Home Buyer’s Checklist: What to Know Before You Say “Yes” to a New Home

Buying a home is one of the biggest financial and emotional decisions you’ll ever make, and if you’re reading this, you’re probably feeling excited, hopeful, and maybe even a little overwhelmed. That’s completely normal. A new home represents stability, growth, and the next chapter of your life. But it also comes with a list of responsibilities and costs that can catch people off guard if they’re not prepared.

This guide walks you through everything you need to consider before signing on the dotted line. Think of it as your go-to checklist to stay confident, empowered, and financially prepared throughout your homebuying journey.

1. Know Your Financial Readiness

Before scrolling through listings or booking showings, it’s important to understand what you can truly afford. This is where clarity makes all the difference.

Ask yourself:

• What is my maximum budget?

• Have I been pre-approved for a mortgage?

• Have I compared different lenders, rates, and mortgage terms?

• Do I understand what my monthly payment will look like when I factor in mortgage + property tax + home insurance?

Your budget is more than a number, it’s your safety net. Knowing it early prevents disappointment later.

2. Understand Your Upfront Costs

One of the biggest surprises for first-time buyers is how many costs show up before you even move in. Beyond the down payment, you may also need to account for:

• Closing costs (typically 1.5% to 4% of the purchase price)

• Land transfer taxes (varies by province and municipality)

• Legal fees

• Home inspection fees

• Appraisal costs

• Title insurance

These are not optional. Building them into your budget from the start will help you stay realistic and prepared.

3. Plan for Ongoing Costs

Once you move in, the regular monthly or annual homeownership costs begin. These include:

• Property taxes

• Home insurance

• Utilities such as hydro, gas, water, and internet

• Maintenance and repairs

• Condo or HOA fees (if applicable)

• Seasonal expenses like landscaping and snow removal

These recurring costs play a major role in long-term affordability, so it’s smart to understand them upfront.

4. Factor in Moving & Setup Costs

Moving into your dream home comes with its own checklist of expenses. Depending on your situation, these may include:

• Moving company or truck rental

• Packing supplies

• New furniture or appliances

• Fees for setting up or transferring utilities

• Cleaning or painting before move-in

These costs can add up, but planning for them ensures a smoother transition.

5. Carefully Assess the Home’s Condition

A beautiful home can still have underlying issues. Pay close attention to:

• Age of the roof, furnace, AC, and major appliances

• The condition of the foundation and structure

• Plumbing and electrical systems

• Window age and insulation

• Any future repairs or renovations you may need

A thorough home inspection gives you peace of mind and can prevent unexpected expenses later.

6. Look Beyond the Home, Consider your Lifestyle

Location is more than just a pin on a map. Your everyday life happens around your home, so think about:

• Commuting time

• Noise levels

• School districts

• Proximity to transit, parks, shops, and grocery stores

• Safety and neighbourhood trends

• The area’s resale value

Buying a home is also buying into a neighbourhood, make sure it supports your lifestyle and long-term goals.

7. Review All Legal Items Carefully

A lawyer plays a critical role in ensuring your purchase is protected. Make sure you have:

• Reviewed the purchase agreement with a lawyer

• Checked for liens, easements, or restrictions

• Confirmed property boundaries

• Reviewed the condo status certificate (if applicable)

Legal clarity protects you from surprises and strengthens your negotiating power.

8. Plan for the Future, Not Just Today

This is the part most buyers underestimate, but it’s one of the most important.

Budget for emergency repairs
Set aside 1–3% of your home’s value each year for unexpected maintenance like a leaking roof or a broken furnace.

Understand interest rate changes
Know how rising rates can impact your payments, especially with variable mortgages.

Consider long-term affordability
Think about how future expenses, such as childcare, job changes, travel, retirement saving, could impact your budget.

Think ahead about renovations
Even cosmetic updates can add up. Planning early helps you budget wisely.

Make sure the home fits your 5–7 year plan
Your lifestyle, family needs, and career goals matter.

Keep resale in mind
Homes in stable or growing neighbourhoods tend to hold value better.

Factor in energy efficiency
Better insulation, windows, or efficient appliances can save you money in the long run.

Future planning creates stability, and stability is the foundation of financial confidence.

The Bottom Line

Buying a home is a huge milestone, but it doesn’t have to be overwhelming. When you understand the true costs, ask the right questions, and think ahead, you give yourself the power to make decisions that support your financial goals.

Use this checklist as your guide as you search, compare, and explore your options. You deserve a home that feels right for your life and your budget.