First-Time Homebuyer Myths (That Might Be Holding You Back)

First-Time Homebuyer Myths (That Might Be Holding You Back)

Buying your first home is exciting—but it can also feel overwhelming. Between advice from friends, headlines in the news, and things you hear online, it’s easy to believe myths that simply aren’t true.
If you’re a first-time homebuyer in Regina or anywhere in Saskatchewan, let’s clear the air and bust some of the most common misconceptions.

Myth #1: You Need a 20% Down Payment

This is one of the biggest myths out there.

Reality:
Many first-time buyers can purchase with as little as 5% down, depending on the price of the home. While a larger down payment can reduce monthly costs, it’s not required to get started.

💡 There are also programs and incentives designed specifically to help first-time buyers.  Read about the Government Programs for Housing on the Regina Homebuilder’s website:

https://reginahomebuilders.com/governmentprogramsforhousing/

Myth #2: Renting Is Always Cheaper Than Owning

Renting may feel safer, but it’s not always the cheaper long-term option.

Reality:
Monthly rent often costs as much—or more—than a mortgage payment. The difference?
When you own, you’re building equity instead of paying someone else’s mortgage.

Owning can also provide more stability and predictable housing costs over time plus there’s something to be said for “pride of ownership”.

Myth #3: Your Credit Has to Be Perfect

You don’t need a flawless credit score to buy a home.

Reality:
Many lenders work with buyers who have average or improving credit. There are often options available, even if your credit isn’t perfect.

📌 A mortgage pre-approval can give you clarity on what’s possible—and what steps to take if improvements are needed.  I work with several great mortgage brokers and can hook you up!

Myth #4: First-Time Buyers Can’t Compete in a Competitive Market

Some buyers assume they’ll never “win” against experienced homeowners.

Reality:
With the right strategy, first-time buyers can absolutely compete.
Strong pre-approval, smart negotiation, and good guidance can make all the difference—even in a busy market.

Myth #5: You’ll Need Extra Cash for Every Repair Right Away

Buying a home doesn’t mean you need to fix everything immediately.

Reality:
A home inspection helps you understand what’s urgent versus what can wait. Many first-time buyers move in and tackle upgrades gradually, over time.

Myth #6: The Process Is Too Complicated to Start

The homebuying process can seem intimidating from the outside.

Reality:
When broken down step-by-step—and with the right professional support—it becomes far more manageable. You don’t have to know everything upfront. That’s what experts are for.

Final Thoughts

Most first-time buyers don’t miss out because they can’t buy—they miss out because they think they can’t.

If buying your first home has been on your mind, getting the right information could be the only thing standing between you and homeownership.

Heather Markus

eXp Realty