Joel Patin bought a restoration ‘73 Corvette Sting Ray in November 2007 for $5,500. After sinking $1,800 in the Corvette for body and engine restoration, Patin is selling the car to buy a second condominium — a move he said will suit him well financially. “The way the market will be in a few years, this is a great investment opportunity and a chance to build up equity,” said Patin, general studies senior. As a student, owning rather than renting has its appeals, with investment opportunities and owners’ rights. But Walter Morales, finance instructor, said investing in property might not be the best idea for college students.”Once you take into account what you can get for renting, the return on your money [when you invest in property] is not all that high,” he said.Morales said the possibility of a sudden change in property value, which would put owners further in the red than if they had simply paid rent, is a big risk. Property owners also have the costs and responsibility of maintenance, repairs and property tax, none of which a renter has, he said.”It’s true that a renter never gets rent money back,” he said. “However, money spent on interest and property tax, which is higher than rental tax, is also permanently lost.”Patin said the liability of owning property is one of the negative aspects, but he has found the costs and responsibility are “never as big a deal as they’re made out to be.””The major difference between renting and owning is that renting is not helping my credit or financial situation,” he said. “I’m helping myself build equity for future value.”Morales said in past years, many mortgage applicants lied about income because the markets were less radical, not requiring income documentation. But today’s market is much stricter, often requiring a 15 to 20 percent down payment.”I had no problem getting a loan,” Patin said. “Lots of people are misconstrued on buying a home. I found it to be a pretty simple process.”Patin said many programs are available to assist first-time home buyers, allowing expenses like closing cost to be rolled into the mortgage payment.James Richardson, Public Administration Institute director, said the decision to buy should be carefully timed. Although today’s market has bottomed out, it will return in the long run, he said.”Buying is an alternative but not necessarily a cheaper alternative,” he said.Matt Noel, realtor for Coldwell Banker ONE, said he averages only one student client per year. Most students have their parents co-sign for a loan, he said. “The biggest hindrance to a college student would be credit — or lack thereof,” Noel said. “It’s one of the first things mortgage companies look for, making it hard for college students to apply.”Matthew Simmons, political science and philosophy senior, said he tried to buy a condo but was denied a mortgage loan. He said he’s renting but wants the benefits of being a home owner.”I’d rather own,” he said. “It would allow me to build up equity and increase the value of real estate over time.”Chasity Marshall, mortgage broker for LA Lending, LLC, said college students will find it difficult to apply for a loan, though it’s not impossible. She said her firm will work with students, helping them to meet the qualifications. “Current students must have had a consistent job for the past two years and a steady source of income,” she said. “It will also depend on their credit score.”Molly Thibodeaux, realtor for Tiger Town Realty, said most condominiums near the University are owned by students’ parents. “Every student has to make up his or her own mind as to what’s more important to them,” Richardson said. “It has the possibility be a financially better alternative but requires more work.”—-Contact Steven Powell at [email protected]