Top Tips to selling a home in Nova Scotia

Q. What is the fastest way to sell a home in Nova Scotia?

The fastest way to sell a house can depend on various factors such as location, condition, pricing, and market conditions. Here are some tips to make a house more sellable:

1. Price it right: One of the most important factors in selling a house quickly is pricing it right. Research the local market and comparable properties to set a competitive and attractive price. For example, look at your street or block and see what homes sold recently.
2. Make necessary repairs: Make sure that any necessary repairs are completed before putting the house on the market. Buyers are often deterred by properties that need significant repairs.
3. Stage the house: Staging involves decluttering, deep cleaning, and arranging the furniture in a way that highlights the home’s best features. Staging can make a big difference in how potential buyers perceive the property.
4. Enhance curb appeal: The exterior of the home is the first thing buyers see, so it’s essential to create a positive first impression. Make sure the lawn is well-manicured, and the exterior is clean and inviting.
5. Hire a reputable real estate agent: A good real estate agent will help with pricing, marketing, and negotiating offers. Choose an agent you feel comfortable with and trust.
6. Make the home available for showings: Make sure the house is available for showings, including weekends and evenings. The more flexible you are with showings, the more potential buyers you will attract.
7. Market the home effectively: Use a combination of online and offline marketing to attract potential buyers. Professional photos and videos, social media, and virtual tours will help showcase the property.

Q. What improvements or repairs should I make to increase the value of my home?

When selling a house, it’s important to make necessary repairs and improvements to make the property more attractive to potential buyers. However, there are some repairs or improvements that may not be worth the time and money to complete, as they may not necessarily add value to the property or lead to a higher sale price. Here are some things you may not want to fix when selling a house:

1. Cosmetic flaws: Minor cosmetic flaws such as chipped paint, small holes in walls, or outdated fixtures may not be worth the time and money to fix. However, if there are too many cosmetic flaws, it may turn off potential buyers.
2. Landscaping: While it’s important to have a well-maintained lawn, elaborate landscaping projects such as adding a koi pond or outdoor kitchen may not add significant value to the property.
3. Swimming pool: If the pool needs significant repairs or maintenance, it may be best to leave it as is and price the house accordingly. Adding a pool may not necessarily increase the value of the property.
4. Over-personalized decor: Unique design elements that cater to specific tastes may not be as attractive to potential buyers. It’s best to keep the decor simple and neutral.
5. Expensive or major renovations: Major renovations such as a kitchen remodel, or bathroom renovation can be costly and may not necessarily lead to a higher sale price. It’s important to weigh the costs and potential return on investment before making significant renovations.

In general, when deciding what repairs to make when selling a house, it’s important to consider the cost of the repair or renovation, the potential return on investment, and whether it will make the property more attractive to potential buyers. A good real estate agent can help guide you in making the right decisions to prepare your home for sale.

Q. What are the costs associated with selling my home, such as commissions, closing costs, and other fees?

There are several fees associated with selling a home in Nova Scotia. Some of the most common fees include:

1. Real estate agent commission: If you use a real estate agent to sell your home, you will typically pay a commission of 4% to 6% of the sale price. This fee is negotiable and may vary depending on the agent and the market.
2. Legal fees: You will need to hire a lawyer or notary to handle the legal aspects of the sale, including preparing the purchase and sale agreement and transferring the title. Legal fees typically range from $800 to $2,000 or more, depending on the complexity of the transaction.
3. Discharge fees: If you have a mortgage on the property, you may need to pay a discharge fee to release the mortgage. This fee varies by lender and may be a percentage of the mortgage amount or a flat fee.
4. Property tax adjustments: Depending on the closing date, you may need to pay a portion of the property taxes for the year, or the buyer may owe you a portion if you have already paid the taxes for the year.
5. Utility and other adjustments: You may need to pay a portion of the utility bills, condo fees, or other expenses associated with the property for the period before the sale closes.

It’s important to note that the specific fees and costs associated with selling a home in Nova Scotia may vary depending on the circumstances of the sale, so it’s always a good idea to work with a real estate agent and a lawyer or notary to understand the costs and fees associated with your particular transaction.

Q. How much tax do you pay when you sell a house in Nova Scotia?

When you sell a house in Nova Scotia, you may be subject to capital gains tax, which is calculated at a rate of 50% on the profit and varies based on your tax bracket. 

It’s important to note that there are some exemptions and special rules that may apply. For example, if the property was your primary residence for the entire time you owned it, you may be eligible for the Principal Residence Exemption, which can significantly reduce or eliminate the capital gains tax you would owe.

Q. What marketing strategies do real estate agents use?

Real estate agents use a variety of marketing strategies to promote their listings and attract potential buyers. Here are some common marketing strategies that I use for my clients:

1. Online Listing: Using various online platforms to list properties, including a specific landing page website, real estate portals like the MLS, realtor.ca  and social media platforms like Instagram, Facebook, LinkedIn, YouTube and TikTok.
2. Professional photography: High-quality photography is essential in attracting potential buyers. As a former professional photographer I can’t stress enough what quality images bring to the table.
3. Virtual tours: Virtual tours can give potential buyers a more immersive experience of a property  by using 3D virtual tours or video walkthroughs to give buyers a feel for the property.
4. Print advertising: Advertising the property in newspapers, magazines, brochures, or other print media is an effective way to get more eyes on the home.
5. Networking: Real estate agents often rely on their professional networks to spread the word about their listings. This includes reaching out to other agents, brokers, and potential buyers.
6. Direct mail: Using direct mail campaigns to target potential buyers in a specific area or demographic.