Projects You Can Do This Weekend to Increase Your Condo's Value

When we hear the term “upgrade your space”, we often expect a large price tag to follow. This is not always the case. There are some quick and easy projects you can attempt in a weekend to make your condo appear newer, and more appealing to potential buyers. If you are a condo owner, and not planning on selling, these upgrades will make your unit feel brand new for you and your family. 

Paint the Cabinets

Installing brand new cabinetry can be a serious expense. But, that doesn’t mean we have to live with old, faded or scuffed cabinets. Add a coat of paint to your cabinet doors this weekend to freshen up your kitchen space. Pair this with some new hardware, and your cabinets will look good as new. Our tip is, the harder the finish, the better: you want something that will be very easy to wipe down and clean.

Upgrade your fixtures

Opt for some modern fixtures such as black or brushed nickel finishes. Brushed faucets tend to hide fingerprints a grim a little better than polished ones. While you are at it, clean underneath the faucet before securing the new one so your sink looks brand new. Brass, nickel and bronze fixtures are known to withstand moisture and friction the longest. 

Replace your doors

This option is obviously a bit more pricey than a coat of paint, however, if you have a little bit of extra money to spend, replace all of your inside doors, so they all match and are not scuffed nor dented. Choose a neutral colour other than white for a sophisticated, yet unique spin on your condo decor. For an added level of cohesiveness, choose doorknobs that match your new faucets and hardware.

Use Smart Technology

Install a smart thermostat, a smart home system like Amazon Alexa or Google Home, a Sonos Speaker System or smart LED light bulbs. Buyers are eager for secure technology in their future condos, and to have these features already set up will not only make your life easier but will also make your condo stand out among buyers when the time comes to sell. 

Increase Your Storage

Increase your storage by adding some shelving, extra cabinets or redo the shelving in your closets. One of the most common news that condo buyers express is storage space. So, by investing in this, you could motivate a buyer to make a nice offer. Check out Ikea for some affordable shelving units and storage ideas.

Change Light Fixtures

Light fixtures have a huge impact on the feel of a space. Fixtures with interesting design and soft lighting can make a space feel luxurious. With stores like Ikea and Wayfair, there are many cheap options for lighting that can look as good as real chandeliers. Just make sure that you have an electrician install your fixtures for you to protect yourself from injury.

Will you be incorporating any of these upgrades into your weekend plans? Maybe you already have updated your condo in these ways before. If you have, let us know how it went!

Andrew Perkins

andrew@andrewperkins.co

902-488-0012

11 Restaurants You Need to Try In Halifax

Halifax has a very unique food scene: The majority of our local restaurants source local ingredients, incorporate our renowned seafood, and of course, feature donairs. Haligonians make enjoying local cuisine a hobby. With many food festivals, the Dine Nova Scotia Association, award-wining chefs and so many unique choices, Halifax is the food hub of Atlantic Canada.

Below we have curated a list of our favourite spots in no particular order to dine in Downtown Halifax!

The Bicycle Thief

The Bicycle Thief is an upscale Italian Fusion restaurant on the gorgeous Halifax Waterfront. Their menu choices range from fresh local seafood to three-course Italian dinners. The Bicycle Thief also features a legendary wine bar and a heated patio for those cold Halifax winters.

Visit Their Website Here

Julep Kitchen and Cocktails

You’ll want to make sure your phone is charged to Instagram your dish and drink when you head to Julep. Known for their stunning presentation and delicious flavours, Julep is a newer restaurant to hit Barrington Street and we know it’ll be here for years to come.

 Visit Their Website Here

Hermitage

Hermitage was developed by the same folks who created Julep, which shows just how delicious their dishes are. Hermitage offers chef-led tastings daily, and their presentation is to die for. The atmosphere, flavours and menu selection all exude sophistication and attention to detail.

Visit Their Website Here

Ristorante a Mano

Ristorante a Mano is an upscale eatery that specializes in classic Italian meals. Situated on the Halifax Waterfront, it is a must-see. The ambience is exceptional, the service is fast and the food is delicious! The owners of a Mano also own the Bicycle Thief and La Frasca found on Spring Garden Road.

