accepted Answer

Use this tool when you're considering whether to rent or buy a home. It's particularly useful when you're planning to stay in an area for a long time, trying to decide if it's financially beneficial to buy a home, or want to understand the long-term financial implications of renting vs. buying.

Question 2

Who should use this tool?

Accepted Answer

This tool is designed for first-time homebuyers, current renters considering a home purchase, homeowners wondering if renting might be more economical, real estate investors comparing different scenarios, and financial advisors helping clients make housing decisions.

Question 3

How accurate are the results?

Accepted Answer

The tool provides estimates based on the information you input and some assumptions about future economic conditions. While it's a powerful tool for comparison, remember that real-world factors can affect the actual outcomes. Always consult with a financial advisor for personalized advice.

Question 4

What factors are not considered in this tool?

Accepted Answer

While comprehensive, this tool doesn't account for every possible factor. Some considerations not included are tax deductions for mortgage interest, potential changes in property taxes over time, costs of selling a home (e.g., real estate agent fees), and opportunity costs of tying up capital in a home.

Rental or BuyBETA

Scenario 1

Frequently Asked Questions