Gift Your Halifax Condo These 10 Products for the Holidays!

Gifts for Mom, Dad, the kids, and the dog: when the holidays come around each year, we have a chance to show our loved ones how much they mean to us through gift-giving. 

But what about our homes? The spaces where we gather each holiday season, visit family and friends, make memories and share laughs deserve some holiday love too!

The holiday season is a great time of year to show your condo a little appreciation. There are usually many sales around the holiday season, and not to mention, you will benefit from these gifts to your condo too. 

And with extra visitors over the holidays, these upgrades will go a long way!

We’ve compiled a list of 10 products you can gift your condo this holiday season to upgrade your space!

*Disclaimer: we are not endorsed by any of these products, and do not receive compensation for any purchases through these links. These are simply products we love and want to share!*

1. Smart Security

There are a ton of smart security options to choose from that can upgrade the safety of your condo for a relatively cheap price. From doorbell cameras to video surveillance, you are sure to find a smart security system that fits your budget. Here are a few examples below!

The Arlo Pro 4 Spotlight Camera

The EZVIZ Video Doorbell Camera

The Simplisafe Home Security System

2. Motion Sensor Lighting

When most think of motion sensor lighting, they picture the outdoor light that illuminates their yard if a trespasser enters during the night. There are, however, many other ways you can use motion sensor lighting to upgrade your space. They can light up your closet upon opening your closet door, light up your counters when you grab a glass of water in the middle of the night or even light up your cupboards when searching through them for a snack. The opportunities are endless!

LED Closet Light

AMIR Motion Sensor Light

EZVALO Under Cabinet Lights

3. Motorized Blinds

Our team lead Andrew can attest to this: Motorized Blinds are worth every penny. Not only can you pair them to your smart devices to rise and fall at set times during the day, but you will never have to worry about the sun coming in through the crack of a curtain, or obstructing the view of your tv screen again. Budget Blinds is a locally owned company that you can use for all of your motorized blinds needs!

Budget Blinds

Zebra Blinds

Select Blinds Canada

4. New Bedding

We spend most of our time at home asleep in our beds. If you are going to splurge on anything, comfortable bedding is key. Our rest is so important to our health, and to how we feel during the rest of the day. Our licensed assistant Jordan swears by Sleep Country’s Bio-Soy Pillows, Camelus Eucalyptus-Fibre duvet covers and Camel Wool duvets to keep you in a deep sleep all hours of the night!

Bio-Soy Pillow

Camelus Bedding

Amazon Basics Cooling Gel-Infused Memory Foam Mattress Topper

5. A Water Filter for your Kitchen Tap

The taste of tap water cannot compare to the taste of water from an electric dispenser. But, what if you could make your tap taste as good as dispensed water? There's a way! Install a water filter on your kitchen tap to filter out all of the minerals, metals and impurities that alter the taste!

Waterdrop WD-FC-01 NSF Certified 320-Gallon Life Water Filter

Brita Tap Water Filter System

DuPont WFFM100XCH Premier Faucet Mount Drinking Water Filter

6. Re-caulk your bathtubs and showers

There's nothing more relaxing than getting in the bathtub or shower after a long day of work. Something that can ruin your relaxation in a matter of seconds is staring at mould or mildew build-up on the caulking around your tub. Re-caulking your tub or shower is a quick and easy diy that can make your bathroom feel like new!

Gorilla Waterproof Caulk and Seal

Dap 18304 Dynaflex 230 Clear Sealant

Red Devil 826 100-Percent Silicone Sealant Clear

7. Add Carbon Monoxide Detectors

Carbon monoxide is a colourless, odourless and tasteless gas that when inhaled, can cause serious tissue damage and death. Carbon monoxide poisoning is especially dangerous in homes that burn gasoline, wood, propane, charcoal or other fuel. Maintain your peace of mind by installing carbon monoxide detectors in your condo so that if exposure were to ever occur, you would have sufficient time to leave your condo and protect your health.

Mini CO2 Detector 

First Alert CO400A Battery Powered Carbon Monoxide Alarm

Carbon Monoxide Alarm

8. Give your walls a fresh coat of paint

Nothing revives a space like a new colour. Painting your walls a light and neutral colour can help open up your space, while a dark and bold colour can add interest and intimacy. Either way, freshening up your space with a new colour is a great way to signal a new year, and a new you!

Check out Benjamin Moore’s 2023 colour trend predictions!