Visit Website Here

2 Doors Down Food + Wine

If you are looking for a crisp local beer, head to 2 Doors Down! 2 Doors Down is a casual urban bar and eatery that rotates its menu seasonally. Space is limited so book ahead to secure a seat: based on the quality of food and drink they will be booked solid most nights. They also have some great vegetarian options!

Visit Their Website Here

Elliot & Vine

Elliot & Vine is a European style restaurant with a modern twist in Halifax’s trendy North End. Their dine-in space has the perfect intimate atmosphere for a romantic night or drinks with friends after work. The food is exceptional, and if that isn’t enough,  their breathtaking murals created by artist Jean Bradbury inside are enough of a reason to stop by. 

Visit Their Website Here

Agricola Street Brasserie

Stop by the Agricola Street Brasserie to experience French-inspired seasonal cuisine and you will not be disappointed. Not only does the Brasserie serve exceptional diner with original flare, but they also have a killer brunch. We highly recommend trying the seafood here as they pledge to source all of their seafood sustainably!

 Visit Their Website Here

The Barrington - Steakhouse & Oyster Bar

You are guaranteed a delicious Atlantic steak if you order one from the Barrington. Aged and cut in house, their beef is cooked to perfection and typically served along with maritime oysters. Tourists and locals alike agree that dining at the Barrington is an experience to remember. This steakhouse and bar hosts local musicians for those who wish to be entertained while dining too!

Visit Their Website Here 

Blue Olive - Greek Taverna

If you are searching for authentic Greek cuisine in Halifax, the Blue Olive is where you should be heading. Their recipes are authentically greek and have been passed down for generations. The Blue Olive also has many vegetarian and vegan options that are absolutely delicious!

Visit Their Website Here 

Da Maurizio

Da Maurizio offers a premier dining experience on Halifax’s historic waterfront. Known for their exquisite variations on Italian cuisine, their award-winning menus will exceed all of your expectations. Their outstanding service (and wine list) has made Da Maurizio an all-time favourite for locals and tourists.

Visit Their Website Here

Will you be checking out any restaurants on our list in the near future? Halifax has so many delicious local restaurants to try, you are sure to land on something tasty on your next venture out!

Cheers, 

Andrew Perkins

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

20 Year Review of the Downtown Halifax Condo Market

Over the past twenty years, we have seen some significant changes to the Downtown Halifax Condo Market. Our city has grown traction, undergone major developments, expanded its culture and has truly become the hub of Atlantic Canada.

Our population has steadily increased over the past two decades, totalling at approximately 412,674 residents today. In comparison to the rest of Atlantic Canada, our job forces have expanded like no other. In the past 5 years, young professionals have increasingly viewed Halifax as a home they could start a career and raise a family in. In previous times, most young professionals thought that to achieve this, they must relocate to Central or Western Canada.

These factors, along with the economic boost from recent increases in immigration have caused the changes we see in the average number of condos sold, and they're selling prices in the municipality.

The average number of downtown condos sold each year in the past two decades is 231 per year. The graph shows the common ebbs and flows of any real estate market. We tend to see a wavelike pattern which repeats itself every 10 years or so. In the past 5 years, there has been a sharper increase, which correlates with the increase in immigration, and young professionals flocking to Halifax.

The average sold price on Downtown Halifax Condos has increased steadily year after year, even with the number of condos being sold fluctuating. There has been almost no decrease in average selling prices. The only decrease we saw was between 2012 and 2013, and even then, prices continued to climb afterwards. This means that on average, downtown condo investments in Halifax will reap rewards rather than losses.

We have seen an even sharper increase in sold prices within the past two years and this trend is not likely to stop anytime soon. With such limited inventory in Halifax, prices will continue to rise, and any condos that hit the market have high chances of selling quickly.

There is no time like the present to sell your Halifax condo. These statistics prove this. Reach out to us today if you would like more information on scoring top dollar for your Downtown Halifax Condo.

Cheers to the new year,

Andrew 
andrew@andrewperkins.ca
902-488-0012

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.