En analyse af ligevægtsprisforholdet mellem en ejerbolig og en andelsbolig ud fra en user cost betragtning: Afhængig af købers formue og andelsboligens belåningsgrad

Abstract

This thesis presents an analysis covering considerations which a potential homeowner should have in mind when choosing between a housing cooperative and a homeownership. The analysis takes into account the individual needs of the buyer and calculates the equilibrium price for a single buyer choosing between an identical housing cooperative and a homeownership, where the calculation takes the perspective of the buyer’s equity and the loan to value of the housing cooperative. Furthermore the perspective of the analysis is focused on the user cost, where the payments after taxes have to be equal for the two types of residents. Starting with a simple model that takes tax influence into account, the model will be extended to include the difference in interests. Finally it will be expanded to become a model of determination defining an equilibrium price for a housing cooperative given an identical homeownership. The thesis describes in details how taxes and interests affect the equilibrium price and explains how the equilibrium price is affected by changes of these parameters.