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Should you rent or buy a home?

Free online calculator helps you crunch the numbers

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(NC) – Deciding whether or not to take rent money and convert it into mortgage payments is one of the most important, yet difficult, decisions a consumer can make. Not only does buying a home involve saving up for a down payment, it involves making monthly mortgage payments, paying for utilities, taxes and upkeep, things you may have been able to avoid as a renter.

Industry Canada has developed a useful online calculator for potential homebuyers to help them crunch the numbers. The calculator is free and gives consumers a chance to see what their current expenditures on housing would look like when applied to buying a home. To begin your calculations, go to www.consumerinformation.ca and click on the “Rent or Buy Home” calculator. Once you enter the funds you have available, the cost of your rent and your potential mortgage, just click “calculate”. The answer will give you a fast, realistic idea of whether or not you can afford to become a homeowner, keeping in mind that your total housing costs should not exceed 30 percent of your gross income.

You can also take advantage of the helpful links to other financial institutions such as the Canada Mortgage and Housing Corporation and the Financial Consumer Agency of Canada. These organizations offer a wealth of information to prospective homeowners.

Before you make your decision, do some research and number crunching on the Industry Canada Rent or Buy Calculator at www.consumerinformation.ca.

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