Monday, June 20, 2016

Rent vs Buy - First Time Buyer

Today I am showcasing Street Side Developments - Cy-Becker

Currently Stacey Diederich  has a quick possession home on sale for $306 000.00 w/ condo fee of $170.00/ month and property taxes at approx. $2068.00.

Robson floorplan - click this link to see the amazing floorplan!

YOU CAN OWN THIS HOME FOR $1342/MONTH... plus property tax and condo fees

You can rent this equivalent home in this same area for $ 1650.00 per month  - see the Condo listing

Should you rent or buy????

It looks like you should Buy!

Why? Each month you have $308.00 to spend on condo fees and property taxes - so the monthly expenses are about the same, but with one you are paying off your own mortgage instead of the landlords!!!!!!!

Or look at it this way - if you pay rent to your landlord for $1650 per month - at the end of 5 years you have $0.00 in your pocket.
If you buy at $1342.00 per month in five years your have an asset that was $306 000.00 purchase price and is now valued at approx $317648.00  based on annual Estimated appreciation rate of .75%.  In addition you will have an outstanding mortgage balance of $253741.38

You now have $63 906.62 in an asset over a 5 year term vs renting and having $0.00 left at the end of a five year term!

Call Amy Wilson today, to get the best rate and a quick mortgage pre approval - I can also set you up with a New home professional or if you are looking for a mature home - fantastic realtors!

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