Looking to buy a cabin or vacation property?
Dreaming of a peaceful cabin by one of Saskatchewan's 100,000+ lakes or a getaway anywhere in Canada? Purchasing a vacation property or cabin is an exciting venture and we’re here to guide you every step of the way.
Your step-by-step guide to buying a cabin or vacation property.
Buying a vacation property or cabin is an exciting milestone and we're here to support you every step of the way. Use the guide below to explore each stage of the buying process, from planning your budget and financing to finding the perfect getaway and closing on your property. Whether you're purchasing a seasonal retreat or a year-round escape, you'll find the information and support you need to move forward with confidence.
Step 1: Access your finances
Understand your budget before buying a vacation property or cabin.
- Use our budget calculator to see what you may be comfortable spending on a mortgage payment each month.
- Use our Mortgage Affordability calculator to see how much money you can potentially borrow to buy a home. The calculator looks at your income, debt and living expenses and is for illustration purposes only.
- Think about the extra costs of owning a second home, including property taxes, home insurance, and maintenance. Consider saving for some of these extra costs using a savings account or short-term deposit.
Step 2: Talk to a mortgage expert
Explore your financing options before you start your property search.
- Prior to searching for a vacation property or cabin, schedule a meeting with a Mobile Mortgage Specialist or Financial Advisor to discuss your finances, goals and hopes for a vacation property.
- Understand the different mortgage options that may be available to you and any requirements you’ll need to consider.
- To be eligible for financing, we require vacation properties and cabins to be in Canada. Additionally, some requirements must be met when it comes to owned and leased lands, water, and sewer sources, heating sources, etc.
- Lock in your interest rate (for up to 120 days) and get pre-approval so you know your budget when searching for your vacation property or cabin.
Step 3: Find your vacation property
Search for the right property and prepare to make an offer.
- Work with a realtor to find your dream vacation home or property.
- Once you find a property you love, draft an offer outlining how much you’re willing to pay. Be sure to negotiate any terms, including possession date, conditions, etc.
- Prior to submitting your offer, check in with your Mobile Mortgage Specialist or Financial Advisor to ensure the property meets all financing requirements.
Step 4: Complete your mortgage
Finalize your financing after your offer is accepted.
- After your offer is accepted, work with your Mobile Mortgage Specialist or Financial Advisor to explore your mortgage options.
- Decide if you want a fixed or variable mortgage, open or closed mortgage, and what your payment schedule will be.
- Work with a lawyer to complete any of the necessary paperwork that’s required to close the deal.
Step 5: Inspect and close
Complete the final steps before taking possession of your property.
- Conduct a thorough inspection of the property to identify any issues and work with your realtor, lawyer, and the seller to address any concerns.
- Purchase home insurance and consider home protection insurance for unexpected events, like job loss or disability.
What to know about vacation property financing.
Here's what to keep in mind when financing a vacation property or cabin with Conexus.*
| Requirement | What Conexus looks for |
|---|---|
| Property location | Must be in Canada |
| Available mortgages | Value Mortgage and Flex Feature Mortgage options available. |
| Repayment | Choose an amortization that works for your financial goals. |
Tools to help you plan your vacation property.
Common questions.
Here’s what people ask us the most.
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No. To be eligible for financing, your vacation property or cabin must be located in Canada.
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We offer mortgage options, including Value Mortgage and Flex Feature Mortgage, with different amortization options to help meet your goals.
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Some seasonal campground properties may not qualify for mortgage financing because trailers are not considered permanent residences. Alternative financing options, such as a line of credit, may be needed.
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It’s a good idea to connect before you start searching. A Mobile Mortgage Specialist or Financial Advisor can help you understand your options, requirements and budget before you make an offer.
Let’s make that cabin a reality.
Whether you’re searching for a lakefront retreat or a quiet rural getaway — our Mobile Mortgage Specialists will help you find the right financing. Book a time that works for you.