Renting near the University usually means one of two areas - The Hill on the west side of campus or the east side of campus (which runs from Baseline to Arapahoe Ave).
RENTING
| Renting a 4 bedroom condo near CU |
| Rent per bedroom - $775 |
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| 4 year Cost- $37,200 |
BUYING
| Purchase of new 4 bedroom loft near CU |
| Price $500,000 |
Loan $400,000 |
Down $100,000 |
| Rent for 3 bedrooms - each - $775 |
Rent for Unit - $2,325 |
| Expenses $500 per month (including taxes, condo fees) |
| Principal and Interest at 5.5% $2,771 |
| Total Monthly Cost $2,835 |
| Net Monthly Cost $446 |
| 4 year Cost $21,400 - Savings over renting $15,792 |
RESELLING
| Net RESALE in 4 years - $535,000 |
| Additional profit $35,000 |
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| Savings of $15,792 + resale of $35,000 = $50,000 difference!! |
See Comparable Sales for past real estate value increases. Note that our current real estate market is stable and appreciating.
There are many different loan programs. Current interest rates were used here but rates vary daily and some include additional front end costs. Please check with your lender or ours for additional information
And please call if you have any questions.
Tom Kalinski - 303.441.5620
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