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Scott Lewis of the Bald Man Group, Keller Williams - The Bald Man Group

Scott Lewis of the Bald Man Group

208-215-1311
208-215-1311

 

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Rent or Own?

Not every real estate market is the same ... however, in Idaho the market is perfect for a home buyer that is considering the question of renting vs. owning. This video will show you the numbers!

 

Future of the market

 

 

 Rent Vs Own Calculator
Should you buy a home or continue renting?
Our Rent vs. Own Calculator will analyze your situation and give you some guidance.
 Rent Information:
 $ Monthly Rent
 $ Monthly Insurance
% Est. Annual Rent Increase
 
Home Information:
 $ Purchase Price
 $ Yearly Taxes
 $ Yearly Maintenance
 $ Yearly Insurance
% Est. Appreciation
% Selling Costs
Mortgage Loan Information:
 $ Loan Amount
% Interest Rate
 $ Est. Loan Costs
    Loan Term in Years
    Years Before Sell
 
Financial Information:
% Tax Rate
% Investment Rate*
*The investment rate calculates the difference between your mortgage payments and rental payments and assumes that you are earning that rate on your investments.
 

Your Results
Buying Analysis
Based on the information provided for a 5 year period:
You will pay a monthly PI (Principal and Interest) payment of:   $880.00
You will gain a tax advantage of:   $13,136.00
You will gain an equity appreciation of:   $36,855.00
Totaling a net value gain of:   $49,991.00
Selling the home in 5 years will incur closing costs of:   ($4,977.00)
Giving you a total net benefit of ownership of:   $45,013.00
Rental Analysis
Based on the information provided for a 5 year period:
If you chose to buy you would have paid home buying expenses of:   $52,831.00
You will pay rental expenses of:  ($46,397.00)
Giving a difference of:   $6,433.00
Investing the average yearly difference of $1,286.00 for 5 years at %8 yields:   $8,152.00

Final Analysis
 Because your Total Benefit of Ownership of $45,013.00 is GREATER than your investment yield of $8,152.00, it would be in your best interest to BUY this home rather than to RENT it.
The results shown above should be used only for informational purposes. The accuracy of these results is not guaranteed. If you seek additional help or explanation, please refer to your loan officer.
 
Featured picture for the property 12-4643
3403 E FERNAN HILL RD
Coeur dAlene, ID 83814
$795,000
4 beds/3.5 baths
Listing courtesy of Mike DeLong
Century 21 Beutler & Associates
Featured picture for the property 12-4656
3271 E MOUNTAIN VIEW DR
Post Falls, ID 83854
$365,000
4 beds/2.5 baths
Listing courtesy of Shane Greenfield
Tomlinson Sotheby's International Realty (Cd'A)
Featured picture for the property 12-4644
1456 W LEISURE DR
Hayden, ID 83835
$155,900
2 beds/2 baths
Listing courtesy of Chad Salsbury
Windermere/Coeur d'Alene Realty
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Featured picture for the property 08-8314
11590 North Idaho Rd
Rathdrum, ID 83858
$599,000
3 beds/4 baths
Listing courtesy of Joe Dobson
Coldwell Banker Schneidmiller Realty
Featured picture for the property 09-11242
701 W LAKESHORE DR
Coeur dAlene, ID 83814
$1,500,000
4 beds/3 baths
Listing courtesy of Richard Gunther
Coldwell Banker Schneidmiller Realty
Featured picture for the property 09-11735
1506 W LACEY AVE
Hayden, ID 83835
$499,900
3 beds/2 baths
Listing courtesy of Cynthia Roth
Coldwell Banker Schneidmiller Realty

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Listing courtesy of Coeur d'Alene MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by the MLS.