Condos for sale Barrie
With the housing market growth as strong as it in Barrie, condominiums are becoming an
economical choice for many new to the market or for retirees looking to sell and bank their
profits for retirement. While condominiums don’t make up a large part of the market yet, there
are still plenty of condos for sale in Barrie offering a variety of living-styles and in many locations
across the city.
Is Condo Living Right for You?
Living in a condo can be a stress-free way to live, with little to tie you down if you want to take a
spontaneous vacation or don’t have time to focus on your house. With all those perks come
trade offs that may or may not be a deal breaker when making the move to a condo. Here are
some questions to consider before committing to one of the condos for sale in Barrie:
Do you like the freedom of not having to shovel snow or cut grass? Condo living, in many
ways, is maintenance-free. Looking after the exterior of the residence and any common areas
is usually the responsibility of the condo corporation, leaving only suite-specific maintenance
and upgrades for the homeowner to tackle.
Do you want to participate in a larger residential community and have a say in the
direction your condominium is heading in? All condominium owners have a stake in the
condo building as a whole, allowing them to have a say on issues such as budgeting, rules and
more that will affect how the condominium is governed moving forward. For those residents
yearning for a bigger role, opportunities to be on the board of directors or various condominium
committees exist.
Are you comfortable with restrictions on things such as noise, parking and pet
ownership? For the benefit of all residents, rules and restrictions are put in place. Before
purchasing a condominium it is in your best interest to read and understand the rules and
ensure that you can comply.
Does the idea of many neighbours and building security measures make you feel safe?
While the sheer number of residents typically found in a condo can lower the amount of privacy
you have, it can also bring an increased sense of security. Many residents like the benefit of
having a double door system which prevents unwanted visitors knocking on your door or revel in
the security of not walking into a dark property at the end of a long night shift.
Would you use the condominiums amenities such as a pool or workout room (which vary
from building to building)? For many, amenities are a major perk of living in a condo. The
idea of not having to drive to the gym for a 6am workout is pretty enticing or having a relaxing
hot tub to unwind at the end of a work day, all in the comfort of your personal residence.
Process of purchasing a Condo
Often times when looking for properties, buyers get caught up in the excitement of looking
without having a firm grasp of the steps they need to take. While many elements of a
condominium purchase are the same as that of a freehold home, there are some significant
differences to consider and being educated on the process will set a buyer up for success in the
real estate market.
1. Pre-approval from your lender – Many people have a rough idea about what they can
afford, but in a market moving as quickly as our is, a rough idea will only lead to
disappointment. For a mortgage broker or lender to provide a buyer with a pre-approval,
they need to have all the financial details in front of them (think NOAs, bank statements, pay
stubs). This not only provides a good picture of affordability, but it also makes the process
of obtaining a mortgage much easier once a home has been purchased. We’ve got some
great mortgage brokers that many of our past clients have worked with if you need a
recommendation.
2. Develop your wish list – Condos for sale in Barrie come in all shapes and sizes, with
locations varying just as much. Deciding what is a necessity versus what is a want helps
narrow down the condominium buildings that are right for you. Some things to consider
when narrowing down your wish list are location, amenities offered, size of the suite, price
point and parking.
3. Secure a realtor to work for you – Currently (February 2017) we are in a market where
underpricing in hopes of a bidding war or overpricing in hopes of an eager buyer is
commonplace. For buyers watching listings through realtor.ca, the market is inconsistent
and confusing. A real estate agent acts as a tour guide, opening your eyes to facts
regarding actual market value and market trends. Find someone that you feel confident with
and who can navigate you through the purchase.
4. Tour condos for sale in Barrie to see what fits – While online photos and videos can be a
great way to get a feel for a property, stepping into the space first hand really lets you see
what it might be like to live there. Get out and see as many properties as you can to
determine what you like or don’t like.
5. Make an offer – Your real estate agent will guide you through the process of submitting an
offer, including clauses and conditions put in place to protect you while you investigate the
state of the condominium corporation and it’s finances.
6. Work through the conditions of your offer – Typically, when making an offer on a condo,
the purchase of the property will be conditional upon a lawyer reviewing the condominium
corporation’s status certificate. This document contains information about the financial
situation of the corporation, it’s insurance, by-laws, and rules & regulations. Your lawyer will
review this document and present you with any concerns. Other conditions that may be
present in an offer are financing (approval from your lender), insurance (whether or not you
can obtain insurance) and home inspection. Once you are satisfied that the conditions have
been met, your real estate agent will provide you with paperwork to firm up the sale and you
are on your way to condo ownership!
Financial Elements to Consider
As with any home ownership, there are costs that go beyond those of the initial purchase.
Condominiums has many of the same monthly and yearly costs of a freehold home, like
property tax. The main difference in expenses comes in the form of condo fees. These monthly
fees are payable to the condominium corporation and go towards maintenance and upgrades of
the building and common spaces. Typically condo fees remain steady with little fluctuation,
however, there is always the possible for a large and unforeseen increase. This is important to
note when planning your finances and when speaking to your mortgage broker so that you
remain in a position to afford your home. A variable with condominiums are the utilities. Some
buildings provided services (water being the most common) as part of the condo fee, while
others have each unit paying individually for services.
Want to start teaching for condos for sale in Barrie? Start your search here or contact us for
more personal service.