Buying homes for sale in Saskatoon is a huge undertaking that involves the biggest lifestyle and financial choices you’ll ever make. So, it is important to equip yourself with the right knowledge, experts, and resources that can guide you along the way. Unsure where to begin? Here are some of the things you need to know to buy houses in Saskatoon.
Is Home Ownership the Right Move for You?
While there are several reasons why it is desirable to own a home, it is a huge commitment, and you need to ensure that you are totally prepared for everything involved. This requires financial discipline, responsibility, and stability. Buying a home is an excellent option for a long-term investment, but if you end up selling the house within the first few years of purchase, the transactions costs will likely surpass what you would have else paid for rent. If you only want to purchase a home in order to be involved in the appreciating housing market in Canada, there are a lot of other ways you can invest in the real estate.
Minimum Down Payments
The amount you need to put down on your potential house depends on the purchase price, the type of house you want to purchase, and your real estate goal. For instance, the minimum down payment will depend on if you want to purchase a primary residence or invest in rental property. So, if you are purchasing a flat or duplex for anything less than $500,000, you need to put down 5 percent to secure financing. For a bigger purchase that costs above $500,000, you will need to put down 10 percent to be eligible for financing.
Get Pre-Approved for a Mortgage
If you think that you meet the income, equity, and credit requirements to purchase an SK real estate property, then you need to get pre-approved for a mortgage. This helps you decide what you can afford. A mortgage pre-approval is a broad review of a credit report, mortgage application, and this is followed by a written statement that confirms that you meet the requirement for a loan of a certain type of property. There are usually a number of conditions associated with it, and the mortgage pre-approval is only valid for a temporary period.
Work With a Real Estate Agent
As a home buyer, you have the option to go solo in your search for a property, whether condominium, townhome, semi-detached, or otherwise. However, without the experience of an expert at your corner, the home buying process can be complex, and you risk missing certain red flags associated with houses for sale in Rosewood Saskatoon. Working with an experienced and reputable real estate agent can drastically ease the stress associated with houses for sale in Rosewood Saskatoon and could save you money.
If you have more questions about Saskatoon homes for sale, or ready to move forward with your home purchase? Contact Shawn Johnson Real Estate today to speak with an experienced real estate agent or search our Saskatoon 9real estate listings.