Selling Your Halifax Condo in the Digital Age!

Before the rise of digital advertising, the REALTOR® Standard in any given listing was to stick a sign in the front of the condo building, maybe pay for an ad in the local paper, and conduct an open house to get your condo sold. This was all it took to find a buyer, as the traditional way of property shopping was to check the paper or drive around the city.

Now, everything has changed.

According to Matterport, a company with cutting-edge technology to advertise listings virtually, 90% of buyers across all demographics use mobile and web technology to narrow down their list of properties to consider.

Real estate listings with digital advertising content receive 403% more inquiries than those without.

And

92% of buyers search the internet before ever contacting a listing agent about a particular property.

The rise of digital advertising and technological advancements has completely moved the real estate advertising-game from a simple yard sign to 3D virtual tours, social media, email targeting, listing alert systems, video chat viewings and so much more.

As a condo owner, when it is time to sell your property, you need an agent who understands the importance of digital advertising in today’s market. Someone who will be able to execute advertising in all corners of the internet, and make your listing the most appealing to virtual buyers. Have a look below at how we have made digital listings and advertising our forte:

First, let’s talk about the virtual tour.

What is a virtual tour?

A virtual tour is an immersive, 360-degree view of your condo. This technology allows buyers to click different points in the unit, and the software will bring them through those rooms, similar to walking through in an in-person tour. Buyers can rotate the angles of their perspective to view everything they would view in real life, without leaving their computer.

Why does this matter?

Virtual Tours are changing the game of real estate. Now, buyers can tour properties before they even request a formal viewing. That way, when your listing does receive viewings, you are having buyers coming through that already know they are interested in your condo. Virtual tours cut out a lot of the “browsing” folks, so you only need to prepare for qualified buyers booking viewings and stepping into your condo.

We offer all of our listings complimentary virtual tours of their condos, to help bring only motivated buyers to your door.

Social Media Marketing

Social media has impacted and changed all of our lives in the past two decades, and real estate is no different.

Social media is a great way to advertise your listing to thousands of people instantly. With our combined reach across social media platforms of over 3500 followers, many of these followers being buyers and other agents (who have access to different buyers), we take social media marketing very seriously. The minute your listing is live, we start marketing your condo across social media, to make it go from reaching the MLS system to thousands more.

Our social media strategy includes multi-day posting at specific, timed intervals to ensure maximum exposure, a combination of photo and video content, and paid social media ads. Paid social media advertising reaches beyond our followers, to other users with an interest in Halifax Real Estate.

Promo Videos

Our newest digital marketing strategy is to create promo videos for all of our listings. Many social media platforms which were traditionally only photo-based have switched to video being the predominant form of media over the past year. We keep track of current social media trends to ensure your listing is being advertised in the most beneficial way possible.

In these videos, we do a walkthrough of your listing, edited to catch users’ attention. That way, buyers who are not set up on any sort of listing alerts through a real estate agent, and can not access our virtual tours, will still get a walkthrough of your property prior to reaching out. This minimizes unmotivated buyers again, scheduling viewings and disrupting your day.

Email Marketing

Emailing is another powerful digital tool when marketing real estate. One of the most common ways to view new listings in today’s real estate market is through email listing alerts. Our team alone has over 4000 buyers receiving daily listing alerts in Halifax. Most, if not all of REALTORS’® automated listing alert systems are synchronized to the Nova Scotia MLS system, meaning as soon as your listing goes live, it is included in the following day’s listing alerts for any buyers with criteria matching yours.

Not only will your listing be marketed in this way, but we also take time to design additional marketing emails that target our database with every listing. These additional emails feature your listing’s professional photography, and all of its details and give potential buyers a clear means of reaching out to set up viewings. In these additional marketing emails, your listing stands alone to shine.

Monthly Newsletter

Another digital marketing strategy we have implemented to make your listings stand out is our monthly newsletter. At the end of every month, we create an email campaign to send to our entire database of over 4000 contacts, with tons of information on what is currently happening in the Halifax Real Estate Market. You can check out our past issues here. When you list with us, your listing is featured in its own section of our newsletter. That way, if any of our contacts missed your listing in their daily alerts or our target email marketing, then they can also catch it at the end of the month. We get great responses every month from our newsletter - many of our contacts have told us they look forward to receiving it each month.

These are just some of the ways we ensure your listing stands out online. Digital marketing is important now more than ever in Real Estate. 

Ready to sell your home? Work with us today!

