Buying a Home in Regina

Peter’s New Buyer Info Kaitlin’s New Buyer Info

Congratulations on Deciding
to Buy a Home.

You’ve decided you want to buy a new home in Regina or surrounding area. Navigating all the information you can find on the Regina Real Estate Market. Now what? Check out all of the handy info below that can help you through this exciting, but sometimes stressful, process. If you have any questions at all we are only a phone call away.

Our three unbreakable rules for buying a home:

Don’t let clients over-extend themselves. With stories on the news every day about personal debt reaching record levels, we consult with our clients about the top end of their budget, then try to find them a home $25-30K less than that. We earn less but make up for it in referrals. We want our clients to have money left over to go out for ice cream or see a movie without having to worry about making ends meet.
9 times out of 10, look at the basement and foundation first. The foundation and basement are like a house’s backbone and its core. Especially in a city like Regina, if there are problems in these areas, the buyer is going to have headaches for years down the road.
If we wouldn’t want to live there, we wouldn’t expect you to live there. This is part of the lasting relationship we want to build with the people we work with. We want clients to walk away happy from every transaction—happy enough to tell their friends about our work.

Your First Step

Your first step to buying a home is to first ask yourself why you want to buy a home: to stop paying rent? To start building equity? To have a place of your own? To raise a family? To entertain business associates? To move up to a bigger house? Next, list what kind of home you’d like and where you would like to be. Be specific. Separate the “must haves” from the “want to haves.”

When buying a home in Regina, think of yourself as zeroing in on a target and going from the general to the specific. Consider the specific area (city, suburban neighbourhood, or country), community (north, south, east, or west side), and neighbourhood (older and settled or sparkling new; a particular school zone; recreational facilities; and other community services such as transportation, day care, library, stores, entertainment). Additionally, ask yourself how many minutes you are willing to commute to work, as this can help narrow down your search for the perfect home in Regina.

Think about home styles. How much space do you need? Does your situation require a one-level home, or are stairs acceptable? Consider size and kind of property. Do you want a newer home, or maybe an older one to fix up? Someday you or your heirs will want to sell. Consider how long you expect to live in this particular home.

Your Next Step

Call us and we will get in the hands of a trusted bank advisor or mortgage professional that has an excellent reputation and track record for successfully acquiring mortgage approval for their clients.

We will help you every step of the way and beyond!

We will help you complete your financing and all applicable inspections and subsequently close the transaction. Our top priority is to make sure that your home buying experience is amazing, cost-efficient and a such a success that you tell all your friends and family all about us!

The minimum down payment required is 5%. If you put 20% down you will avoid paying CMHC fees.

Ask about the first-time homebuyer incentive. The inventive enables first-time homebuyers to reduce their monthly mortgage payment without increasing their downpayment.

I Will Find the Right Homes for You

Once you’ve been pre-qualified and know what price range you want to stay in, we can help you determine which properties fit your needs by using the (MLS) Multiple Listing Service system to locate them.

We have the best possible resources and communication systems available today to help you locate the homes on the market that match your specifications. You can even search our listings here on our website.

I Will Help You Every Step of the Way

I will help you complete your financing and inspections, and close on the transaction. My top priority is to make sure that your home buying experience is pleasant, cost-efficient, and successful.

What is a Mortgage Stress Test?

New mortgage rules implemented in 2018 require home buyers to undergo a mortgage stress test, meaning you need to qualify for a mortgage using the minimum qualifying rate (which is two points above the actual mortgage rate or whatever the average five-year posted rate is – whichever is higher). This will affect the dollar value the bank will loan you for a mortgage. For someone who was qualified for a mortgage of $350,000, under the new rules, would qualify for a mortgage closer to $300,000. These rules were suppose to protect the housing industry and they will help you make sure you don’t over-extend yourself but it’s put a damper on buyers budgets and removed a lot of buyers from the market. This is one of the reasons we’ve seen a drop in our market over the past few years.

Peter’s New Buyer Info Kaitlin’s New Buyer Info