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Stedman Place Case Spanish

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Resolución caso Stedman Place, ¿Comprar o arrendar?
FINANZAS I

Alexandra Godoy - Carlos Cabello – Claudio Noemi – Cristobal Barahona – Matías Jimenez

Caso Stedman Place, ¿Comprar o arrendar?
En primer lugar se decide estudiar el caso de arrendar o comprar por separado para luego poder visualizar y comparar los costos de cada decisión a tomar. Los antecedentes del caso se consideran en cada etapa del desarrollo necesario de costos e ingresos relevantes para la toma de decisiones.

En el caso de arrendar debemos tener en cuenta lo siguiente: 1.- Pago mensual del arriendo Antecedentes: - Tenemos que existe un aumento de $3.000 a $3.600 el valor del arriendo de la vivienda mensual. Y este aumento de valor también está sujeto a la inflación en los siguientes periodos. - Existe un bono de los Linton de $150.000 que generan un 4,9% anual antes de impuestos por 5 años. - Existe inflación estimada del 3% anual (Considerada fija). - Al quinto año, los Linton se mudarán al Norte de California. - Las investigaciones muestran que podrían obtener una casa con las mismas características a $600.000. Cabe mencionar que ambas casas son casi sustitutas perfectas, por lo cual no existen otros costos alternativos para el cambio de casa. Con los puntos de referencia anterior podemos estimar el valor presente de los costos asociados. Tomando en cuenta que el aumento de la renta después del primer año será el valor porcentual igual a la inflación anual (3%), entonces podemos calcular: PV = Renta año 1 + Renta año 2 + Renta año 3 + Renta año 4 + Renta año 5. Todos estos valores traídos al presente, lo que equivale a: PV = 12*3600*(1,03)0 + 12*3600*(1,03)1 + 12*3600*(1,03)2 + 12*3600*(1,03)3 + 12*3600*(1,03)4 PV = $229.354,67

En el caso de comprar tenemos lo siguiente: 1.- Hipoteca Antecedentes: - Existe el bono de tesorería de $150.000 el cual se venderá a $120.000 para darle el pie a la casa. (20% de su valor). - Hipoteca de 30 años. - El préstamo será de $480.000 - Solo se pagará intereses en los 5 años, no habrá amortización. - Los primeros 5 años, el interés será fijo y del 6,0% - Después del quinto año el préstamo se convertirá en una hipoteca de tasa ajustable de un año y se pagará durante los próximos 25 años. - La casa la usarán 5 años. A partir de lo anterior, el valor presente del gasto de los primeros 5 años por interés generado por el préstamo será: PV año 1-5 = Intereses 5 años = Préstamo * Tasa (%) * Cantidad de años PV año 1-5 = 480.000 * 6% * 5 PV año 1-5 = $144.000 Cabe mencionar que además se paga el pié de: PV = $120.000 Es importante notar en este punto que existe un costo de oportunidad con respecto al uso del bono. Con esto nos referimos a lo que dejarán de ganar con los $120.000 que se usarán para dar el pie de la propiedad. El valor Futuro generado por los bonos en su condición actual sería de: FV = Precio del bono * (1+ tasa del bono) Cantidad años FV = $120.000 * (1 + 4,9%)5 FV = $152.425,87 2.- Costos Cierre:

-

Costos cierre son de $4.500 PV = $4.500

3.- Impuestos a la propiedad Antecedentes: - Son de $9.36 por cada $1.000 de valor tasado. - La vivienda fue tasada con un impuesto de $5.597 en base a un valor de $598.000. Valor impuestos= $9,36 * $600.000 / $1.000= $5.616 VP = Sumatoria de: Tasación base * ( 1 + tasa inflación)Numero de periodo VP= $5.616*(1+3%)0 + $5.616*(1+3%)1 + $5.616*(1+3%)2 + $5.616*(1+3%)3 + $5.616*(1+3%)4 VP=$29.816,11 4.-Mantenimiento Antecedentes: - Los dueños de casa gastan un 1% del valor total de la casa anualmente, $6.000 aproximado. - Se adhiere su valor también al valor de la inflación que es de un 3%. Tomando en cuenta que el valor de la vivienda crece por el valor de la inflación, entonces el costo de mantenimiento aproximado será de: PV = Valor de la vivienda * Incremento por tasa de inflación * Tasa por mantenimiento PV = 600.000 * (103%)0 * 1% + 600.000 * (103%)1 * 1% + 600.000 * (103%)2 * 1% + 600.000 * (103%)3 * 1% 600.000 * (103%)4 * 1% PV = $31.854,81 5.- Seguro de vivienda Antecedentes: - Costo base de $1.200. - Clausula que aumenta las primas un 5% cada año.

PV = Sumatoria de: Costo base * (1+Tasa)Numero del periodo PV = 1.200 * (1 + 5%)0 + 1.200 * (1 + 5%)1 + 1.200 * (1 + 5%)2 + 1.200 * (1 + 5%)3 + 1.200 * (1 + 5%)4 PV= $6.630,76 6.- Precio de venta de la nueva casa Antecedentes: - Comisión de corretaje del 5%. - Impuesto de ganancias del capital del 15% sólo si el valor excede los $500.000. - Precio de venta: $500.000 (consideramos este precio porque el texto menciona que difícilmente el precio será mayor a $500.000). Costos de comisión: $500.000*0.05 = $25.000

Conclusiones
Con respecto a todo lo expuesto anteriormente se obtuvieron los siguientes resultados: Arriendo - Costos relevantes de arriendo: - $229.354,67 Compra - Costos relevantes de comprar: $144.000 + $120.000 + $152.425,87 + $4.500 + $29.816,11 + $31.854,81 + $6.630,76 + $480.000 = $846.617,68 - Ingresos relevantes de comprar: $500.000 - Beneficios netos de comprar: -$846.617,68 + $500.000 = -346.617,68 Por lo tanto, concluimos que la mejor decisión es seguir arrendando a pesar del incremento del 20% del alquiler. Si bien el precio al que se vende la casa luego de cinco años podría ser en algún caso mayor creemos que esa posibilidad es mínima dadas las condiciones que se presentan en el caso. Dichas condiciones de mercado hablan de la existencia de una burbuja inmobiliaria y de un posible estancamiento de precios. De cualquier modo, si el precio de venta fuera más elevado se agregaría otro costo (impuesto de un 15%) al proceso de compraventa de la casa y en ese caso, se tendría que vender la casa a un precio considerablemente mayor para poder obtener ganancias a partir de esa decisión.

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