Buying Your First Home In Saskatoon: 5 Things to Consider

That’s it, you’ve finally had enough…renting a home just isn’t cutting it anymore!

Despite popular advice….“the Saskatoon housing market is so overpriced! It’s better to rent and invest the money you don’t spend on homeownership elsewhere and enjoy the flexibility that comes with being a renter!”

Renting sucks!

Renting can have its time and place. For instance, as a university student, it makes sense. But when you are looking to raise a family in Saskatoon. A comfortable home and a friendly neighborhood are a necessity. You need a place you can call your own and an environment for your family to prosper.

There is no doubt about it…

Buying your first home is a big decision and one of the most significant investments of your life. It’s crucial to make the right choice!

Analyzing the best options based on your lifestyle and financial situation is vital to avoid regret. It’s crucial to discuss goals and objectives to avoid common first-time homebuyer mistakes. Here are 5 things to consider when buying real estate in Saskatoon, Saskatchewan.

Your mortgage can be cheaper than rent

Depending on the neighborhood you choose to purchase your home in Saskatoon, investing in a mortgage can be a significantly better option.

Especially as a first-time home buyer, the word “mortgage” can be scary. The process of financing your first home can seem daunting. But depending on the location and property, you may pay less for a mortgage than you would for rent.

Even if your total homeownership costs are higher than rent, there is always the advantage of building equity in your home. Instead of giving your money away to a landlord, you’re putting it towards your own property.

Owning a home also offers stability and pride of ownership. It’s an asset that you have control over. Unlike rentals, you can choose to make decisions over the look and design of your space.

Don’t like the paint? As a homeowner, you can choose to customize your home to suit your needs.

Children and safety

Your home is your safe haven. You want a place where your kids can create lasting memories that they’ll cherish for years to come. Therefore, the neighborhood vibe and environment are crucial to consider when deciding on a home to purchase.

Saskatoon offers diverse neighborhoods each with its unique strengths and weaknesses. Ranging from older neighborhoods such as Mayfair and Riversdale to new developments such as Erindale and Brighton, there is something for everyone.

The importance of having amenities such as playgrounds, schools, and community centers close by cannot be overstated. Between a busy work schedule and extracurricular activities for the kids, being close to essential amenities reduces stress and wasted time.

Luckily, most Saskatoon neighborhoods are well structured to ensure convenience and the availability of necessary services! Click this link to view the latest listings in Saskatoon’s most popular areas.

Determine how much you can spend

Especially in 2022, the political and socio-economic environment seems more unpredictable than ever. Determining the allocated budget for your new property can be daunting.

When buying a home, money is an important topic of discussion. Preferably, you want a property that meets your demands while staying within your budget. It’s crucial to allocate adequate time to search for a property to avoid making decisions under time constraints.

As a first-time home buyer, it’s easy to underestimate homeownership costs.

Often, new homeowners tend to disregard hidden costs associated with homeownership such as property taxes, maintenance, HOA (Homeownership Association) fees, etc. Unlike rentals, homeownership comes with unexpected costs that must be accounted for within your budget.

It’s crucial to create a plan that accounts for variables such as mortgage downpayment monthly payments, etc. Fortunately, there is a formula and method for everything. Click here for more information on how to set a budget for your first home.

Hiring a real estate agent

Just like Batman needs Robin, you need a trusted realtor to guide you through the biggest investment of your life. An experienced realtor alleviates stress and offers valuable insight ensuring you make the right decision.

“But there are so many realtors, how do I know who to hire?”

Each realtor has a unique set of skills and expertise to help you purchase your dream home. You’ll want someone that’s trustable, responsive, and knowledgeable.

At Bhowmick Realty, Our objective is to make property hunting simple and efficient. We value building a genuine relationship with our clients and will take time to understand your needs and priorities. From financing to negotiating to closing, we will guide you through the entire process. We aim to offer relative and objective information to help you make the right choice.

Understand your short and long-term plans

Before buying your first property, it’s important to consider your short and long-term plans. Life is dynamic and unpredictable. As your family situation and environment change, so do the demands for your home.

In the future, you may decide to abandon Saskatoon winters and choose a new location. Understanding your short and long-term plans will help you determine which home is right for you.

Regardless of your goals or situation, a Bhownick Realty expert can help develop a customized plan to achieve your homeownership goals.

Conclusion

The prospect of buying your first home can be exciting and daunting at the same time. From different types of financing options to property taxes, it can get overwhelming.

Thankfully with a trusted Realtor, the largest transaction of your life can be simple, stress-free, and sincere. Along with the tips in this article, you can make your dream home a reality.

Ready to Start? Let’s get in touch!