Thinking of Investing in Multi-units?

A fantastic way to increase your income and net worth is to invest in multi-unit investment opportunities in Halifax, Nova Scotia. The value of real estate normally increases over time and, if well-maintained, may potentially generate significant profits. Even though owning multi-family properties has numerous advantages, there are a few things you should be aware of before making Halifax real estate investments. I have created a list of things to take into account before making a purchase.

The decision of whether or not to live in one of the units of the Halifax multi-family property you buy can have a significant influence on several factors. First and foremost, Canadians must put down at least 20% of the purchase price on investment properties they do not intend to reside in. This proportion can fall to 5% if you intend to reside in one of the apartments. For first-time home purchasers, in particular, living in one of the units might avoid having to save for a sizable down payment. Many first-time homebuyers acquire modest investment properties in Halifax, live in one of the units for a few years, accumulate equity, and then move up to a single-family residence. There are various real estate investing websites where you may locate this fantastic “house hack.”

Second, always check to see if the multi-unit building in Halifax you are buying is currently rented out. In Nova Scotia, renters cannot be evicted because they bought the property if they are not bound by a fixed-term contract. However, if you are buying the property and intend to move into the tenant’s apartment, you may cancel their lease with a written affidavit from a lawyer.

Some people consider investing in Halifax real estate to be a passive source of income. While this may be the case if you work with a property management firm in Halifax, doing it yourself may have the exact opposite effect. If you manage the multi-unit property on your own, you are the landlord, which means that renters may contact you if something goes wrong. Additionally, you are in charge of screening potential tenants, collecting the rent, maintaining the building, etc. Even though some people love having this much power or responsibility, it can be time-consuming, especially at first. This extra work can be delegated to a Halifax property management business by those who don’t want to deal with it.

Whether tenants are willing to move into your multi-unit building in Halifax might depend significantly on location. Urban locations, places close to institutions, or residential districts close to downtown areas are excellent real estate investment opportunities in Halifax. We advise buying as near to the city’s center as you can. Dartmouth, a growing municipality with a lot of promise because of its easy ferry and bridge access to Downtown Halifax, is an ideal location for multi-family property investments. In addition, Clayton Park, Bedford, and Sackville are excellent places to buy a home. Due to lower rental rates and a smaller pool of possible tenants, rural regions are often not the greatest locations for multi-unit buildings in Halifax. Other areas to consider include Windsor, Truro, and Antigonish near local community colleges or universities, offering unique investment opportunities in Halifax’s real estate market.

Historic homes and structures may be found all across Halifax and Nova Scotia. Given their age, many single-family homes and multi-unit buildings in Halifax may not have amenities that comply with current building codes. This is particularly true for properties that have been wrongly converted from single-family houses to multi-unit residences. When this happens, it is wise to check to see whether the property has recently undergone an inspection or renovation to verify that it satisfies all safety requirements for residential living. For instance, specific conditions must be met for kitchens, fire safety precautions must be in place in all buildings, the home must have a particular level of structural soundness, etc., before a structure can be deemed “habitable.”

These safety requirements are crucial not just in single-family houses where you and your family are the only occupants, but they become much more crucial if you are also responsible for the safety of your renters. You can employ a Halifax home inspector to find out what needs to be improved or fixed if you are unsure whether the multi-unit property you want to buy is “up to code.”

Although tenants nearly always view parking as a need, multi-unit owners in Halifax may view it as a bonus luxury. You should always take into account if there is enough parking for the number of renters you anticipate having when deciding which Halifax investment property to buy. A fair rule of thumb is to provide at least one parking place per renter, but if you are renting to a couple that shares one car, you may be able to get away with just one parking space per unit. Having parking accessible may be a huge selling point for your Halifax rental home, whether it is free or subject to a monthly fee for tenants. Due to a shortage of parking, some renters will opt against renting specific properties in Halifax’s real estate market.

Hello there! I’m Alisha Caillie-Fleet, a seasoned Real Estate Agent located in Halifax. With a sales history dating back to 2014 across Nova Scotia and Ontario, I bring a wealth of expertise to the table. My specialization includes residential properties, investment opportunities, and military relocations. I’ve wholeheartedly committed myself to honing my skills to ensure that your experience of buying or selling a home is seamless and free of stress.

Being a military spouse, I also have personal insight into the challenges military families are confronted with. As a result, I’ve developed a tailored approach to cater to the unique demands of the DND moving process.

Let’s establish a connection and have a conversation about your real estate goals!