Vikki and Tim (ages 27 and 29) have been married for six months already, and they realize that Vikki’s apartment is a tighter fit than they expected. On Sunday afternoons, they take drives around different parts of the city to look at houses. They find a beautiful neighborhood that they really like. However, to stay in their price range, they determined that the house they buy will need to be a “fixer-upper” instead of a home in “move-in-condition.” They want to buy a house that will grow with them since they want to have children. Vikki and Tim hope to be able to make an offer on a house in less than one year.
What lifestyle and financial differences should Vikki and Tim expect living in a house versus living in an apartment?
In order to get the best rate, what steps should they take before they apply for a mortgage?
What are some of the tax advantages of owning rather than renting?
What are some of the things they should consider before buying a “fixer-upper”