9. Treat yourself to an Instant Pot or Air Fryer

Our team lead Andrew swears by adding an Air Fryer to your cooking regime, and our assistant Jordan adds an Instant Pot to her recommendations. These two cooking appliances will not only speed up your cooking time but also open the doors to hundreds of new, delicious and easy recipes! They are much easier to clean than multiple pots and pans when cooking dinner too!

Instant Pot 

Air Fryer

10. Replace your Shower Head

A new shower can level up your shower game immensely. From shower heads with multiple pressure options, to waterfall styles, the options are endless. There are many finishes to choose from as well to match your bathroom decor!

Moen 26009 Magnetix 2.5 GPM Shower Head

NERDON High-pressure Rainfall Shower Head

High-Pressure Shower Head - Black Finish

If your condo could talk, we know they would ask Santa for all of these things on their Christmas list! 

Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
902-401-0373

Condos versus Co-ops, What's the Difference?

When it comes to purchasing property, there are many different routes you can take. With the increasing prices in the Halifax Real Estate Market and the competitive nature of single-family home purchasing, buyers are considering condos and co-ops now more than ever before. Have you ever wondered what are exactly the differences between owning a condo or co-op as opposed to a single-family home? If so, look no further. Read below to learn the difference!

First, both condos and co-ops are considered Common Interest Subdivisions (CIS), in which individual ownership of a residential unit is combined with the shared ownership of a common area. Let’s look at the differences between the two…

Condominiums

Owning a condo is similar to owning a house. You have a deed and mortgage and pay property taxes, but what you really own is “airspace”, or what is within the four walls of your unit. Exterior walls, floors, and ceilings are owned in common among all residents. You join the condo association of the given building and pay monthly dues to cover management, hazard insurance, maintenance, garbage collection, hallway lighting, contribution to the reserve fund, landscaping and more. Some condo corporations include heat and water costs into their condo fees as a bonus to the residents.

Condo owners usually may remodel only within the guidelines provided by covenants, conditions, and restrictions, which may specify everything from how maintenance is handled to what colour curtains you can hang on your windows. Condo owners are also responsible for what goes on within their individual units, including maintenance and repairs. it's a smart idea to read them before buying a condo. Also, be sure to request recent reports outlining future plans for the complex.

Maintenance is shared with neighbouring condo owners; it is important to remember that your property value depends on the condition and desirability of the entire development.

Co-op

A co-op is a housing complex owned by a corporation made up of all the residents — you essentially become a shareholder in the corporation that owns the property. The number of shares you are issued depends upon the size of the unit you own. You own shares in the private company that owns the building and by owning those shares you are given exclusive rights to occupy a specific unit in that building. Potential owners are also interviewed by the board. Larger units owners have more power in deciding how the building is run. You also pay fees to cover your portion of the building’s property taxes, mortgage, and the costs of repairs and improvements for the common areas.

Securing financing for co-op and co-ownership units is more difficult than a condo, for the simple reason that your collateral – shares or a portion of the ownership – is not as easy to foreclose on. Co-op owners also depend on each other financially, so expect heavy scrutiny of both your financial history and your personal life if you’re buying.

The main benefit of a co-op is affordability, as it is usually cheaper than a condo. Some people also want to build equity in a home but have no interest in taking on the responsibilities and expenses that come with ownership.

Advantages of Condos and Co-ops

Considering all the options, what are the advantages of buying a condo or co-op? First, prices are typically much lower than for single-family homes, and landscaping and maintenance are minimal or nonexistent. Some residents say they feel safer in a “cluster” environment, while others cite the peace of mind from having a common maintenance service. Some buildings even have luxury amenities such as pools, gyms, libraries, guest suites and more. 

Disadvantages?

Condo and Co-op fees are not tax-deductible, and the dues are considered an ongoing expense that will lower the amount of mortgage you can qualify for. Condos and co-ops also have rules concerning renovations, renting, pets and many other elements that owners must abide by, unlike if you own a single-family home. Rules are typically in place to keep the building appearing cohesive in design, and to keep all owners comfortable, secure and happy. 

Condo documents can also be long, complex, and often hard to understand. If you are planning to purchase a condo, having an experienced REALTOR who has sold condos in the past review the condo documents is crucial. Did we mention we have 18+ years in helping buyers purchase condos successfully in Halifax? Our team Lead Andrew Perkins also owns multiple condos in Halifax, lives in a condo himself and sits on his building’s condo board! 

The most important thing before considering buying any property is to do your homework. Once you’ve decided to take the plunge, you’ll be building equity and get a tax break to boot. Buying into a condo or a co-op can be a great way to get your feet wet in the property-ownership game.

