Anyone who’s bought a house knows about the little things that can affect its value: a marble countertop adds a few grand; a lack of parking takes back a bit more. Unfinished basement? See ya.
But, there’s another class of value killers that can eat up hundreds of thousands of dollars, or make a home essentially worthless. And with our wealth increasingly tied up in our homes, finding out you just bought a “stigmatized” home can be ruinous.
A potential nightmare example emerged last week with an Antigonish, Nova Scotia house that saw its assessed value drop to $1 from $365,000 after the owners found Mi’kmaq artifacts on the property and reported them. If the goal was to reduce property taxes, it was shrewd. But selling the place could be nearly impossible if potential buyers worry they won’t be able to do anything with the property.
Real estate laws in Canada can be murky on this stuff, as sellers are only required to disclose material defects to the property, such as a crack in theRead More »from Home value killers: Problems that could make your property near worthless