Blog > March 2024 Newsletter - It's time to spring into action
A few preparations before you list your home can make a significant difference to your selling experience. So if you want to maximize the value of your home, don’t miss these six crucial steps!
- Enhance your curb appeal: When it comes to real estate, people do judge a book by its cover. Spruce up your home's exterior with fresh landscaping, a clean driveway, and a welcoming entryway. Consider adding colorful flowers or a fresh coat of paint to greet potential buyers.
- Declutter and depersonalize your space: Remove clutter and personal items to help buyers envision themselves living in the space. Pack away family photos and minimize excess furniture to create an inviting and spacious atmosphere. For more tips, check out my recent conversation with a downsizing expert.
- Complete repairs and upgrades: Take care of any necessary repairs and consider making strategic upgrades to enhance your home's appeal. Focus on fixes that will yield a high return on investment, such as updating outdated fixtures, repairing minor cosmetic issues, and addressing any structural concerns.
- Clean and stage: Whether you put in elbow grease or hire outside help, it’s important to clean your home from top to bottom. Pay special attention to high-traffic areas, kitchens, and bathrooms to ensure they sparkle and shine. Additionally, consider hiring a professional stager to arrange furniture and décor in a way that showcases your home's best features and maximizes its potential.
- Highlight features and amenities: What makes your home special? Make it stand out! Whether it's panoramic ocean views, a gourmet kitchen, or a spacious backyard oasis, make sure these unique selling points are featured prominently.
- Partner with a trusted realtor: A well-connected and knowledgeable realtor with a track record of success in your local market makes a difference. Not only can they help to strategically price and market your home, but they can also provide personalized guidance throughout the selling process.
If you have any questions about preparing your home for a successful sale, I’d be happy to chat.
My expertise lies in the Central Vancouver Island region including Parksville, Qualicum Beach, Nanoose Bay, Lantzville, Errington/Coombs, and Bowser/Deep Bay. Shoot me a message anytime if you have questions about the local market!
Changes to the Property Transfer Tax Act
The government recently announced changes to the Property Transfer Tax Act that can impact the amount of money you pay to purchase a home.
- Effective April 1, 2024, the first-time home buyers’ exemption threshold is increased to a fair market value of $835,000 (from $500,000), with the first $500,000 exempt from property transfer tax. The phase-out range is $25,000 above the threshold, with the complete elimination of the exemption at $860,000.
- Effective April 1, 2024, the newly built home exemption fair market value threshold is increased to $1,100,000 (from $750,000). The phase-out range is $50,000 above the threshold, with the complete elimination of the exemption at $1,150,000.
I know these changes can raise a lot of questions so we’ll be inviting an accounting professional to a future Island Living Today to dive deeper on this subject. Stay tuned for more details!
Estate Planning for Homeowners
Estate planning is an essential task for anyone, but especially so for homeowners. There are many details to consider so it was wonderful to have had Christine Hepting (Barrister & Solicitor at Christine M. Hepting Law Corporation) and Sue Noorloos (Director of Estate Planning, BMO Private Wealth) join our most recent Island Living Today talk.
We discussed:
- Different estate planning scenarios for homeowners
- Important considerations for naming an executor or agreeing to be an executor
- How to build an asset list in the digital age
There was much more covered, so watch the full recording now! Use this link to the video
Island Living Today will return on April 3, 2024 to kick off our Home Inspection Series. The first topic we’ll cover is mould and remediation. More details will arrive in your inbox soon.
Home Sales Jumped in February
There was a significant increase in home sales last month. In February 2024, 254 single-family homes were sold on Vancouver Island, up 67% from January 2024 and up 15% from a year ago. The trend carried to condos (up 11% year-over-year) and row/townhomes (up 18% year-over-year). The benchmark price for a home on Vancouver Island is now $753,500. The latest home sales increase may be attributed to pent-up demand and reasonable mortgage rates offered by some banks. With this movement in the market, it’s helpful to speak with professional mortgage brokers and realtors to determine your options.
Community Events to Explore
LIVE @ The Shaw 2024 Celebrating Women in Jazz
Mar 8 to Apr 26
Shaw Auditorium (80 Commercial Street, Nanaimo)
This 4-part series features 6 extraordinary band leaders who represent the many flavours of jazz music thriving in our country.
Mar 15 | 7:30-9pm
Knox United Church (345 Pym Street, Parksville)
The Arrogant Worms have spent over three decades making fun of a big dumb world. Their songs have been played on the radio, the internet, and in outer space (on the space shuttle Endeavour).
WALK RIGHT BACK – The Everly Brothers Story 2024
Mar 18 | 7pm
Port Theatre (125 Front St, Nanaimo)
From the producers of the smash hit show That’ll Be The Day, this phenomenal production tells the story of the most successful musical duo of all time - The Everly Brothers. Featuring hits such as Bye Bye Love, All I Have To Do Is Dream and Cathy’s Clown, this unique concert-based musical entwines the wonderful, sad yet glorious story of The Everly Brothers.
Mar 28 to 31 | 11am-5pm
Milner Gardens (2179 W Island Hwy, Qualicum Beach)
Spot the Bunnies hiding throughout the Gardens for an Easter Treat!
Apr 20 to 21 | 11am-5pm
Milner Gardens (2179 W Island Hwy, Qualicum Beach)
Find great discounts on heritage plants straight from the Milner Heritage Collection.