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 For the purposes of this comparative analysis, we are using a 20’ wide x 45’ deep garage condo rented/owned for ten years with the following assumptions:
Rental Unit
- Rental Rate on the condo at .90 per square foot per month.
- Rental increases of 10% per annum.
 Owned Unit
- Association Fees of $240 per year, increasing at 7% per annum
- Property taxes of $200 per year, increasing at 10% per annum
- A property appreciation rate of 5% per annum.
- A ten year loan (75% of original purchase) amortized 10 years at 7% interest.
Please Note: This analysis does not consider using the garage/storage condominium for business purposes. In other words, there is no consideration given for interest deduction or depreciation against business income. Please consult your tax advisor on these potential advantages.
| SIZE: |
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Wide |
Deep |
Total sq.ft. |
Sq. ft. rate |
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20' |
45' |
900' |
$0.90 |
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1st Year |
2nd Year (10% incr.) |
3rd Year (10% incr.) |
4th Year (10% incr.) |
5th Year (10% incr.) |
6th Year (10% incr.) |
7th Year (10% incr.) |
8th Year (10% incr.) |
9th Year (10% incr.) |
10th Year (10% incr.) |
| Monthly charge |
$810.00 |
$891.00 |
$980.10 |
$1,078.11 |
$1,185.92 |
$1,304.51 |
$1,434.96 |
$1,578.46 |
$1,736.31 |
$1,909.94 |
| Annual |
$9,720.00 |
$10,692.00 |
$11,761.20 |
$12,937.32 |
$14,231.05 |
$15,654.16 |
$17,219.57 |
$18,941.53 |
$20,835.68 |
$22,919.25 |
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| SIZE: |
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Wide |
Deep |
Total sq.ft. |
Cost per ft. |
Total Price |
75% Financed |
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20 |
45 |
900 |
$100.00 |
$90,000.00 |
$67,500.00 |
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Value
1st Year |
Value
2nd Year |
Value
3rd Year |
Value
4th Year |
Value
5th Year |
Value
6th Year |
Value
7th Year |
Value
8th Year |
Value
9th Year |
Value
10th Year |
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| $90,000.00 |
$94,500.00 |
$99,225.00 |
$104,186.25 |
$109,395.56 |
$114,865.34 |
$120,608.61 |
$126,639.04 |
$132,970.99 |
$139,619.54 |
|
Monthly Payment @7%,10yr. |
Monthly Payment @7%,10yr. |
Monthly Payment @7%,10yr. |
Monthly Payment @7%,10yr. |
Monthly Payment @7%,10yr. |
Monthly Payment @7%,10yr. |
Monthly Payment @7%,10yr. |
Monthly Payment @7%,10yr. |
Monthly Payment @7%,10yr. |
Monthly Payment @7%,10yr. |
|
1st Year |
2nd Year |
3rd Year |
4th Year |
5th Year |
6th Year |
7th Year |
8th Year |
9th Year |
10th Year |
|
$783.73 |
$783.73 |
$783.73 |
$783.73 |
$783.73 |
$783.73 |
$783.73 |
$783.73 |
$783.73 |
$783.73 |
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| Association Fees: |
1st Year |
2nd Year |
3rd Year |
4th Year |
5th Year |
6th Year |
7th Year |
8th Year |
9th Year |
10th Year |
|
$240.00 |
$256.80 |
$274.78 |
$294.01 |
$314.59 |
$336.61 |
$360.18 |
$385.39 |
$412.36 |
$441.23 |
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| Property Taxes: |
1st Year |
2nd Year |
3rd Year |
4th Year |
5th Year |
6th Year |
7th Year |
8th Year |
9th Year |
10th Year |
|
$200.00 |
$220.00 |
$242.00 |
$266.20 |
$292.82 |
$322.10 |
$354.31 |
$389.74 |
$428.72 |
$471.59 |
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| Payment per month: |
1st Year |
2nd Year |
3rd Year |
4th Year |
5th Year |
6th Year |
7th Year |
8th Year |
9th Year |
10th Year |
|
$820.40 |
$823.46 |
$826.79 |
$830.41 |
$834.35 |
$838.62 |
$843.27 |
$848.32 |
$853.82 |
$859.80 |
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$154,911.77 paid out in rent |
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$139,619.54 ( - and have MADE money too!) |
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