Author: Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
The Andrew Perkins Real Estate Team

8 Questions to Ask Before Buying a Halifax Condo (#5 is a must!)

Wellington Court - 2677 Gladstone Street, Halifax NS - Photography: Trevor Kennedy

Are you planning to buy a Halifax Condo? Request our FREE Halifax Condo Buyer’s Guide for all the information you need to set yourself up for success!

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It’s no secret that Halifax Condo living has its perks: less maintenance, added amenities, increased security and more. 

More and more we see Halifax residents catching on to these benefits, and broadening their property search to include condos. We expect this to only increase with Halifax’s population growth. 

Condominiums are, in our opinion, one of the best types of property to own in Halifax. Now, this doesn’t mean we suggest you buy into just any Halifax Condo building. You should understand that condos run like a corporation, and condo buildings cannot fail.

What do we mean by saying, they cannot fail?

We mean, if the roof needs replacing, it will be replaced. If a pipe bursts and causes damage, repairs must happen. And in these cases, the money for these repairs can come from two places:

• The reserve fund that you as an owner contribute to monthly (via your condo fees)

• If there are not enough reserves in the reserve fund, it comes out of owners’ pockets through a special assessment.

This is one of the biggest concerns Halifax Condo buyers come to us with. They are worried their condo fees will increase dramatically due to a building repair.

While we do not have a crystal ball to predict your building's future repairs, we do understand condo documents thoroughly and know the questions to ask to ensure you are buying into a secure and sound condo corporation. 

Buying into a secure and sound corporation = less chance of special assessments, and less chance of dramatic increases in condo fees.

Read through to equip yourself with 8 essential questions you must ask before you purchase a Halifax Condo to set yourself up for success.

Aqua Vista - 67 Kings Wharf Place, Dartmouth, NS - Photography: Trevor Kennedy

1. Does the declaration prohibit any particular occupation or use of the units?

Common examples are the prohibition of pets and of conducting business from the unit. Time and time again, Halifax buyers come to us interested in purchasing a condo for Airbnb purposes, and we have to break the bad news to them: the majority of condo buildings in Halifax do not allow Airbnb, and the ones that still do are in the process of phasing it out. Condo buildings are typically ok with long-term renters, but most buildings are not comfortable with multiple, new, short-term residents coming and going. 

Some condo buildings also have restrictions on what kind (if any) businesses can be run from their units, and what kind of pets owners are allowed to have.

Domvista - 267 Gary Martin Drive, Bedford NS - Photography: Trevor Kennedy

2. Is the project registered as a condominium corporation? If not, when is registration anticipated?

This only applies to brand new buildings. Sometimes, there is an interim phase in which the condo building is being registered as a corporation, and owners begin to move in. If a new builder allows for occupation before registration, you may be subject to an interim occupancy fee. The fee can be made up of three parts: interest on the unpaid balance of the purchase price of your condo, an estimate on the municipal taxes for your unit, and a projected common expense contribution to keep the building running. The fee is usually charged monthly and requested in the form of post-dated cheques made out to the developer or vendor. This does not always occur, and new condo buildings are rare nowadays in Halifax, so most buyers will not have to think about this, however, it is worth noting if you are moving into a brand new building before it is registered.

It’s good to note, that developers cannot force you to move into the building before condo registration. Moving in early can be given as an option, but is not mandatory. If you wish to avoid these fees, you can wait to move in until registration is complete.

The Tides - 36 Southgate Drive, Bedford NS - Photography: Trevor Kennedy

3. How many of the units are owner-occupied versus rented?

Knowing what percentage of a building is being rented can give you insight into the community atmosphere of the building. Generally, renters take a shorter-term perspective on issues that can affect condo living, versus owners who live in the building, who may see things more long-term. Renters are also less likely to conduct regular maintenance in their units in comparison to owners. 

Condo buildings in Halifax that are close to universities typically have large numbers of renters, as opposed to condo buildings in, for example, Bedford. It’s not to say having a building with a lot of renters is always a bad thing: If you are looking for a condo as an investment opportunity, you may want a building that has many renters as it may be easier to find a tenant. 

Knowing the percentage of renters in a condo building you are interested in is good knowledge to have to evaluate whether you may want to purchase. Most buildings with professional property management will have this information available, whereas, in smaller buildings that are not professionally managed, it may be harder to find out.

Gorsebrook Park - 1048 Wellington Street, Halifax NS - Photography: Trevor Kennedy

4. If the unit is presently occupied by a tenant, how much notice to quit is required by the Residential Tenancies Act?

If you are purchasing a condo that is tenant occupied in Halifax, you have a few options:

• If you are moving into the unit and the tenant is on a periodic lease, then the owner must give the notice to quit with a move-out date no earlier than 2 months after the date the tenant receives the notice.
  

