New Home Buyers
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***Note: Over the past 5 years, the average monthly rental price has gone up by $250 for a two bedroom condo in Square One; this translates into an average rental price increase of 3.5% per year.
Over the same 5 year period, home owners experienced a 40% appreciation in the value of thier homes; this translates into an avargae of 8% increase in property value per year.
***Tip: Over a five year span, frist time buyers paying a $2000 monthly mortage, put away approximatley $47,000 in home equity.
|If Renting||If Buying|
|Insurance / Taxes||$30.00||$216.67|
|Total Monthly Payment||$2,030.00||$2,177.24|
|Total Rent / Mortgage Payments Over 7-years Years||$186,705.78||$182,887.88|
|Long Term Benefits of Home Ownership|
|Savings Through Purchasing a Home||$3,817.90|
|Home Value at Expected Selling Date||$714,093.45|
Annual Rent Increase: 3.5%
Interest Rate: 3%
Appreciation Rate: 8%
Contact me to find out about owning a home with as little as 5% downpayment, or about increasing your credit score by up to 100 point in just one month.