Hi Saskatoon friends!
I recently moved to Saskatchewan from overseas and have a bit of experience in property investing.
I’ve conditionally purchased a detached century home in Saskatoon’s North Park area, which to my understanding is a prime location. It’s close to bus stops, the river, downtown and hospital so I thought it was a great find and wow, prices here for quality homes are a lot lower than back home (or Vancouver/Toronto)!
My idea is to rent it out initially and before moving in.
I was wondering if I could lean on the experience of people in the forum on the following:
I recently moved to Saskatchewan from overseas and have a bit of experience in property investing.
I’ve conditionally purchased a detached century home in Saskatoon’s North Park area, which to my understanding is a prime location. It’s close to bus stops, the river, downtown and hospital so I thought it was a great find and wow, prices here for quality homes are a lot lower than back home (or Vancouver/Toronto)!
My idea is to rent it out initially and before moving in.
I was wondering if I could lean on the experience of people in the forum on the following:
- The seller flagged the basement walls are bowing though my realtor and I could hardly tell. Is it better to get further information on this from the home inspector, a concreter, or a structural engineer? Any suggestions are welcome.
- What are some red flags I should look out for during the inspection report when it comes to buying a house in Saskatoon?
- How do I make sure my financing gets approved given I’m a new immigrant with limited credit history? My real estate agent suggested putting a 30% down payment to have a higher chance, but I wanted to stick with 20% as it’s very costly to move money across from Australia.
- From a return-on-investment perspective, what type of capital appreciation and yield should I expect? The purchase price is around $350k and the seller told me it previously rented for $2,400 but didn’t provide evidence (seems a little high).