• If you are moving into the unit and the tenant is on a fixed-term lease, the seller must give the notice to quit with a move-out date no earlier than the date specified on the lease as the end of tenancy
  

• If you are purchasing an investment condo with a tenant that has a periodic lease, you cannot evict the tenant unless they do not adhere to the lease agreement.
  

• If you are purchasing an investment condo with a tenant that has a fixed lease, you can choose to not renew the tenant’s lease when the fixed end of tenancy date arrives.

5254 Green Street, Halifax, NS - Photography: Trevor Kennedy

5. Has a reserve fund study been conducted? Is the corporation's budget and financial status in keeping with the recommendations of the study?

The financial status and reserve fund are very important factors for owners in a condo building. Essentially, your condo corporation should be taking a percentage of your monthly condo fees and contributing those to a reserve fund for when (not if) repairs need to be made. 

If the condo corporation is not following suit with the recommendations of a reserve fund study, and a large repair needs to be made, your condo fees may increase substantially, or a special assessment will need to be done. Either way, it would be unexpected money out of your pocket.

Falcon Ridge - 277 Rutledge Street, Bedford NS - Photography: Trevor Kennedy

6. Are any major renovations or repairs anticipated?

This question coincides with question #5: If there are major repairs anticipated, where is the money coming from for them? Does the building have ample reserve funds to cover the costs? Repairs will inevitably happen at some point in every Halifax Condo building, so it’s crucial to understand how prepared your condo corporation is to handle this.

Artillery Place - 5530 Artillery Place, Halifax NS - Photography: Trevor Kennedy

7. How much are the condo fees? What expenses do they cover?

Some condo newbies are shocked to hear that condos require a monthly condo fee on top of their common living expenses. Condo fees typically cover maintenance of the building, landscaping, snow removal, common areas and amenities. Understanding what your condo fees cover can help you budget what you can afford. Some Halifax condo buildings include heat, hot water, or even property taxes in their monthly fees. If these fees are not paid, a lien can be issued against the condo owner.

The Greystones - 1457 Brenton Street, Halifax NS - Photography: Trevor Kennedy

8. Is the corporation self-managed or managed by a professional management company?

Generally speaking, in Halifax, large buildings are almost always professionally managed, whereas small condo buildings may or may not be. It’s always a bonus when a condo building is professionally managed, as the condo board does not get burned out, and the professional management has access to things like full-time superintendents, additional staff and are experts in building laws and regulations. 

Knowing the answers to these questions before deciding if you are going to purchase a condo in a given building will help you form a solid picture of whether this building is for you. As condo experts, we understand condo documents through and through and can help you navigate these and other questions before purchasing. The more informed you are, the greater the chance of a successful purchase.

Ready to purchase a Halifax Condo?

Jordan Gunn

Licensed Real Estate Assistant

Keller Williams Select Realty

902-401-0373

How to Combat Buyer's Remorse

So you did your research, you looked at condos, you investigated neighbourhoods and school districts, you made an offer, and—voila!—you’re a condo owner! This should be one of the happiest days of your life…so why do you feel like driving off a cliff ala Thelma and Louise? Did we pay too much? Did somebody pay off the inspector not to disclose some massive underlying damage and faulty wiring? Is this the true right condo for us? How will we ever scrape up enough to pay the mortgage payments? How can I get out of it?

Well, it’s called buyer’s remorse, and it’s as universal as the common cold. So take a deep breath, do a few yoga poses and relax. It’s going to be okay. Everyone goes through it. Statistics are on your side: 74 percent of first-time buyers say they like their new home better than their previous residence, and 67 percent of repeat buyers like theirs better.

And anyway, you legally have three days to change your mind and cancel the contract. Right?

Wrong! No such law exists. Generally, a buyer can cancel only for failure to qualify for mortgage financing after a diligent and good-faith effort, or based on the reasonable disapproval of some aspect of the home. What constitutes “reasonable disapproval of some aspect of the home”? Read on and find out.

Notice of violations of building, zoning, fire or health laws.

• Flood hazard designation (resulting in the cost of flood hazard insurance).

• The title commitment report from the title company (which may indicate liens, unpaid taxes and easements restricting the use of the property).

• The Seller's Property Disclosure Statement.

• Condo Corporation/Board disclosures (such as the restrictions contained in your community's covenants, conditions and restrictions or other governing documents).

• Cost to repair any septic or other waste-disposal system.

• Lead-based paint information (for condo constructed prior to 1978).

• Wood-infestation reports.

• Damage to the condo by fire, flood, earthquake or act of God.

• Information obtained from the condo inspection and investigation (which may reveal adverse property conditions).

