From Realtor Terry Black
With housing prices having risen rapidly in HRM many people are finding it very challenging or seeming impossible to purchase a home. Every type of housing has risen significantly while incomes earned have not kept pace. Buying a place is by no means the right solution for every housing need. Leasing can be a better solution. However, what if I want to buy but can’t afford to purchase a property?
I encountered a heart-breaking family situation this week where a family of 6 was living in a house with active water leaking and mould. It stirred me to ponder their need and pray for their situation. It was one of the hardest housing needs I’ve ever known. They simply cannot afford to buy or rent elsewhere. Here are some ideas. You may have others and I’d like to hear them. Email if you’d like.
1. Build a secondary suite for a property owner in exchange for a long-term fixed price lease. I’m thinking that there have to be home owners who find it a stretch to pay their expenses ayet now that Secondary Suites are legal in HRM would like to finish a basement or add a garden suite. Some want to do so but don’t have the ability to finance extra debt or the skill to do it themselves. Could you advertise to renovate or build one in exchange for housing? It may take skills you don’t have. Could you acquire them or barter a skill you have with someone who does know how to renovate or build? If you do so I’d want to get the contract in writing as well as the long term written lease signed in advance.
2. Buy a modest house with another individual or a group of people or form a limited company or charitable organization that facilitates that process. There are pitfalls but also a way to have a fixed payment (shared mortgage) or ensure the same for another person in an era of rapidly rising rents.
3. Look for property in a less expensive area. If you are going to move perhaps it is a consideration to relocate further away and if needed commute to work or work from home.
4. Consider specialized training while suffering through where you now in order to better your job earning potential in the future. Hope has a way of making difficulties less overwhelming. Plan and execute. Thus having an impact on your situation vs your situation controlling your future. I can be reached at Terry@TerryBlack. net and welcome your comments and ideas. I hope you don’t feel that you are in this alone.