To buy or to rent, that is
the question. Depending on your circumstances, renting is the easiest option to begin with. It will give you time to explore different areas and decide what the best option is for you.
the question. Depending on your circumstances, renting is the easiest option to begin with. It will give you time to explore different areas and decide what the best option is for you.
Renting in Saskatoon is very much a varied experience due
to the variety of properties within the City. Some common examples would be apartments, houses and basement suites with rent varying depending on size and location. Rent normally starts at about $650 a month for a 1 bedroom basement suite with the top end of the scale being over $2000 a month.
All rented accommodation comes with a fridge, cooker, washer, dryer and most come with a dishwasher. Although some property will include bills, others do not. BE CAREFUL. If you are renting somewhere that doesn’t include utility bills, make sure you find out how much extra they are going to cost. Utility bills in Canada are expensive compared to the UK This is mainly to do with the harsh winters; the average price for electricity, gas and water is around $300 a month. You would not be responsible for council tax, but you may wish to double check.
Insurance is also a must regardless of whether you are renting or buying. This can be purchased at any number of outlets throughout the City, with the cost being similar to the UK. Although you have very little when you arrive, you soon accumulate lots of belongings that will cost a great deal to replace.
to the variety of properties within the City. Some common examples would be apartments, houses and basement suites with rent varying depending on size and location. Rent normally starts at about $650 a month for a 1 bedroom basement suite with the top end of the scale being over $2000 a month.
All rented accommodation comes with a fridge, cooker, washer, dryer and most come with a dishwasher. Although some property will include bills, others do not. BE CAREFUL. If you are renting somewhere that doesn’t include utility bills, make sure you find out how much extra they are going to cost. Utility bills in Canada are expensive compared to the UK This is mainly to do with the harsh winters; the average price for electricity, gas and water is around $300 a month. You would not be responsible for council tax, but you may wish to double check.
Insurance is also a must regardless of whether you are renting or buying. This can be purchased at any number of outlets throughout the City, with the cost being similar to the UK. Although you have very little when you arrive, you soon accumulate lots of belongings that will cost a great deal to replace.
Buying a property in Canada is totally different to that in the UK and although it sounds difficult, it isn’t.
Before you start, all mortgage companies require a minimum 10% deposit and for you to be in possession of your work permit before you can purchase a home.
They will require an equifax report from the UK and proof of where your deposit money has come from; you are not allowed to borrow your deposit money under any circumstances. They then put you into Pre-approval, which means that your mortgage is assured up to a certain amount and once this has been granted, you can start to look for a home.
Once you find what you are looking for, your Realtor (estate agent) will write a contract offer on that property, which then goes into sealed bidding. If you have the best bid, the offer contract, once signed by the seller, is your legal contract to buy the house. At that time, you must pay a deposit on your house, normally between $5000 -$20000 (10% of the purchase price), which is your security on that property. Be aware that as soon as the offer has been signed by both parties you cannot break the contract, it is legal and binding. This type of contract stops the guzumping that is so common in the UK.
Everything else is then completed for you by your Realtor, Lawyer and mortgage advisor. The only thing left for you to do is pay the rest of the deposit (if any) and sign the final contracts.
Before you start, all mortgage companies require a minimum 10% deposit and for you to be in possession of your work permit before you can purchase a home.
They will require an equifax report from the UK and proof of where your deposit money has come from; you are not allowed to borrow your deposit money under any circumstances. They then put you into Pre-
Once you find what you are looking for, your Realtor (estate agent) will write a contract offer on that property, which then goes into sealed bidding. If you have the best bid, the offer contract, once signed by the seller, is your legal contract to buy the house. At that time, you must pay a deposit on your house, normally between $5000 -
Everything else is then completed for you by your Realtor, Lawyer and mortgage advisor. The only thing left for you to do is pay the rest of the deposit (if any) and sign the final contracts.
Brooks & Dunn