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SHOULD I RENT OR BUY ANALYSIS of 301-1052 ROCKLAND 2 BEDROOM CONDO AT $299,000 ?

SHOULD I RENT OR BUY ANALYSIS of 301-1052 ROCKLAND 2 BEDROOM CONDO AT $299,000 ?

CHANCE

 

IS IT A GAME OF CHANCE?

 

 

 

 

HERE IS A COMPARISON TABLE COMPARING RENTING VERUS BUYING ANALYSIS
for 301-1052 ROCKLAND 2 BEDROOM CONDO AT $299,000.

Monthly Rent: $ 1000   No. of Years you plan on keeping the home: 5
Annual Rental Increases:   2.5%   Yearly Appreciation on the Home: 5 %
Monthly Renter Insurance: $30   Annual Home Maintenance: .08 %
Savings or Investment Rate:   3 %  
Your Results

Your customized Rent versus Own analysis is based upon:

An initial monthly rental payment of $1,000.00. We assume that your rent will increase by 2.5% per year.

You are considering buying this Condo valued at $299,000.00, with a down payment of 25.08% or $75,000.00. Your monthly mortgage payment of $930.27 includes both principal and interest and is based upon a loan amount at an interest rate of 2.9%. (current MTG rate with a 3 year term )

Summary:

By buying your home versus renting you will have saved $93,040.76 over the next 5 years.  (Net Appreciation - Total Investment Return + Total Rental Payment - Total Mortgage Payment)

 
Breakdown of this Analysis:
Total Rental Payment: $64,875.94   Total Mortgage Payment: $67,776.40
Down Payment: $75,000.00   Home Value: $381,608.19
Interest Earned: $11,945.55   Remaining Loan Balance: $198,721.41
Total Investment Return: $86,945.56   Net Appreciation: $182,886.78


SOURCE: FIND THIS COMPARISON TABLE ON MY WEB SITE MORTGAGE INFORMATION PAGE

 

HAVE YOUR BEST YEAR EVER IN 2012 !

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Fred Carver
Re/Max Camosun
Accredited Consultant in Real Estate®
Direct 250-598-2963

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0 comments • Victoria Realtor Fred Carver ACRE 250-598-2963 Accredited Consultant • August 30 2010 04:57PM