If a buyer tries to cancel the contract just because of cold feet, the buyer is in breach of the contract. The seller is then entitled to request mediation, file a lawsuit, keep the buyer's earnest money as damages or ask a court to order the buyer to purchase the condo.

You're less likely to suffer from buyer's remorse if you have a real estate agent you trust who can help you evaluate your housing needs. But the best way to prevent (or at least mitigate) buyer’s remorse is to prepare yourself in advance, long before you ever sign on the dotted line.

First, draw up a pro and con list. We’ve given you one to get you started below.

Advantages of Renting

• Usually costs less than buying

• You can usually move more easily

• Little responsibility for maintenance

• No responsibility for repairs

Disadvantages of Renting

• No tax benefit

• No investment in or from the property

• No equity is building

• Rent payment can increase frequently

• Possibility of eviction

Advantages of Buying

• Greater stability

• Usually good investment

• Your equity builds

• First property often leads to better one

• Greater individuality in décor/space arrangement

• Greater sense of security

Disadvantages of Buying

• You are responsible for property taxes

• You are responsible for the maintenance (within your unit for condos)

• You are responsible for repairs (within your unit for condos)

• Possibility of foreclosure

• In foreclosure, loss of equity

• Monthly housing usually costs more

• Your cash is tied up

• You have less mobility

• Payment on some mortgage types can increase.

After you’ve looked over your list, compile the costs of buying a condo, of which there are two types: upfront costs (down payment and closing costs) and ongoing costs (monthly mortgage payment, condo ownership expenses, taxes, insurance, etc.)

So when buyer’s remorse hits, remind yourself why you wanted to buy a condo in the first place. Now pop open the bubbly and congratulate yourself.

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

Federal Aids for First-Time Home Buyers!

Buying your first home is one of the biggest milestones in your life. It’s something that most people dream of from a very young age. With big milestones come big challenges: one of the biggest challenges that come with purchasing your first home is saving for a downpayment. 

The conventional downpayment for a home is 20% of the purchase price. For example, your mortgage lender would expect a 60K downpayment for a property worth 300K. The minimum downpayment in Canada is 5% of the purchase price, however, with downpayments less than 20%, you must purchase mortgage default insurance. Keep in mind, 5% of 300K is still 15K, which is a significant amount of money. 

In the early years of adulthood, it can be very difficult to save this kind of money without exterior influences such as trust funds or gifts from relatives. Luckily, Canada and Nova Scotia offer various supports that allow first-time homebuyers assistance in making a downpayment. In this article, we will dig into the Federal Programs that are in place to assist buyers. Tune in next month as well, when we dig into the provincial programs that are available to Nova Scotia Residents!

The Government of Canada has three programs to help first-time home-buyers: the Home Buyers’ Amount tax credit, the Home Buyers’ Plan (HBP), and the First-Time Home Buyer Incentive. We will detail each of these programs below to help you or someone you know achieve their real estate goals.

The Home Buyer’s Tax Credit

Eligible first-time homebuyers can claim a $5000.00 non-refundable income tax credit on a qualifying home. To qualify for this tax credit, you must:

-buy a new or existing property that is either a single-family home, townhouse, condo, or certain multi-unit properties.

-Be a first-time home buyer: this can apply to those who have not resided in a home they own for the past 5 years.

-The property must be your principal place of residence.

This credit does not need to be applied for or approved, you simply put the Home Buyer’s Amount of $5000.00 on Line 31270 of your income tax return. You can split this amount between you and your spouse, but it cannot exceed $5000.00 total. 

The credit results in a 750$ rebate on the taxes you owe for the year. Which will not pay out any money to you, but may reduce your income tax owing to zero if you owed less than $750.00. This may help alleviate the financial burden of added income tax, and allow you to use that money towards real estate.

The Home Buyer’s Plan

The Home Buyer’s Plan is a federal program that allows first-time homebuyers to withdraw up to $35,000 per individual from their Registered Retirement Savings Plan tax-free to put towards their first home. To qualify for this incentive, you must:

-Be a resident of Canada

-The home in question must be your principal residence

-You must be a first-time homebuyer

-Applicants must have a written agreement to buy or build a home

To apply for the Home Buyer’s Plan, simply download and fill out form T1036 here which is entitled ‘Home Buyers’ Plan (HBP) Request to Withdraw Funds from an RRSP’.

Once you are approved for the Home Buyers’ Plan, you can withdraw up to $35,000 from your RRSP without paying any withholding taxes. You should know that participants in the Home Buyers’ Plan must repay the amount they withdrew from their RRSP within 15 years.

