EGR403-01 Buy and Rent Now VS. Save and Buy later Team 7 Mark Ruffin Gerard Reyes Steven Corral William Tamae.

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Presentation transcript:

EGR Buy and Rent Now VS. Save and Buy later Team 7 Mark Ruffin Gerard Reyes Steven Corral William Tamae

Project Scenarios Scenario One Scenario One Rent out a paid-off house and use that money to help pay for a new house. Rent out a paid-off house and use that money to help pay for a new house. Scenario Two Scenario Two Stay in the paid-off house for ten years and use the money saved as a down payment for a new house. Stay in the paid-off house for ten years and use the money saved as a down payment for a new house.

Buyer Description 40 year old Engineering Graduate 40 year old Engineering Graduate Salary of $90,000 Salary of $90,000 Looking to buy $500,000 house Looking to buy $500,000 house Pomona Resident Pomona Resident

Scenario Constants Sell off the house in 10 years in either scenario Sell off the house in 10 years in either scenario Both houses appreciate Both houses appreciate Current House Current House 3 bedroom (1500 sq. ft.) 2 car garage 3 bedroom (1500 sq. ft.) 2 car garage Rent = $2,000/month Rent = $2,000/month New House New House $750,000 $750, year loan 30 year loan

Goal At 7% interest on the mortgage, which is the better option? At 7% interest on the mortgage, which is the better option?