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Why it pays to think like an investor when buying your first home
When buying your first home, you’re taking your first step on the property ladder, which can set up your wealth for life. Therefore, it makes sense to think strategically to maximize the value of your investment.
As a first-time home buyer, you should begin with the end in mind—that is, consider your financial goals and how owning property will contribute to your wealth.
Your first property purchase will have far greater significance than simply allowing you to escape the rental race or finally stop living with your parents.
But don’t buy on emotion. Instead, create and apply your financial plan to your first property investment. A successful first purchase can substantially add to your lifetime’s wealth.
Research and advice are essential in making the right decision. As your real estate agent, I’d be happy to provide you with insights into high-growth local neighbourhoods.
Independent data sources can also help you understand where to invest and the type of property in demand, such as a condominium or house. Investigate the local market to see what’s hot on the rental market, which can often provide a clue.
Remember, if you view your decision as an investor, you don’t have to be entirely in love with this first property. It won’t be your forever home – it’s your first step on the property ladder.
Another important factor for first-time home buyers is maximizing the available financial instruments, such as government grants or schemes that encourage people into the housing market. It’s always a good idea to seek professional financial advice and help from a mortgage broker.
Here are the critical considerations for a first-time buyer:
- Think strategically – how will this purchase help you meet your longer-term financial goals?
- Seek out high-growth areas – these will provide the best financial results for you.
- Research the style of property in the highest demand in your chosen neighbourhoods.
- Leverage all financial instruments to accelerate your entry into the market.
- Ensure you stay within your budget and
- Remember, let your head – not your heart – make the decisions.
5 Local Places to try in Saskatoon this Summer
Summertime is here, which means one thing…it’s time to get outside and enjoy all Saskatoon has to offer. There are many places to eat in Saskatoon, and choosing one to meet up with family and friends can be challenging. Here are five local restaurants to try in Saskatoon that will win anyone over.
Indigenous Cuisine
Bannock Express
Bannock Express is a locally owned indigenous restaurant. It started as a Farmer’s Market stall and now has a restaurant on Avenue B, shared with Botte Chai and Dulce Bakery. The menu features bannock-centric offerings, which all look delicious. If you need to cool down this summer and are downtown, the menu also features various lemonades! The Co-op also sells the restaurant’s signature bannock—so stop in there if you can’t make it downtown. Inside the business is a pinboard that encourages people to donate and provide meals to feed the less fortunate.
Burgers
Ace Burger
Ace Burger began its life as a food truck and transitioned into a restaurant that is located on Broadway. The patio is perfect for summertime meetups with family and friends to enjoy great burgers, hot dogs, poutines, chicken sandwiches and out-of-this-world fries. Modern and cozy vibes fill the space. On your way out, pick up an Ace Burger shirt and hat! They also offer take-out—a nice break from cooking on a hot Friday night.
Farm-to-Table
Odla
Odla is another restaurant gem found on Broadway. The owners of Farm One Forty started the place with their holistic approach to farming and food. The menu consists of high-end meals made with products from local farmers and producers—featuring a vast list of wines and unique cocktails. The atmosphere is casual, yet sophisticated. Check out their patio to relax and enjoy a fantastic meal. If dining in isn’t for you, they also have an extensive selection of “market items” that you can purchase to cook or reheat meals at home.
Korean & Japanese Fusion
Sticks & Stones
Sticks & Stones has a delicious menu with an array of Korean and Japanese fusion eats. It has a casual, yet modern vibe, conveniently located downtown. Stones is the perfect place to enjoy a warm bowl of Ramen and a tasty ice cold drink—exclusively open in the evenings, offering table reservations or ordering online.
Pizza
Thirteen Pies Pizza + Bar
Thirteen Pies is open only in the evenings and is located downtown. The pizza is self-described as “Brooklyn style”—definition: it has a thin crust and is foldable to go down quickly. Their white sauce pizza is terrific, the drinks are divine, and the atmosphere is an upscale pub. If you are wandering downtown on a summer night and are looking for some late-night eats, pick this place—they offer delivery too.
From sushi to pizza, there is something for every taste bud in Saskatoon. Even better is supporting local businesses, producers, farmers and families. I hope that a few of these places spark your interest and you try them out this summer!
If you need help finding real estate close to any of these hot spots, contact your local REALTOR® today!
Making the Most of Your Outdoor Space
Well, Saskatoon, it looks like we’ll be spending another summer close to home. With the real estate market as hot as it is right now, it’s evident that some people are taking the opportunity to upgrade their living situations. Imagine finding a home with a great outdoor space—kids’ playset included. Or what if it has a pool? How amazing will your summer be with access to your very own backyard oasis?
If it’s possible to change your primary residence to suit your desired lifestyle better, that is a great option. If you are unable to find your family’s perfect home, what can you do to improve your outdoor space? The good news is, there’s plenty you can do to enhance the outdoor area you do have while you are waiting to move!
Furnishings: Need a place to relax and enjoy your outdoor space? Purchase hardy outdoor furnishings that stand up well to our climate.
Heat It Up: A fire pit or fire table can turn your outdoor space into an inviting gathering place. Adding a heat source to your outdoor space will also increase the amount of time you can enjoy it.
Spruce Up Your Gathering Space: If you have a deck, consider sanding and restaining it to freshen it up. If you have a patio, use a pressure washer to make your blocks look new again and take care of weeds or grass growing between the blocks.
Light It Up: Not only can lights transform the look of outdoor space, but they can also add nighttime safety and security.