Jordan Gunn
Licensed Real Estate Assistant
902-401-0371

Frequently Asked Questions: Buyer's Edition (Part 1)

Buying a condo is one of the biggest purchases a person does in their lifetime. Because it is such a large purchase, there are a lot of legalities involved and steps to complete from start to close. We have compiled a list of the most common questions we receive from our buyers here to help you have the information available to succeed!

Should I talk to my bank before looking at condos?

Talking to your bank or mortgage broker should always be the first step in the condo buying process. Getting pre-approved before condo shopping will make the entire process run smoother: you will have a budget for what you can afford, you will be able to keep realistic expectations, you will seem serious to both sellers and real estate agents, your offer will more likely to be accepted, you will meet your conditions dates with ease and it helps you budget for your closing costs. We believe that it is almost impossible to seriously shop for a condo without a pre-approval. If you do, you may fall in love with a unit you cannot afford, or have a hard time getting an offer accepted. If you do not already have a mortgage broker, we recommend working with our trusted partner, Shawna Snair at Premiere Mortgage Center!

How much does it cost to work with a real estate agent?

Your real estate agent is paid for their services by splitting a percentage of the sold price of the condo with the seller’s agent. Therefore, when you purchase your condo, you do not owe your REALTOR® any money directly. In simple terms, when you are shopping for a condo, the price you pay for your new condo includes your REALTOR®’s fees, so you do not have to set aside extra money to pay your agent.

How many condos should I look at being submitting an offer?

There is no set number of condos you should view before submitting an offer. Some fall in love with the first one they see, others can take years to find the right one. According to realtor.com, the average buyer will view 10 properties before they submit an offer, but the site notes that this number varies greatly. Since COVID-19 began, there has been a large surge in virtual tours and searching for condos online. This allows buyers to see more units than ever before. It’s always a great idea to inform your REALTOR® on your critical wants and needs in your future condo, so they can use their professional resources to find condos that match your criteria. This will save you time in the long run and allow you to view a few great condos instead of tens of “okay” ones. 

How do I make an offer?

When you find the condo of your dreams, it's time to make an offer. Your real estate agent will prepare the documents necessary to submit an offer. Your agent will require your legal name, the amount you wish to offer, what will be included in the purchase price, the date you would like to close the sale, the documents you need to review before finalizing the deal, and when you would like to leave the offer open until. You will also need to be prepared to make a deposit on the condo. The deposit goes against your closing costs and downpayment. This deposit is cashed upon delivery to the listing brokerage, so, make sure you only offer a deposit you can afford. Your REALTOR® will work with you to ensure you have the best price, conditions and review the necessary documents needed for a successful sale. If you are not satisfied with something that arises with the condo, your REALTOR® can, later on, negotiate a price reduction, repairs to counter the issues, or terminate the deal. 

How long does the seller have to respond to my offer?

You and your real estate agent will decide on an amount of time in which the offer is “live”. The seller’s agent may request that, for example, all offers be left open for 24 hours. It is usually best practice to follow what the seller’s agent requests. You are technically allowed to go against the seller’s request, but it may lower your chances of your offer being accepted. Your REALTOR® will advise you on the best “timeline” for the offer so that you have the best chance of success.

What if my offer is rejected?

It is never a good feeling to hear that your offer was rejected, however, in the current market we are experiencing in Halifax, this is often the case. In a competitive seller’s market, buyers typically have to go through the offer process a few times on a few different condos before getting one accepted. Your offer may have been rejected due to the sellers receiving a higher offer, the sellers believing your deposit was not enough, due to you stating too many conditions, etc. There is no penalty to you if your offer gets rejected, you just have to keep on with your condo search. If the seller rejects your offer and has not accepted any other offer, your REALTOR® can then find out why your offer was rejected and can help you prepare a new one that corrects the issue. 

What happens after my offer has been accepted?

After your offer has been accepted, you need to meet the conditions that you specified in the agreement. You must provide your deposit, secure your financing with your bank, perform a condo inspection if indicated (your REALTOR® will arrange this, however, it is at an extra cost to you), notify your lawyer, review the condo documents and book your pre-closing walkthrough. When you work with a real estate agent, they will be by your side through most of this and inform you of deadlines. They can forward documents to your banker and lawyer for you, and supervise the inspection too. There are a lot of moving parts to make it to the finish line, but having a REALTOR® on your side keeps things flowing and organized. It is in you and your REALTOR’s® best interest that you meet all of your conditions.

