Drake's BlogFebruary 14, 2012
Rent versus Buy?
Ah, the age old debate - should you rent or should you buy? At Drake, we strongly believe that we offer one of the best places in Calgary to both live and invest in. Monthly payments to own a home are cheaper than the cost to rent in new buildings in the inner city. Taking a look at a random sample of current rental listings in the Beltline, new condos are renting for an average of $2.50 per square foot. So what does that mean? Well let’s do some math:
Take a look at our good old B1 plan (www.drake17.com/home/floorplans) – a 538 square foot east-facing 1 bedroom starting at $254,900. Assuming the average rental rate above, this home would rent for $1345/month. Now how much would it cost to own? With a 3.49% 5 year fixed rate mortgage over 30 years, your payments would only be $912/month.* Add in condo fees under $200/month and you’re still coming out on top whether you’re buying for investment or end use!
With its great location, attainable pricing and reputable developer, Grosvenor, Drake will offer lasting value for years to come and is sure to remain one of the most sought after buildings in the Beltline. So stop throwing your money away on rent, and visit the sales centre to see just how affordable living at Drake can be.