NS New Non-Resident Deed Transfer & Property Taxes

It was revealed on March 29, 2022, the province of Nova Scotia instated two new taxes for non-residents concerning their properties. Many believe that this is the government’s attempt to cool the Halifax Real Estate Market. The response amongst the public has been very divided. It seems to have caused some hope in buyers who have been struggling to secure homes and caused frustration in property owners who although may not be permanent residents, call our province home through various parts of the year. Either way, these taxes have been implemented, effective April 1, 2022. We decided to create an article to break down the new changes and make sense of them for our readers.

Provincial Deed Transfer Tax for Non-residents

The provincial deed transfer tax for non-residents is a new tax (5% of the purchase price or assessed value) that is charged to non-residents upon the purchase of a property in Nova Scotia. Some key points to be aware of:

• This tax will be implemented on any purchases after April 1, 2022

• This tax is added to the current municipal deed transfer tax. For example, in Halifax, the municipal deed transfer tax 1.5%. This means that if this new provincial tax applies to you, and you are purchasing in Halifax, you will be paying a total of 6.5% deed transfer tax upon closing.

• The tax will be calculated on the purchase price or the assessed value, whichever is greater.

• This new tax applies to residential properties with 3 or fewer dwellings.

The exemptions to the Provincial Deed Transfer Tax are as follows:

• First and foremost, you are exempted if you are a resident of Nova Scotia

• If your agreement of purchase and sale was signed before April 1, 2022

• If 50% or more of the owners are residents of Nova Scotia

• If you intend to move into the residence within 6 months of purchasing

• The residence is being transferred to you under a power of sale

• The residence is being transferred due to foreclosure

• The residence is purely commercial

• The residence will be registered to a Canadian Charitable organization

There are a few other exceptions that you can read more about here.

To view the required forms and process, visit the government’s website here

Provincial Property Tax for Non-residents

The provincial property tax for non-residents is a new annual property tax that must be paid by non-residents on top of the already existing municipal taxes. This tax will have a rate of $2.00 per $100.00 of the property’s assessed value. Some things you should know:

• This tax will be implemented on any purchases after April 1, 2022

• Non-residents will be responsible for both the already existing municipal property taxes and this new provincial property tax.

• This new tax applies to residential properties with 3 or fewer dwellings.

The exemptions to the Provincial Property Tax are as follows:

• First and foremost, you are exempted if you are a resident of Nova Scotia

• If your agreement of purchase and sale was signed before April 1, 2022

• If 50% or more of the owners are residents of Nova Scotia

• If the residence is rented out for at least 12 consecutive months.

• The residence is purely commercial

The Government has stated that required forms and more information will be available in the near future.

For any questions regarding these new taxes, you can contact us at either 902-488-0012, info@andrewperkins.co, contact NSPropertyTax@novascotia.ca, or click here.

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

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

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.