Looking to move out of an apartment, but may not be able to afford a mortgage? There may be a solution.

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 Are you interested in moving out of an apartment, or building equity instead of paying rent, but a traditional mortgage isn’t the best choice for you? There may be a solution out there for you that you were unaware of. Foxwood Village is a new development in Hubley that is taking what some might consider an unconventional approach to creating their development. If you buy a home in Foxwood Village, you are buying the house itself, but you will lease the land it sits on.  You pay a monthly rental fee for the land. The rental fee and collateral mortgage payments would still be less than the average traditional mortgage payment.

There are several advantages to this over apartment living. You are able to redecorate or remodel the home, it’s yours. You are also able to have pets, in contrast with most apartment buildings, you are able to have large dogs and enjoy your own outdoor space. You also have more privacy as compared to an apartment, as there are no shared walls.

You are also building equity, and improving your credit with your lender. The house belongs to you, which is not something you get with rent payments.  Since you are not purchasing the land itself, you do not pay Deed Transfer Tax on your purchase, which is 1.5% of the purchase price of a home in HRM. These cost savings may provide you the opportunity to live in a neighbourhood that you might not otherwise be able to afford.

There are also perks to this compared to owning the house and land as well. You are not responsible for the maintenance of the well and septic system, the land owners take care of that. There is also an option for a winter maintenance package at this development which means you may not be need to be responsible for shoveling your driveway. This is a great option for older residents who still want the freedom of living in a home, but would struggle with property maintenance. It is also a great option for a starter-home for busy young families. 

If you are interested in looking into the land lease option you can see for yourself and ask questions at Foxwood Village. It is a new development in Hubley selling modular homes on leased land parcels. You can find their information on their website.

Have questions for us?:

If you have any questions about moving out of an apartment you can call us at (902) 826-3070 or email us at info@highlanderlaw.ca to set up a meeting with one of our lawyers at our Tantallon law firm. You can also schedule a no commitment Issue Review Consult for $100+HST where you have the opportunity to explain your situation to a lawyer and get basic advice before deciding whether or not you'd like to retain us.  

By: Briana O'Grady J.D. - Associate Lawyer

The information and materials on this blog are provided for general informational purposes only and are not intended to be legal advice. Nothing contained on this blog is legal advice or constitutes a legal opinion. While it is our goal to provide information which is current, legislative changes and court decisions, among other matters, may result in some information no longer being current or accurate. You should consult a lawyer before relying on any information. The views expressed herein by individual contributing lawyers posting entries to the blog are solely those of the authors and should not necessarily be attributed to or considered representative of the firm of Highlander Law Group Lawyers