Stay tuned for more!

Should you refinance your condo?

In 2020, we all spent a lot of time at home, and this has given a lot of us time to reconsider our financial situations. With the hit that the economy has taken due to the spread of COVID 19, it is important now more than ever to reduce your debt and curb your spending. Save your money and spend it wisely, like with investments that will pay off in the future.

Many have already realized this, which is why the real estate market has been booming. More and more buyers are eager to put their money into something that will reap rewards down the road. We can see with the Halifax real estate market statistics, that buying Halifax real estate will do just that.

This past year, mortgage rates in the area, and all over North America have dipped. This is not only a great opportunity for first-time condo buyers but also for current condo owners, as there is always the option to refinance your mortgage.

So instead of paying more than you need on interest for your mortgage, why not evaluate whether you are in the position to refinance for a lower interest rate?

Refinancing your mortgage means that you are breaking your mortgage to start a new one. This can be done with your current lender or even a new one. Before you jump in, it’s good to note that breaking a mortgage comes with a financial penalty. Always make sure that the savings that occur with refinancing are greater than the penalty.

The decision to refinance is a very personal one and takes into account many different factors. Let's dig into the factors that if applicable to you, would mean that refinancing is a good option.

The most obvious reason homeowners refinance is due to lower interest rates. An example that Investopedia gives states that if you took out a mortgage of $300,000 with a 6% interest rate, and that rate now can drop to 4.5%, you could save approximately 280$ on monthly payments.

If you are planning to own your condo for a while, then refinancing would be a good option. If you are not, you may not end up saving money as you will need to pay a financial penalty for breaking your mortgage.

Condo owners also chose to refinance to access equity. When you refinance, the lender will offer you a loan of 80% of the appraised value of your condo, less the debt you currently owe. This can mean extra cash for you to use for other investments, to consolidate debt, or to put towards a downpayment on a second property. If you are doing this, your mortgage monthly payments will increase based on the amount that you borrow.

Another reason that condo owners refinance is to switch their adjustable-rate mortgage to a secure fixed-rate.

You may want to do this if your lender is offering historically low rates and you wish to lock in that rate for the remainder of your mortgage. No condo owner ever wants to see drastic increases in their monthly payments due to a spike in mortgage rates. There is always the potential for this to occur when you are locked into an adjustable-rate mortgage.

Condo owners may also want to refinance if their credit score has improved since they took out their first loan. If your credit score was not great when you first applied for your mortgage, the lender may have added a higher interest rate. If your credit score has increased since then, lenders will assume that you can pay back your loan more reliably, and thus you are less of a risk for them to take on as a client. This can score you some seriously lower interest rates!

If you are in a situation where you would like your monthly mortgage payments to be lower than they currently are, refinancing may be for you. If there is not a lower mortgage rate to achieve this, you can refinance for a longer-term. You should know, extending your loan only makes sense if you desperately need to make lower payments. This will not save you money in the long term, as you will end up paying more in interest, but may help ease the burden in the meantime.

Things to remember when shopping around for refinancing options...

It's important to approach a few different lenders when thinking about refinancing, as each lender will offer a different rate. Like any big purchase, you want to ensure you know all of your options to score the best deal.

It may seem easiest to simply go online and use a free estimate generator. You should know, these are rarely accurate. With this way, you also have no control over where your information goes. We recommend always approaching lenders directly so that your information is secure, and you get the most accurate estimates to evaluate.

You can also reach out to a mortgage broker, who will do most of the heavy lifting for you. Mortgage brokers are professionals who will compile information for you from multiple lenders to provide you with your best options. We always recommend Shawna Snair with Premiere Mortgage Centre to our clients!

The bottom line is, refinancing ultimately depends on your unique situation. A good rule of thumb is that if you're savings from a lower interest rate or better credit score outweighs the costs that will come with refinancing, then it is a good idea look into it.

Experts are predicting that mortgage rates may begin to rise again midway through 2021, meaning there is no time like the present to consider refinancing.

Rate Hub does a great job at summarizing the pros and cons of refinancing in the chart below:

Table Source: Rate Hub: Mortgage Refinance. 2020

If you wish to chat more about mortgage tips, reach out!

Cheers, 

Andrew

902-488-0012

andrew@andrewperkins.ca

Sources:

https://www.investopedia.com/mortgage/refinance/

https://www.bankrate.com/mortgages/should-you-refinance-in-2021/

https://www.ratehub.ca/mortgage-refinance