Buying your first home is a significant milestone, but it comes with challenges, especially in a competitive market like Saskatoon’s. Here are eight critical considerations for first-time homebuyers to ensure a smooth and informed purchase process:

1. Get Pre-Approved for a Mortgage

Before starting your home search, get pre-approved for a mortgage to determine your budget and demonstrate to sellers that you’re a serious buyer. In Saskatchewan, a minimum 5% down payment is required, so ensure you have sufficient savings or a gift to cover this。 Pre-approval also helps narrow your search to affordable neighborhoods.

2. Work with a Buyer’s Real Estate Agent

A buyer’s real estate agent is invaluable for navigating Saskatoon’s market. They can identify suitable properties, provide insights on fair pricing, and negotiate on your behalf, saving you time and potentially money. Without an agent, you risk missing out on hidden opportunities or overpaying.

3. Consider Older Homes

New homes in Saskatoon can be pricey, but older homes, often referred to as fixer-uppers, offer affordability and character. These properties may require renovations, so factor in potential costs and always conduct a home inspection to assess their condition.

4. Avoid Emotional Decisions

Falling in love with a house can lead to overpaying or overlooking flaws. Stay rational, stick to your budget, and be prepared to walk away if negotiations don’t meet your needs. Emotional decisions can cloud judgment, so focus on your long-term goals.

5. Budget for Additional Costs

The purchase price is just the beginning. Closing costs, including legal fees and taxes, can add up, as can ongoing expenses like property taxes, insurance, and maintenance. To avoid being “house poor,” ensure your budget accounts for these costs and leaves room for other financial priorities.

6. Get a Home Inspection

A professional home inspection is non-negotiable. It can uncover hidden issues, such as structural problems or outdated systems, that could cost thousands to fix. Knowing these issues upfront allows you to negotiate repairs or reconsider the purchase.

7. Research the Neighborhood

The right neighborhood is as important as the house itself. Investigate crime rates, school quality (if relevant), and the area’s maintenance standards. Visit the neighborhood at different times—day and night—to get a complete picture of its atmosphere and suitability.

8. Don’t Rely on Future Market Gains

While Saskatoon’s housing market is stable, with about 70% of residents being homeowners , it’s not immune to fluctuations. Avoid buying a home with the assumption that its value will skyrocket. Plan based on current market conditions and your long-term needs.