Ownership Comparison
You can own a storage condominium for less than it costs to rent comparable space.
In fact, you can save almost $400 a month if you own a storage condominium. You can own your storage unit for less than it costs to rent a comparable space. Based on $99,000 Purchase Price with a 25% Downpayment. This does not even include the potential tax benefits of depreciation and interest deductions.
| Potential Ownership Costs for a Storage Condo | ||
| Unit Size | 15'x60' | 15'x45' |
| Monthly Mortgage Payment* (<$600) | $535.38 | $373.15 |
| Monthly RE Tax | $67.49 | $47.04 |
| Monthly Condo Fee Estimate | $58.62 | $43.97 |
| Monthly Utilities (Depends on Use) | $40.00 | $40.00 |
| Total Monthly Ownership Costs | $701.49 | $504.15 |
| Bottom Line = Buy & Save $$$ | ||
| Monthly Rental Cost** | $1,050.00 | $787.50 |
| Monthly Utilities (Depends on Use) | $40.00 | $40.00 |
| Total Monthly Ownership Costs | $1,090.00 | $504.15 |
| Annual Ownership Costs and Assumptions | ||
| Unit Size | 15'x60' | 15'x45' |
| Purchase Price | $99,000.00 | $69,000.00 |
| Down Payment (25%) | $24,750.00 | $17,250.00 |
| Financed Amount | $74,250.00 | $51,750.00 |
| Interest Rate* | 6.08% | 6.08% |
| Annual Mortgage Payment* | $6,424.59 | $4,477.75 |
| Annual RE Tax @ $8.18 Per Thousand | $809.82 | $564.42 |
| Annual Condo Fees | $703.49 | $527.64 |
| Annual Utilities | $480.00 | $480.00 |
| Total Annual Ownership Costs | $8,417.90 | $6,049.81 |
| Total Annual Rental Costs | $13,080.00 |
$9,930.00 |
Contact us to learn how you can own your own storage condominium.
As of September 2007
* Assumes 25 Year Amortization. Preferred Financing offered through Eastern Bank. Rates Subject to Change. Call for most recent rates and availability.
** Assumes rental rate for comparable new construction of $14.00 psf net of utilities.