First-Time Home Buyer Incentive

The First-Time Home Buyer’s Incentive was introduced by the Federal Government to make first-time home-buying more achievable for the middle and lower class. The incentive acts as a shared equity loan, where the government lends first-time home buyers 5-10% of the purchase price to put towards the downpayment. This must be repaid either in 25 years or when the home is sold.

First-time Homebuyers can apply for this incentive after they have been pre-approved for a mortgage. We should note that the purchase price of the home cannot exceed four times your qualifying income. When you pay back this loan, the amount may be greater than what you originally received, as the government owns equity in 5-10% of your home, which will go up in value the longer you own it. To qualify, you must:

-Be a Canadian Resident

-Be a first-time homebuyer

-Have a total qualifying income below $120,000

-Borrow no more than 4 times your income

-Have enough funds to make the minimum downpayment

-Be pre-approved for a mortgage

To apply, fill in the forms on the FTHBI website. You then give the forms to your lender who will submit them on your behalf.

When you are in the beginning stages of purchasing your first home, speak to your trusted real estate professional and mortgage advisor about these options. These are great programs you should take advantage of to begin owning real estate! Tune in next month when we dig into three programs for first time home buyers in Nova Scotia!

Frequently Asked Questions: Sellers Edition

Choosing to sell your condo can be an exciting and overwhelming experience. If you do not have any previous experience, you may have a lot of questions. To learn about the selling process, you can visit our page detailing it here. Even with understanding the process, you may have more questions along the way: this is totally normal. There are a lot of moving parts in the process, so we have outlined some common questions we have had in the past!

What does an appraisal mean when selling a condo?

An appraisal is conducted by a licensed professional who determines the value of your condo by conducting a thirty to sixty-minute visit in your unit in which they examine the condition, dimension and amenities of your condo. Appraisers should be an unbiased third party that simply evaluates your condo and determines what they believe it would sell for. This may be more or less than what a REALTOR® would determine, or an online evaluator. Essentially, the appraiser is evaluating only your condo, not the entire market. 

How much is my condo worth?

Your REALTOR® may price your condo differently than what it is appraised for, and also different than an online evaluator may say. This is because a REALTOR® takes into account three variables:

-the condition of your condo

-how it compares to other condos in your area

-the current market

This means that the price of your condo may fluctuate based on when it was evaluated. Only an experienced REALTOR® will be able to take all these factors into account to determine the correct price to list your condo. Without all factors taken into account, your unit may end up selling for less than what its potential is, or being priced too high to generate interest. 

What does conditional mean when selling a condo?

A conditional sale when selling a condo means that an offer has been accepted, but there is still conditions that need to be met for the sale to close. Many of the conditions are on the buyer’s side: they can include a property inspection, review of condo documents, lawyer review, review of the property disclosure statement, securing financing and securing insurance. Typically, the conditions a seller must meet is simply a lawyer review and providing the proper documents to the buyers. Once these conditions are met, typically indicated by a certain date on the agreement, then the sale is finalized. 

How much are closing costs when selling?

There are a few closing costs to consider when selling your condo.

Lawyer Fees and Disbursements

The average cost of legal representation in Halifax is approximately $800-$1000, not including disbursements, which could be anywhere from $200-$400 Disbursements include courier fees, photocopying, title search, registration costs. It is a good idea to shop around, as there is no set cost.   

Real Estate Commission

The typical Real Estate Commission in Nova Scotia is 5%. Split between a buyers agent brokerage, 2.5%, and the listing agent’s brokerage 2.5%. Please note. The commission is plus HST.

Estoppel Certificate

An estoppel certificate is an important document issued by the condominium corporation intended to give potential purchasers of a condominium unit information so that they can make an educated decision about their purchase. The certificate provides information about the specific condo unit and the condominium corporation.-- The buyer will request this either upfront or before closing. The cost is between $300 - $400, depending on the property management company and is typically paid for by the seller.

What is an estoppel certificate in the sale of my condo?

An estoppel certificate is a binding statement prepared by the corporation at the request of a unit owner or purchaser. It indicates the standing of common elements fees and reserve fund assessments against the unit, whether they are up to date, paid in advance, or in arrears. The Condominium Act and Regulations specify which items must be included. For example, the certificate will also contain such items as the names and addresses of the property manager and the officers of the corporation, the financial standing of the corporation, the reserve fund balance, whether any major capital expenditures or increases in fees are planned, and if there are any lawsuits pending against the corporation. A copy of the most recent declaration and bylaws are to be provided with this certificate. When selling your condo, you as the seller are responsible for the charge associated with producing an estoppel certificate. 

What happens to my mortgage when I sell my condo?

