The Essential Knowledge You’ll Need to Become a Homeowner

Posted by Mercina Kokkas on Monday, November 19th, 2018 at 11:29am.

Want to become a homeowner? Have you found yourself looking for real estate for sale in Warman and surrounding areas, Martensville and/or Saskatoon? Are you unsure about what you need to know about the housing market when you make one of the most important decisions in your life?

Don’t worry – you’re not alone. I’ve helped plenty of people looking for real estate in Saskatoon and the surrounding area who wanted to become a homeowner but were not sure about key concepts concerning the housing market.

Here is a brief primer on the essential knowledge you’ll need to understand the housing market and become a homeowner with confidence.

The Essential Knowledge You’ll Need to Become a Homeowner

Qualifying for a Mortgage

If you want to become a homeowner, you first have to find a home, right?

Actually, you need to qualify for a mortgage first. Pre-qualifying for a home loan can go a long way in making your path to buying a home smooth and easy. Virtually any bank will give you a chance to pre-qualify based on your income and your credit score.

Once you pre-qualify, you can begin budgeting and finding real estate for sale in Warman and surrounding areas, Martensville and/or Saskatoon that fits your budget. A seller will be more comfortable working with you if he or she knows you are pre-qualified and can afford a home loan.

Selecting a Home

Once you are pre-qualified, you can begin searching the housing market for a property that fits you and your lifestyle. Some of the important factors to consider include:

  • Cost
  • Distance to work
  • Neighbourhood
  • Zoning
  • Proximity to amenities and attractions
  • Size
  • Look and feel
  • Extras (garage, backyard, etc.)

When considering the cost, think not just about how much the home itself costs; also think about how much it will cost you annually. That includes property taxes, maintenance, and homeowner’s insurance. An older home may fit your aesthetic, for example, but it will cost you more per year in maintenance than a newer one would.

Know How Your Home Is Valued

Finally, it’s important to understand the housing market and how homes are valued.

A lot of factors go into how real estate in Warman and surrounding areas, Martensville and/or Saskatoon is valued. These include:

Size (square footage)

Number of bedrooms and bathrooms


Extras (dens, garages, backyards, sheds, basements, etc.)

The value of similar homes

Appearance (condition and layout)

Conducting a comparative market analysis with an agent can help you determine if the home you like is a good value or not, based in part on how much other, similar homes are priced at, and/or sold for. If a bigger home costs the same, that home is a better deal (all other factors considered equal).

There are many factors to explore and each situation will be unique. Here are some interesting things to note. The listing price may be much higher than the official city assessment of value as City assessments are for property tax purposes only.  

The assessed fire insurance value may be much lower than the true housing market value.   Insurance does not take into consideration land value or value of surrounding property.

A home may be worth more than it is listed at. This may occur when a seller attempts to create a rush of interest and secure a quick sale.

Talk with your agent when navigating the housing market to learn more and find the best value for your home buying efforts. 

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