By Kristan Brooks
Homeownership is a desire of many BYU students, and now a class is offered to better prepare students for the challenges of buying a home.
The class, Business Management 213R, is taught by Dr. Weston Edwards. Edwards received both an MBA and DBA from Harvard Business School, and has been building and managing residential brokerage, relocation, title insurance and mortgage finance businesses for more than 30 years.
Edwards is also conducting a nationwide study for 24 major institutions on “changes in the way homes are and will be bought and sold.”
Edwards also has representatives from top companies come visit his class as guest lecturers.
Some of the topics covered include establishing and managing your credit rating, using the Internet to your best advantage, selecting a mortgage that best meets your needs and getting pre-approved, and choosing and working with real estate agents to your best advantage.
Students enrolled in the class say they have already found it to be beneficial. “I just got a new job that pays well and I”m looking to buy a house in Provo to rent out to my roommates,” said Cameron Engh, a graduate student in computer science from Tustin, Calif.
Even though the class did not initially fit into Engh”s schedule he thought the class was important enough to find room to take it.
Other topics include the business and career of mortgage lending and residential brokerage, effectively negotiating a deal and entering a contract, effectively managing closing and escrow services, and wisely dealing with homeowners insurance, home warranty and home inspection.
Surprisingly, many students say the highlight of the class is the mid-term that consists of a class field trip to evaluate and bid on six homes currently on the market in the Provo/Orem area.
“This hands-on experience really helps the students understand everything home buying entails,” Edwards said.
Also, spouses are invited to the class just before the mid-term to hear what they should look for when shopping for a new home.
Students from every part of the university are welcome to take this class, because there are no prerequisites and it is not a requirement for any major. The Marriage Family and Human Development department recently recognized the class as an elective credit towards the major.
Heidi Naylor, a sophomore majoring in microbiology from Bettendorf, Iowa said, “It is important to know what to look for when you are buying a home. For me, it is sometime in the future, but it is still great to learn.”
Edwards encourages all interested students to add the class.
“Every student plans to eventually purchase a home, and this class is tremendously valuable,” said Edwards. “It is a course every student should take before leaving BYU.”
Bus M 213R is a two-credit class held Friday 10:00-11:50 a.m. in 2072 JKHB.