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Trish and Scott

Trish and Scott .

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Trish and Scott

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  1. Trish and Scott

  2. Trish and Scott are a young couple with two children. Their combined income is $75,000 per year, both have stable careers. Trish and Scott have agreed that a friendly neighborhood, good schooling, and house with four bedrooms are important. They currently have $30,000 for a down payment with the previous mortgage paid off. Trish and Scott

  3. Condo • Cherry Wood Gated Community • 1120 Cayon Rd Apt 40 Ogden, UT • $115,000 • 5 Bedrooms, 2 Bathrooms • 1,878 sqft • Built in 1979 Non-traditional Purchase

  4. Good Location • Friendly Community • Security • Low maintenance • Large spacious rooms, pool, and sport areas. • Monthly maintenance fees • Less privacy • Clustered together • Limited parking • Rules • Long distance Cons Pros

  5. 3 bedrooms • 2 full baths • 1,195 Sq. Ft. • Rent: $1,020.00 • Application Fee: $25.00 • Security Deposit: $150.00 4832 W Lacey Ln Riverton, UT 84096 $1,020/month Apartment

  6. Reliability • Safety • Privacy • Friendly neighborhood • Close proximity to schools • Similar sized home (3 bed, 2 bath, .5 acre lot) Cons Pros Needs vs Wants

  7. Pros • Safe neighborhood • Good schools • Lowmaintenance repairs Cons • Not close to stores • Can’t remodel to fit their taste. • Not too many choices of apartments.

  8. Housing Options 1742 N. Earnshaw Ln. SLC, UT $199,999 Monthly Payment:$1203.04 4 bed, 2.5 bath 2067 sqft Built in 2000 Dream House

  9. Pros • fits it their needs • Affordable • Near parks, food and shopping, and a hospital • Near a highway Cons • Near busy streets • Small • Older, may be renovation costs • Not as neighbor friendly

  10. 2027 S. Douglas St. SLC, UT $165,400 Monthly payment:$985 2 beds, 1bath 1003 sqft Built 1936 Bare Minimum

  11. Pros • Culvasac, close to neighbors • Newer, no renovation cost • Lots of room • Off of a main road • In a convenient area, near lots of shops • Well maintained Cons • A bit out of date, remodeled in 2005 • Possible safety issues • Smaller than the old house • Farther away from parks

  12. Advantages • More flexible-renting • Less freedom and privacy-renting Disadvantages • Long term commitment-buying • Hard to get out of-buying • More liability-buying • Not enough space-renting Renting Vs. Buying

  13. Total Initial Cost: 27,920

  14. They need $30,000, which they currently have left over after paying off their mortgage • The maximum mortgage they are likely to qualify for is $480,000 • They should get a 15 year fixed mortgage How much do you need for a 15% down payment?

  15. Monthly Payments $1,184.42 • Years Paid 15yrs • Paid Interest  $390,415/ 48,196.29 • Income into Mortgage  $70,000 How long will it take to pay the home off?

  16. House Brought 6675 S 3300 W. St, West Jordan, UT 84084 $165,000 5 bedrooms, 2 bathrooms Built in 1917

  17. Pros and Cons

  18. Trish and Scott are likely to stay at this house until their kids graduate from high school. Later on, they can look to buy a home in a different location.

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