When you sell a condo with a mortgage, the first thing to do is find out roughly how much you still owe on the loan. Knowing how much you owe, it’s time to figure out how much you’ll be making from your home sale after all is said and done — and whether it will be enough to cover your outstanding mortgage balance, plus all the typical closing costs. If you are breaking your mortgage, you may incur a mortgage penalty as well. It is always a good idea to speak with your mortgage broker or banker before listing your condo, in case there is a penalty to pay for not completing your mortgage. If you have a fixed term such as a five year fixed rate term, your lender may charge you a penalty called an interest rate differential. If you are breaking a variable rate term, the penalty is typically three months interest.

When is the best time to sell?

The common consensus in the Halifax real estate market is that is it best to sell your condo in the Spring. The weather is starting to get nice, folks are out and about, and moving is generally easier. However, there are pros and cons to selling at any time of the year. A disadvantage in the spring is that there is more competition, as most people choose to list during the warmer months. If your condo is near a sought after school, it may be best to list it in the summer, as many parents look for property during this time. When you list on off-season (winter) there is much less competition. Also, job transfers typically happen at the start of the year, meaning there are folks still condo hunting in the middle of winter.

Who pays the REALTOR® fees?

The seller is typically responsible for the commission fee that REALTORS® charge. The percentage of the sold price is typically 4-6%. Half of this is paid to the buyer’s agent brokerage and a half to your representation. This cost is built into the sale price before the house hits the market.

How long does it take to sell a condo?

According to our MLS system, condos sold in on average 42 days this past year. Our Halifax Market has been extremely hot, so this is short in comparison to previous years. If we look at the past decade, condos sold in on average 91 days. Most REALTORS® will agree that if a condo does not sell within 8 weeks, then a price change may need to be made.

What is a title search?

A title search is the search of public records to ensure that the seller does in fact own the property. A search of all of the title records applicable will occur to determine if the title is valid. This will confirm the property’s legal ownership, the history of the piece of land and if there are any claims against the property.

What is the difference between list price and sold price?

The list price is the price at which you and your REALTOR® decide to place your condo on the market for. This will be the price that is advertised and submitted on the MLS system. The sold price is the price that the buyer agrees to pay with an agreement of purchase and sale. You are entitled to accept any price, however, your REALTOR® can advise you on making the best decision for your situation. Buyers can offer above or below the listing price, and whichever price you accept ends up being the sold price.

Why should I hire you to sell my condo?

Our team is experienced, professional and dedicated. We do everything in our power to ensure the success of a smooth, stress-free sale. We want our clients to enjoy the process from start to finish, and receive the maximum return. We offer a variety of complimentary services for each of our clients as well which can be found by visiting our Why Sell With Us page. You can also browse our Testimonials to see what our previous sellers have to say!

Still have questions? Call or email us today, we’d be happy to help!

Andrew Perkins

902-488-0012

Andrew@andrewperkins.ca

The Top 5 Most Luxurious Condos For Sale in Halifax

There is really nothing that can't be found like living in Downtown Halifax anywhere else in Atlantic Canada. The exciting waterfront, the array of small businesses, the cultural scene and beautiful condos all make Halifax the urban capital of the Maritimes. The best way to live as close as possible to all of the excitement that downtown Halifax has to offer is to embrace condo living: and Halifax has some seriously beautiful condos to offer. Here are the top 5 most and beautiful and luxurious condos currently for sale on the Halifax Market!

#5: 1409 1650 Granville Street

Price: $1,252,500

View Listing Here

This unit is for buyers who want to experience the historic and urban views that Halifax has to offer from their living room.

#4: 16 6770 Jubilee Road

Price: $1,980,000

View Listing Here

Coming in at #4 is this stunning condo townhouse on Jubilee Road in the South End of Halifax.

#3: 1801 6369 Coburg Road

Price: $1,995,900

View Listing Here

On the other end of the spectrum, we have this gorgeous penthouse condo situated in the Downtown Core.

#2: 1905 1650 Granville Street 

Price: $2,495,000

View Listing Here

This unit is as modern as it gets. Granville Street is just steps away from Halifax’s famous Barrington & Argyle Streets, giving its owners the true Halifax experience.

#1: PH Level 6 1477 Lower Water Street

Price: $3,500,000

View Listing Here

In the number one spot for luxury Halifax condos for sale is Penthouse 6 on 1477 Lower Water Street.

These beautiful condos are the most luxurious units available as of January 27th, 2021 on the Halifax Market. Our beautiful province boasts tons of other stunning condos with gorgeous views as well. We like to argue that we are home to some of the most affordable luxury condos in the country! There is nothing like east coast living.

