A little extra info never hurts!
What can inspections help you uncover and why should you care?
If you're buying a property in Nova Scotia, there are many different types of inspections you can do to ensure that the property is satisfactory to you before locking into the purchase. As part of your offer to purchase, usually you will have a certain number of days to do these tests, which the buyer pays for. A building inspector may uncover somethings like high radon levels (if you do a radon test), or asbestos in the home, or a damaged sewer removal system (if you do a sewer line scope or septic testing). These inspections are like an insurance policy for you - learn what you need to know before you pay for the property! Susan can help you find a knowledgeable and thorough inspector(s)!
Obtaining financing to purchase real estate
Most people need to obtain a mortgage to purchase real estate. Usually this means you will pay a percentage and the lender will generate a mortgage for the remainder and you will pay them monthly until that mortgage has been fully paid off. There are different types of mortgages and there are different people you can speak to in order to obtain a mortgage. Each bank in Canada has mortgage specialists - these people deal with the suite of options offered by the bank they work for. If you have a relationship with your bank, this can be the best path for you. Mortgage brokers work under the banner of a company that deals with a variety of different lenders, ranging from the big banks to alternative lenders. They work with buyers to find the right lender for that buyer. Susan can help you with contacts, both at the big banks, or with a trusted list of mortgage brokers.
Property assessments and property taxes
The government of Nova Scotia uses Property Valuation Services Corporation (PVSC) to assess the property value of every property in Nova Scotia each year. Your property taxes are based on the assessed value. A property tax bill for 50% of the total annual tax is sent twice a year, in March and September.
Zoning in Halifax Regional Municipality and secondary suites
Zoning and by-laws play a part in what you can and cannot do on your own property and that includes whether you can build a secondary suite (an apartment in your basement, for example) or have animals like chickens on your property. Housing has become an urgent issue across the country and in this province, and there have been many changes in the past few years to zoning, especially in the core area of Halifax Regional Municipality. As a homeowner, it is up to you to confirm whether you can or cannot do what you wish to do on your property - always check in with your municipality first!
How will I heat my home in Nova Scotia?
Oil fired furnaces and electric heating make up the highest percentage of heating systems in Nova Scotia. If your home has oil fired heat, this generally means that oil is delivered to your oil tank (inside or outside the house); that oil is burned in the furnace; and the air or water moves throughout the house to provide heating. In an electric heating system, there could be electric baseboards, an Electric Thermal Storage (ETS) unit, or heat pumps (ducted, or ductless which are also called mini splits). In some areas of the province there is natural gas heating but this is not as prevalent as it is in some other Canadian provinces. A wood, propane or pellet stove can add to your heating system and window or ductless electric air conditioners can provide relief in the summer from the heat.
Buying a condo
A condominium owner shares ownership of the building and that includes the common areas. Monthly condo fees help to cover the expenses for these shared areas. Buying a condo is therefore a little different than buying a property that doesn't have shared ownership, such as a semi-detached home or a single family home. Trust Susan to help you ask the right questions and verify the information you'll need to know if you are buying or selling a condo.