Cheney

Buying a home in Cheney for your EWU student

Yes, parents do buy homes in Cheney for students at Eastern Washington University. Whether it makes sense for you comes down to four things: where the house is, how the numbers compare with rent, how the loan is set up, and what you will do with the house after graduation.

Where to look

Homes close to campus are mostly older houses and duplexes, and many of the neighbors will be renting. Subdivisions further out are newer and quieter but mean a drive or a bus. Decide first whether your student will walk, drive or ride, then choose the streets.

Run it against rent

Add up four years of rent for your student. Then run the payment on a house, including taxes, insurance and upkeep, and subtract any rent that roommates would pay. The calculators on this site will do the payment side with your own figures. If the two totals are close, the decision usually turns on the exit plan.

How the loan is set up matters

Financing depends on who will live in the home and whose names are on the loan. The options and the down payment are different for a home you will live in, a second home and a rental. This is the part to talk through with me before you shop, because it changes your budget. Your lender confirms what applies to you.

Check the rental rules

If roommates will pay rent, ask the City of Cheney what it requires of rental properties, and read any HOA rules before you make an offer. Some subdivisions limit rentals.

Decide the exit before you buy

After graduation you can sell, keep it as a rental, or pass it to a younger sibling. Cheney homes can take a while to sell, and the calendar matters: houses near campus show best and rent easiest ahead of the fall term. Plan the sale or the next lease around that.

Timing your purchase

If you want your student in the house for September, start in spring. That leaves time to find the right place, close, and make any repairs before move-in.

Next step

Want to see it in person?

Tell me what you are looking for and I will line up homes, run the payment on each one and answer the questions a listing can’t.