When you are selling your current home and buying a new one there are a lot of moving parts in order to get both deals closed. Ideally they could close a day or two prior to the purchase. However, things don't always go that way.Read More
Getting pre-approved for a mortgage is a great first step in your home shopping process. It will give you an idea of how much you qualify to borrow, which in turn gives you a budget to work with when you are looking. This is a number to work with before you decide on a certain property. It is important to note that there is a difference between pre-approval and final approval for your mortgage.Read More
It is always exciting to buy a brand new home. New builds are often customized to you in ways that buying a home that is already built would require extensive renovations to achieve. This advantage comes with it own set of potential issues. One of the big common ones is "deficiencies". These are the things that are not completed by the builder as of the closing date. Best case scenario there are none, or they are minor things that needing to be finished.Read More
There has been some recent discussion in the Halifax Council of the idea of removing the provincial assessment cap for annual property taxes. As a result I thought now would be the perfect time to review the cap, and some other details about property taxes in HRM that you should know, if you own, or are looking to buy a home in the area.
Failing to close on a purchase or sale obviously isn’t anyone’s Plan A, but it does happen. What does Plan B look like?
Some of the reasons that a deal might fall through on closing day include, financing issues, a buyer purchasing a home on the condition that their previous home sold, major issue arises on inspection or pre-close walk through that cannot be resolved.Read More
One major piece of the picture when buying your home is inspecting the property to decide A) what issues there are and B) how they will be addressed OR if you are willing to live with them.
One of the first steps after you have signed an agreement of purchase and sale is a home inspection. It is always a good idea to use a professional home inspector come in and do an inspection of the home you are considering buying. Their job is to flag any issues that may change your mind about purchasing the property, or the price you are willing to pay for it. The inspection is the opportunity to raise issues that will need to be addressed. As a result there may be further negotiations with the seller to either take care of the issue prior to closing, or sell at a lower price so you will have the money to fix it. You should look for an inspector that has both liability AND errors and omissions insurance. This protects you not only from any damage they might cause while on the property to do the inspection, but also provides you with possible recourse if they miss something important on the inspection.Read More
We've all heard the term "closing costs", have you been provided with an explanation of what that really means. I've outlined below things that constitute closing costs for both a sale, and a purchase. It is important to understand closing costs for a purchase do not come out of your mortgage funds. You will have to come up with this amount before the transaction closes. For a sale the closing costs would come off of the top of the sale price.Read More
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.Read More