The Ultimate Checklist for First-Time Home Buyers in Saskatoon


Embarking on the journey of buying your first home in Saskatoon can be as exhilarating as it is daunting. To help you navigate this journey with ease and confidence, we’ve compiled an essential checklist. Each step of this guide is designed to ensure that you make informed decisions, ultimately leading you to the front door of your dream home. Remember, buying a home is not just a financial investment, but also an emotional one, making it crucial to approach each step with both logic and heart.

Create a Budget & Review Your Credit Score

Your financial health is the cornerstone of the home-buying process. Start by creating a realistic budget, considering your income, expenses, and savings. Equally important is reviewing your credit score, as this will significantly influence your mortgage options and interest rates. Don’t forget to factor in additional costs like property taxes, home insurance, and potential renovations, which can impact your overall budget.

Seek Advice from Trusted Family and Friends

Buying a home is a major decision, and getting insights from family and friends who have been through the process can be invaluable. Their experiences, both good and bad, can provide you with practical advice and moral support. Additionally, they might share tips about overlooked aspects of home buying, like the importance of a good neighborhood or the long-term value of a well-located property.

Mentally Prepare for a Fast-Paced Market

The real estate market in Saskatoon can be dynamic and fast-moving. Mentally preparing yourself for this pace is crucial. Being decisive yet thoughtful is key to navigating this market effectively. It’s also important to stay flexible and patient, as you may need to act quickly when opportunities arise or regroup when faced with unexpected challenges.

Organize Financial Documents

Gather all necessary financial documents such as pay stubs, tax returns, and bank statements. These will be essential when applying for a mortgage and for understanding your financial standing. Keeping these documents organized and easily accessible will streamline the mortgage application process and help in quick decision-making.

Obtain a Pre-Approval

Getting pre-approved for a mortgage gives you a clear idea of what you can afford and shows sellers that you are a serious buyer. This is a critical step in the home-buying process. A pre-approval letter can also give you a competitive edge in a market where multiple buyers might be vying for the same property.

Evaluate Your Pre-Approval Amount

Just because you’re pre-approved for a certain amount doesn’t mean you have to spend it all. Assess your lifestyle and other financial goals to determine how much you’re comfortable spending on a new home. Consider future plans like starting a family, career changes, or lifestyle adjustments, which could impact your long-term affordability.

Find a Great Real Estate Agent

A knowledgeable Realtor in Saskatoon can make all the difference. Look for someone with a good track record, read online reviews, and choose someone you feel comfortable working with. They will be your guide through the complexities of the real estate market. An experienced agent will also have a network of contacts such as home inspectors and mortgage advisors, which can be very beneficial.

Research Neighbourhoods

Spend time online researching the neighbourhoods in Saskatoon. Look for information on local amenities, schools, crime rates, and other statistics that are important to you. Make sure you explore the back alleys too! That will tell you a lot about the area too. Additionally, consider the potential for future development in the area, as this can affect both your lifestyle and the long-term value of your investment.

Make a Competitive Offer

Once you find a home you love, work with your Realtor in Saskatoon to make a competitive offer. They will have insights into the market and can advise on how to make your offer stand out. It’s not always about the highest price; terms like closing dates or contingencies can also sway a seller’s decision.

Explore the Neighbourhood

Before finalizing your decision, take the time to walk around the neighbourhood. This will give you a feel for the community and help you envision living there. Pay attention to factors like traffic patterns, noise levels, and the condition of neighboring properties, as these can significantly impact your living experience.

Use the Next 2 Weeks for Condition Removal

This period is crucial for conducting a home inspection, finalizing your financing, and addressing any other conditions of the sale. It’s a time for due diligence to ensure the property is right for you. Be thorough in this phase, addressing even minor concerns with your realtor or lawyer, to avoid any surprises down the road.

Don’t Make Major Purchases

Avoid making any large purchases or drastic financial changes during this period. Such actions can affect your mortgage application and financial stability. Lenders may re-check your credit and financial situation before closing, so it’s important to maintain the status quo until the deal is fully sealed.

Decide on the Property

After thorough consideration and satisfying all conditions, decide if the property is right for you. If yes, you’re ready for the next big step. Trust your instincts along with the facts at hand; after all, this is not just a financial transaction but a place you will call home.

Finalize the Purchase

Work with your lawyer to complete all necessary paperwork, including the remainder of your down payment. This step legally transfers the property into your name. This is also the time to review all legal documents carefully, ensuring you understand all the terms and obligations involved in homeownership.

Purchase Home Insurance

Securing home insurance is a must before you move in. It protects your investment and gives you peace of mind. Make sure the coverage is comprehensive, covering aspects like property damage, liability, and living expenses in case of unforeseen events.

Prepare for Possession Day

On possession day, do a final walkthrough of the property with your Realtor in Saskatoon. This is your chance to ensure everything is as agreed upon in your contract. Check for any last-minute issues that need to be addressed before you officially take over the property.

Celebrate and Furnish Your New Home

Now’s the time to let the excitement sink in. Go ahead and start planning for the new furniture and decorations that will turn your new house into a home. This is also a great opportunity to explore local shops and services, helping you settle into your new community.

Live Happily Ever After

Congratulations! You are now a proud homeowner in Saskatoon. Enjoy the journey of making your house a home and creating lasting memories in it. Remember, homeownership is not just about having a place to live, but also about being part of a community and laying down roots for your future.

By: Kevin Appl