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

Preparing Your Condo for Viewings

When your Halifax condo is on the market, there is potential that many eyes will be peering in. You will have likely had professional photos taken, and a home staging completed. This kind of marketing will highlight all of your Halifax condo’s best features, and you will want to keep your condo up to those picture-perfect standards when curious buyers see the unit in person. 

The most obvious step in preparing your condo for viewings is to do a deep clean. While most understand this, they tend to overlook the fact that this deep clean must be maintained for the duration of your listing. 

There are several things that you can do to make it easier on yourself to maintain a high level of order and cleanliness while your condo is listed. Read through for some tips on how to set yourself up for successful condo viewings!

Deep Cleaning

We all know that a Halifax condo that is about to hit the market needs a deep cleaning. You are going to want to ensure everything sparkles. The obvious areas are the windows, countertops, baseboards, floors, mirrors, surfaces, bathtub and toilet. Areas that are sometimes forgotten are the trash bin, arranging toiletries, wiping out cupboards, dusting behind furniture and organizing underneath the sink. You do not know what your potential buyers are going to look at when viewing your condo, so you need to make sure you’ve got all of your bases covered.

Reduce your Clutter

Removing clutter is an essential component of prepping your Halifax condo to sell. You want your condo to feel as spacious as possible to incoming buyers because space = value. If you are toying between leaving something personal on the mantle or putting it away, you should probably put it away. The less personal you can make your condo, the easier it is for someone else to see themselves in it.

This goes for the closets too. Do not simply take all of your extra items and store them in your closet. Buyers will look in the closets to see if they would have enough space for themselves. A cluttered closet will not sell a buyer on your condo.

Take Control of Odours

Smell is a very strong sense and can sway buyers to or away from your condo. It is best to avoid scents in general so that they are not distracting to the buyer, and in case a buyer has a scent allergy. Try to cook milder dishes that do not leave scents lingering as well. If you insist on adding fragrance to your condo, opt for candles or air freshers with very common smells such as fresh linen, lavender or vanilla.

Leave the Unit

It is often very hard for a buyer to picture themselves living in your condo if you are present during the showing. It is also hard for their agents to receive honest feedback from their buyers on what they thought of your space. Sometimes, this feedback is crucial to adjusting your condo or listing to lock in a sale. 

Not only should you physically leave the condo, but you should also remove any family photos or decor specific to your family. This will aid the buyer in picturing themselves in your space.

Open Concept

Buyers in this day and age love open-concept condos. If your condo is built like this, you are in luck. If it is not, however, you can still succeed! Ways to make your condo feel more open-concept are to: remove bulky furniture, keep sightlines open, and rearrange existing furniture to invite people into the room. If you are not sure how to do this, there are professional condo stagers who can help you immensely. 

A Fresh Coat of Paint

A fresh coat of paint on the walls can do wonders when you need to renew a space. Walls get dirty and scuffed over time, and we do not want the buyers thinking about that when they are looking at your condo. If you are going to paint your walls, opt for a light and neutral colour that matches everything, and opens up the space.

Do Not Leave Anything Broken in Sight

This may seem like an obvious one, but it is still worth mentioning. You should fix things that are visually broken. This includes leaking faucets, missing tiles, broken handles or hinges and so much more. If you can see that it's broken, the buyer can too.

Adjust the Temperature

Make sure that the temperature in your Halifax condo is comfortable when buyers walk in. If your condo is too cold, the buyer may not feel like they can relax after a long day of work. If the condo is too hot, they may think there is not enough airflow. The most preferred room temperature is typically between 20-22 degrees Celsius.

The Bottom Line

Your top priority as a condo seller is to get your home sold. And not only get it sold but for top dollar. By following these tips, and any other tips that your REALTOR® or condo stager provides will not only make it easier to reach your goal, but to make the process much smoother from start to finish. When your condo is clean and marketable, it not only increases its value but can add a much more pleasant and excited buyer.

Questions about getting your condo sold? Call us anytime at 902-488-0012

Andrew Perkins

Thinking of Moving to Halifax?

One of the hardest parts about moving to a city that you are unfamiliar with is picking which part of the city you will call home.

It can feel overwhelming browsing through so many unfamiliar neighbourhoods, schools, clinics and shops. You almost wish that there was a guide to each city, breaking down its most appealing attributes, exploring its unique characteristics, and narrowing down the choices for you.

We are positive that you are not the only one looking for guidance.

This is why we developed this free and comprehensive e-book detailing everything you need to know about relocating to Halifax, Nova Scotia. We know there is nothing worse than moving to a new city and finding out later that you should have bought a house in the west end rather than the east end, to be near a particular school, job, or club you are a part of.

