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

Reverse Mortgage: What You Need to Know

Are you planning to purchase a Halifax Condo in the next 6 months? It is CRUCIAL to have a pre-approval in place before viewing properties! Contact us to get your pre-approval started!

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It has been our (and most people's) longstanding understanding that after age 75, you cannot get a mortgage.

So, when a buyer reached out to us early last month to purchase a condo in her late 70s, we immediately thought that it would be impossible without paying in cash.

As part of our due diligence, we reached out to our trusted mortgage broker Neil Keeping with The Mortgage Group to confirm what we thought we already knew.

To our surprise, Neil stated that is it actually illegal to deny someone a mortgage on the basis of age. 

If you are 55 years or older, lenders will look at your assets, credit history and income, just like any other applicant. The only difference is your income may be your pension versus your salary.

Our buyer was relieved to hear that she had options: one of them being the reverse mortgage.

When Neil told us that a reverse mortgage would be perfect for our buyer, we had never heard of such a thing. That is why we asked Neil to write this article explaining exactly what a reverse mortgage is for our audience! 

Take it away Neil!

One of the most common observations made concerning the financial profile of average baby boomers is: too much of their net worth is tied up in their primary residence. 

While real estate investments have served boomers well over their lifetimes with steadily appreciating values and tax free capital gains, this asset class is also relatively illiquid, and has a future that some fear may not be as bright as its past.

Reverse mortgages offer Canadians over the age of fifty-five the opportunity to tap into their existing home equity without having to sell and move. The proceeds are tax free and the loan does not require any scheduled repayment. A reverse mortgage is simply a loan that is paid back with home equity, instead of with ongoing cash flow.

Homeowners (and spouses) must be at least fifty-five years of age and the maximum amount of home equity that can be withdrawn is set on a sliding scale according to age (55 yrs = approx. 25%, 70 yrs = approx. 40%, 80 yrs = approx. 55%). Canadian reverse mortgage transactions have until very recently been funded under the Canadian Home Income Plan (CHIP) brand, which has been around for 25 years and is now part of HomeEquity Bank, a Schedule One Canadian bank.

Here are the primary advantages of using a reverse mortgage:

• There is no ongoing monthly payment obligation. Your interest charges are added to the outstanding mortgage balance. (That said, you have the option to pay all or part of each year’s interest charges on the anniversary date of your mortgage if you wish.)
  
  

• You can’t be forced to move or sell your property, as long as it is maintained and all property taxes and associated fees are kept up-to-date. If your interest payments eventually eat through all of your equity, you (and your spouse) can remain in the house until death and the total amount owed is capped at the fair-market-value of the property at the time of sale. In fact, the longer you live, the more the reverse mortgage numbers start to tilt in your favour. (Approximately two-thirds of CHIP mortgage holders stay in their homes for the remainder of their lives.)
  
  

• You still benefit from future increases in your home’s value, which can offset some or all of your borrowing costs. Of course, you have to sell your house to realize the gain, so this is only a paper profit which can disappear if your property value decreases in subsequent years. (CHIP says that to date, 99.9% of their customers have money left over when the loan is repaid.)
  
  

• The money advanced to you is tax-free and is not counted as income when determining eligibility for Old Age Security (OAS) and Guaranteed Income Supplement (GIS) benefits. Also, if the proceeds are used to buy registered investments, mortgage interest costs can often be deducted from any income earned.
  
  

• It’s easy to qualify. reverse mortgages don’t require any health or income information, so if your property is deemed suitable, you are more than likely eligible.

Here are the primary disadvantages of a reverse mortgage:

• Borrowing back your home equity includes an interest cost that would be eliminated if you sold your home outright. People typically pay interest because they don’t have money, and in this case, you do. Financially, it makes much more sense to sell your house (any capital gain is also tax-free) and to then use the equity to generate future income.
  
  

• The interest rates charged are high. Reverse mortgage lenders are advancing you money, foregoing any repayment and giving you unfettered use of the collateral security for an extended period of time with no set date for recovering their principal and interest, so it’s not surprising that their rates are higher. But the bottom line is that a 5 year loan at 6.75% (today’s typical rate) is still very expensive.

In summary, a reverse mortgage may be a good solution for two types of borrowers.

1. Borrowers who can’t bring themselves to sell – If your house is important to you on an emotional level, then paying a premium for a solution that helps ensure you never have to leave it, is worth considering. (Even if from a purely financial standpoint a reverse mortgage is more expensive than the alternative of selling your home and downsizing.)

2. Borrowers who think their house price may decline – if you think house prices have peaked and want to hedge against a significant reduction in value, then monetizing your home equity at today’s values is a way to “sell high” without having to hire a moving van.

For everyone else, selling your house and cashing out is the way to go.

Searching for pre-approval to begin your condo buying journey?

Neil Keeping

Associate Mortgage Broker

The Mortgage Group

902.402.3505 

neil.keeping@mortgagegroup.com  

& 

Jordan Gunn

Licensed Real Estate Assistant

Keller Williams Select Realty

902-401-0373

jordan@andrewperkins.co