Add a Water Feature: A water feature can be a great focal point, easy to install and maintain and come in many affordable options and sizes. Choose from tabletop fountains to large rock features. A successful outdoor space takes all senses into account, including sound. And there is no sound more relaxing than moving water!
Make a Walking Path: Use mulch, stones slabs, or paving stones, to lead to a bench or chair in your favorite spot.
Create Privacy: There’s nothing better about living in Saskatoon than the friendliness of familiarity you’ll feel with your neighbours. But sometimes, you just want to relax without worrying that Wilson next door will hassle you the moment you open the patio door! Adding a fence can help create privacy from neighbors and boundaries from other areas of your home. In urban climates, you may want to add a privacy wall to your deck or patio as well. Creating privacy will give your outdoor space a sense of coziness.
Add Potted Plants: Simple, yet effective, adding potted plants adds an extra touch of green into your outdoor oasis, whether you’re working with a full backyard or cozy condo balcony. Plus, if you’re thinking about selling, it can be an easy way to boost your home’s curb appeal for sale, too!
Create a Shady Place: When the sun is too hot to handle, have a place you can go to escape. A pergola, canvas pole tent, curtains, or a taut piece of canvas will do the trick.
No matter what your outdoor space may look like, there are plenty of ways to boost its appeal while you are waiting to move. And if you find it still just doesn’t feel right, we can always, of course, speed up the timeline and start your home search sooner!
Renting vs Buying: Which is Better for You?
From the day that you move out of your family house, you dream of the day when you finally stop paying rent and buy your first home. But, as you may have discovered, buying a home is not quite as simple as it seems! There is a lot to consider when deciding whether or not to make the move into homeownership.
By buying a house, you’ll be taking on all the pros of being a homeowner versus a renter. But you’ll also be taking on quite a bit of responsibility and giving up on some of the advantages that come with being a tenant. That’s why, before you start your home search, it’s important to weigh the pros and cons of both renting and buying to decide whether or not you’re ready to become a first time homeowner.
Should You Buy or Rent: The Pros & Cons of Each
Repairs & Maintenance
First up in our comparison is every adult’s favourite topic of discussion about the home—repairs. As a tenant, the only thing you have to do when it comes to ongoing repairs and maintenance around the home and yard is call the landlord. They are typically responsible for taking care of any work that needs to be done—unless you’ve discussed an alternate arrangement—so you can just sit back and relax.
As a homeowner, though, repairs and ongoing maintenance are entirely your own responsibility. You’ll need to not only figure out what is wrong all on your own, but you’ll also be in charge of either fixing it yourself or calling in a professional to do it for you, costing you both time and money.
Decorating & Design
If you’ve ever wanted to switch up the light fixtures or even just paint a wall as a tenant, chances are you’ve experienced the headache of getting anything approved with your landlord. Since you don’t own the home as a renter, you need to ask permission from the owner before making any lasting changes. Otherwise, you could end up with a missing damage deposit when it comes time to move out.
If you own your home, though, any decor or design changes you wish to make, you can simply do! That picture-perfect bathroom accent wall you saw on Pinterest? Throw on some coveralls and get to work! The three-tiered deck you’ve been dreaming of? Stop by the hardware store and start building! The sky is your limit in your own house (well…the sky and your budget, of course!).
Flexibility
Decided you don’t like the neighbours and want to make a move? As a rental property tenant, just give your landlord the appropriate notice that you’ll be moving out and leave it all behind! As a homeowner, though, you’ll either need to sell the house to turn it into a rental property of your own to make a change.
Paying Rent vs Paying a Mortgage
While both renting and owning require you to make a monthly payment, they aren’t quite the same. Rent is similar to paying for a hotel room—it is an agreement between you and the property owner that you will financially compensate them for allowing you to stay in their space. A mortgage is more like making payments on your car—the more payments you make, the more of the home you own. This is called equity.
Another difference between the two payments is the amount being paid. Depending on the rental agreement between you and your landlord, your rent could be subject to change at your landlord’s discretion. This could leave you with a rent you can suddenly no longer afford, should an increase happen at the time of renewal. With a fixed-rate mortgage, though, you are guaranteed the same payments for the entire length of your term!
Pet-Friendliness
If you have a furry friend like me, you are no stranger to the struggle of finding a pet-friendly rental property. Most rentals don’t even allow for pets and those that do, often require an additional deposit on top of your down payment. But if you own your home, you can have as many pets as you want, no deposits or approvals required!
Insurance
Every landlord is required to purchase insurance for their rental properties that can cover the home in a variety of ways. This doesn’t, however, include any of your possessions as the renter. If you are renting a property, you have the option of purchasing your own tenant’s insurance to cover your belongings in the home, but it isn’t required! On the other hand, as a homeowner, you are required to purchase home insurance to protect your property.
Other Differences Between Renting & Buying
Tax Benefits – Every interest payment a homeowner makes on their mortgage is a tax deduction later!
Security – Owning a home, the only ones who have a key to your property are those you’ve given them to. As a renter, though, your landlord also has access at any time, along with anyone they’ve given a key to.
Appliances – As a renter, you are subject to whatever appliances are in the home, which may not be quite what you want. As a homeowner, you can choose whatever appliances fit your preferences and budget!
As a renter, you’ll never have the pride and autonomy that comes with home ownership, but there are quite a few advantages to renting that may be better suited for your lifestyle right now. So before making the switch, take some time to seriously consider the benefits and disadvantages of each to decide which is right for you.
And if buying a home is where your heart is at, though, I’m happy to help! Contact me and let’s get started on finding you your dream home today!
