For this example, we will use a 13' x 50' garage with a current market rental rate of .80 per sq. foot, or $520 per month. The purchase side assumes a 25 year loan, with an interest rate of 6.5%, with a 35% down payment and a 25% tax bracket. This also assumes a 5 year time line.
So, the cost to own is slightly higher than renting, but watch what happens when you decide to sell your storage condominium.
So, as you can see, the potential for significantly lower monthly costs are certainly possible. Impossible with rentals. At our Sister project, Eucalyptus at Beaumont, owners there have experienced well over 8% appreciation for the last 5 years. In fact, everyone who has sold their garage, has not paid a penny. While these results are not typical, the simple fact is, it did happen. All garages sold at Eucalyptus at Beaumont have all yielded a profit over and above all costs.