Luxury Homes In Nova Scotia

Nova Scotia is a province of Canada, located on its east coast. It has an estimated population of over 1 million residents as of 2024.

It is also the second-most densely populated province in Canada.

This is it! Waterfront, modern design, amazing interior! A 3,300 square 4 beds, 4 baths architectural marvel. Asking $3.3 million USD. Check out the view through those walls of windows. Just south of Halifax on the east coast.

How about a 10 acre private island? With 12,000 square feet, 10 beds, and 11.5 baths, you’ve probably never seen anything like it. Check out the greenhouse and large scale garden! Asking just shy of $7,000,000!

What Will Your Home Really Cost?

Have you ever toured a home for sale, or seen a home listing, where clearly NOTHING has been updated in the past 30 years?

This article will explain why that is.

Everything in your home is loosing value over time. The most updated and good condition homes sell faster and for more money.

The New “Rule”

In last week’s newsletter we talked about the 1% and 50% rule. We are going to improve on those rules.

Over 10-35 years, your home is going to need a lot in order to keep up with new construction, design trends, and just maintaining functionality. New roof, new flooring, remodeling kitchens and bathrooms, re-doing the driveway, new HVAC, new appliances, improving the landscaping, and the list goes on, and on!

On average, how much does it cost to keep up with all these things?

A capital needs assessment is a projection of future costs a home will need. This can be performed to help better understand how much money you need to set aside each year in order to pay for things when they are projected to be needed. Over many such projections, you find that the cost to keep your home functional and up to-date is as follows:

• $2.50 to $7.00 per square foot per year.

• If you own a 2,200 square foot, 3 bed, 2.5 bath home, you should probably be saving about $2.50 to $3.50 per square foot per year ($5,500 to $7,700).

• This $ savings will ultimately be spent on the numerous things we list above. You may need to spend some of this money this year, or in 6 years, depending on the age of everything in your home.

• This is the true cost of owning a home.

• If you just bought a new home, Yes, you too should start saving this money now.

• The costs start to get crazy ($7.00 a square foot per year), when you have more bathrooms than bedrooms, and other “extras” throughout your home such as luxury kitchens, expensive flooring, complicated landscaping, etc.

The article below, prepared by the National Association of Realtors (NAR) and the National Association of the Remodeling Industry (NARI) goes into depth on which projects bring homeowners the most Joy, and what projects have the top recovery cost.

When you see those “outdated” and worn out looking homes, it is because no one wanted to fork over the true cost ($$$) to keep things up to date! Things truly are worth less as they get older, and you have to keep pumping money in to restore their value.

Credit Card Rewards For Homeowners

Are you a shopper at":

• Coleman - Online Furniture Shopping with White Glove Delivery

• Thuma - Luxury Bedroom Furniture & Accessories w/Lifetime Warranties

• Eight Sleep - Innovative Mattresses

With American Express “Offers” on AMEX’s credit cards you can save up to 20% and other savings at these companies and several dozen more.

AMEX is currently offering up to 175,000 bonus points to new card members.

The content of this newsletter is for informational purposes only and does not constitute professional advice. Some of the links included in this newsletter are affiliate links, meaning I may earn a commission if you make a purchase through these links. Always perform your own due diligence before making any financial or business decisions.