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Is it better to buy or rent?
Compare the cost of
renting and buying
Confused about whether to buy or rent? Use our Rent Vs Buy calculator to compare the net cost of renting vs buying to help you decide what’s best for you.
Home Rent
| Fee description | Amount | Charge (%) |
|---|---|---|
| Transfer Duty | 22,500.00 | 1.5% |
| Stamp Duty | 60,000.00 | 4% |
| Registration Trust Fees | 0.00 | |
| Transfer Fees | 5,000.00 | |
| Mortgage Processing | 7,500.00 | 0.5% |
| Registration Fees | 7,500.00 | 0.5% |
| Other Fees | 0.00 | |
| Tax (GST) | 0.00 | 0% |
| Property Insurance | 0.00 | 0% |
5,841
10,417
Disclaimer: * The figures populated are indicative of reasonable estimates. Actual may vary significantly depending on the individual profile and market conditions. Widget T/C apply.
letWizard Rent Vs Buy Calculator Methodology:
Our rent vs buy calculator helps you assess the cost of renting vs buying by taking into account the total cost of renting with the total cost of buying. This is done by evaluating several factors, including rent checks and mortgage payments. Our valuation experts and advisers will help you understand this further once you set up a meeting with them.
Should you buy or rent? Here are some factors to help you decide:
Buying or renting a property is no easy decision and it’s always better to consider all your options. The rent vs buy calculator from letWizard can help you evaluate the costs of buying as well as renting the property, in order to help you make the right decision.
Down Payment
Some landlords require tenants to pay the annual rent upfront, in such cases, making a down payment and owning a property is more lucrative.
Predictability
Rental properties tend to increase the rent on an annual basis, which tenants have no control over. Whereas, home ownership securities fixed monthly payments.
Savings
Renting fares better when it comes to saving money, as buying a home is no easy feat and can exhaust all your savings.
Maintenance
In a rental, maintenance cost is borne by the landlord, whereas as a homeowner you may have to bear all maintenance costs of the property.
Freedom
A rental doesn’t tie you down, if you decide to pack up and move. Owning a home means having to sell before you move to another state or country.
Ownership
A rental means always having a monthly expense whereas owning a home means never having to pay monthly rents once you pay off your mortgage.
Location
A great location is one of the most important conditions while buying or renting. Some locations are more expensive when it comes to buying, therefore renting is comparatively cheaper.
Customization
You can’t add your own style to rental properties, but when it’s your own home, you can choose to redesign and decorate according to your preference.
Duration
If you’re planning to live at a property for a longer period, the better option is to buy and become a homeowner.