Real estate agent works with students who aim to buy their own homes
By Julie Sulunga
If you want the benefits of having your home without having to worry about landlords or how your apartment should or should not look, buying a home could be the way for you to go.
Buying homes is easier then you may think. Students may qualify on their own for their own homes, and if they can't they may get the help of their parents. They need a small down payment with someone to co-sign. Sometimes they don't even need that if they are able to work something out with a real estate agent and mortgage broker, said Cache Mortgage broker Kent A. Webb.
"The most important reasons for why a student should buy a home is it will be something that will appreciate in value," said real estate broker Mike "Big Mike" Thevenin. "After school is over you can sell it and have equity and enough money for a down payment on another home."
It helps if the seller also pays all the fees involved in the sale, Thevenin said.
Mortgage payments are comparable to what you were paying in rent. You don't have to deal with any bothersome landlords; you can decorate or paint your house however you want to. You can put up any pictures you want without having to make sure you landlord doesn't freak out on you, Thevenin said.
However, unlike renters, the owner of a home can't just leave when a lease runs out; an owner has a financial obligation to continue making mortgage payments until a house is resold.
Thevenin has compassion for working with students. He treats every student he works with as though they were one of his children. This is quite unusual because traditionally real estate agents won't work very well with anyone under 40 years of age, Webb said.
It is also not popular because traditionally students have not been able to qualify for a home loan.
In places like California where wages are higher, the prices for a home are also higher. It is exactly vice versa with Cache Valley. Here the wages aren't as high but the homes are also more affordable to fit the economic situation, Webb said.
"I would encourage anyone that can qualify for their home to do it,"