(Michael Scott, alongside his Assistant to the Regional Manager, buying his first condo.)
1.
Claremont, CA
2. Buy a house
a. How did you find this property? (URL, webpage, listing – show details)
b. What is your purchase price?
$498,000
c. Down payment (assume 10% - a one time cost)
$49,800
d. Total estimated closing costs for your loan (assume 3% - one time cost)
$14,940
e. Total monthly mortgage payment: $2,602
Principal and Interest payment is $1,985 per month
Property Taxes are $2,892 per year, or $241 per month.
Homeowners Insurance is $972 per year, or $81 per month.
f. Estimate you total monthly utility expenses
$291
3. Rent a house or apartment
a. How did you find this property? (URL, webpage, listing – show details)
b. Monthly rent
$2,395
c. Security deposit (one time fee)
$500
d. Total monthly utility expenses: electricity, water, garbage, and natural gas
$500
e. Renters insurance cost per year is ________ or _______ monthly. Or is renters
N/A
f. Restrictions of the property (pet owners, smokers, etc.)
insurance even offered in your area?
No pets :(
No smoking :)
3.
Renting Vs. Owning
Renting an apartment or house should only be done for a few year after college. Once you get a stable job I would recommend to start saving for a house. Renting just feels like your throwing you money away into a place that you will never fully own. If you have a house you can fully pay it off in 30 years. Plus you can build whatever you want on it because its your property.
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