One of the most important steps in moving to a new city is deciding on what it is that you need to live near. This is different for everyone. We hope that this informative guide about Halifax, Nova Scotia will make it a bit easier for you, and save you hours of scrolling through Google. With this guide, you can easily learn about your new home town, and focus on finding your dream home or condo instead.

Browse through this free guide to learn about everything from Halifax’s taxing system to local festivals that grace our downtown. Discover our beautiful beaches and educate yourself on our current government. We are certain that all of your questions will be answered.

Click here to receive our Halifax Relocation Package!

Why You Need to Stage Your Condo to Sell

Staging your condo to sell is a new checklist item in the condo selling process. Not only does it make your condo look the most appealing to potential buyers, but it also may increase offer prices! Let look at some statistics that were pulled by The National Association of REALTORS Research Group in 2019:

40% of buyers’ agents cited that condo staging had an effect on most buyers’ view of the home. 

83% of agents said that staging a condo made it easier for buyers to picture the unit as a future home. 

47% of buyers said that staging the living room was the most important. The second most important was the master bedroom, and then the kitchen.

25% of agents said that a staged condo had an increased dollar value between 1-5%, compared to similar homes that were not staged. 17% of agents said that the dollar value increased between 6-10%.

The average dollar value spent on home staging was $400.

28% of sellers’ agents stated that there were decreases in the time on the market when the condo is staged compare to similar homes that were not staged.

So, what the statistics are saying, is that if you spend on average $400 to stage your condo, and your unit is worth $300,000, you are looking at a probable increase in dollar value of about $7,500, and a potential increase of up to $30,000. Even if it only increased your home’s value by 1%, you are looking at a possible extra $3000!

What does it mean to stage a condo?

Home staging is the process of adding decorations, arranging pre-existing furniture and/or hiring experts to dress your condo to make it look its best for photos and open houses. It is essentially showing buyers the unit’s potential and allows buyers to picture their future home more easily than staring into an empty or unfurnished space.

Some Home Stagers are so good, they can make your unit look like something out of a magazine! Our most trusted home stagers in the Halifax Area are A&E Home Staging. Danielle is phenomenal at aesthetics and design, and working with her guarantees your condo will look its best. Pictured below is some of her work:

Still not convinced? Here are some more reasons below why staging your condo should be non-negotiable in the selling process:

1. Your condo will sell faster

According to the Real Estate Staging Association, condos that are staged sell on average 73% faster, than similar units that were not staged. Just think: the main determinant in a buyer putting in an offer on your unit will be its visual presentation. The average buyer is not going to put an offer on a condo that they do not love the look of, or that they can picture themselves in. If you were a buyer and you looked at five condos, and one of them was beautifully staged, the other four bare, which one would be the most tempting?

2. Highlight the good stuff

Maybe your unit has built-in shelves on the walls or a large fireplace in the centre of the room. Expert Home-Stagers will take these unique aspects of your condo, and stage them properly to show buyers how these accents can upgrade your space, rather than clutter it. A shelf that may have been home to your gaming console for years can easily be turned into a display of artwork or local craft.

3. Hide the flaws

Maybe your condo has some things that you wish you could cover up or erase before buyers walkthrough. If this is the case, home-stagers will factor this into how they carefully place furniture, decor, lamps and rugs so that the buyer is pulled through the perfect flow of the unit, and away from the less favourable features. 

4. You may not see your own clutter

Unless you're a minimalist, you probably have clutter. We are also typically all blind to our own clutter because many of our possessions hold emotional value. You may think that a dresser full of family picture frames makes your bedroom feel like home, but a potential buyer has no connection to these photos, and they will make the room appear smaller to them. When you hire an expert to stage your condo, they look at your space as a product on the market, not as the home that built your life. They will remove what they know buyers do not want to see and replace it with what will get you the top dollar.

5. More money in your pocket

The top priority of home stagers is to get buyers interested in your unit. The more buyers that are interested, the more offers you will receive. Bidding wars can lead to higher offer prices which is what every seller hopes and dreams of. If a couple falls in love with your condo and hears that there are multiple offers, they may offer much more than they were planning to, to make sure they don’t lose it.

Don’t take it personally

A Home-Stager may remove many things from your condo that you cherish and love. You must remember to not become offended if your home-stager tells you to hide your favourite poster or painting: The home-stager is not saying that your favourite wall decor isn’t beautiful - they are trying to make your unit less personal and as marketable as they can to the widest range of buyers. When we remove personal objects and favourite colours and replace them with more generic and neutral decorations and colours, a wider range of individuals may be able to picture themselves in your condo.