What Barrie Condo Buyers Need to Know About Condo Status Certificates

If you’re a first time Barrie condo buyer, you may not know what a status certificate is. Trust us, it’s definitely in your best interest to find out-- They're there to protect you.

Your condo status certificate ensures all your questions are answered, and all your expectations are met. It’s a document that maps out all the operational, legal and financial details of your would-be condominium corporation.

“Most importantly, an up-to-date status certificate can help give a prospective purchaser
the peace of mind of knowing the corporations financial affairs are in good order," said Colin Hassey, of Hassey Property Management.

Once you have it, your lawyer needs to review it to ensure that you don’t need to be concerned with any aspect of the document, and ensure that all key parts of the agreement show up in the status certificate.

“He or she will advise you to either waive or not waive that condition. Like other conditions such as home inspection, financing or sale of the buyer’s property, the status certificate condition is provided for the benefit of the buyer,” said Cesia Green, of Wall-Armstrong and Associate.

The status certificate gives you crucial information about:

Your Barrie Condo Fees: It outlines the amount payable, by unit, for common expenses. It should also tell you about any recent increases to the fees, as well as the reason for that increase.

Your Barrie Condo Corporation: You will also be warned about the status of any legal action currently being taken against the condo corporation. The certificate should also list information about any applications of amendments to the declaration or outstanding judgments.

Your Barrie Condo Culture: Your status certificate gives you a copy of declaration by-laws and rules. It should also list information about any proposed additions or improvements to the common elements.
You will also be given information like the number of leased units for the fiscal year, as well as a certificate of insurance policies.

A buyer normally asks for the certificate during an offer. Your condo corporation in Barrie is required to prepare a status certificate within 10 days of the request and at a cost of no more than $100.00. Again, the status certificate’s purpose is to protect, you, the buyer. First-time Barrie condo buyers dislike surprises. Your status certificate is the best way to eliminate any surprises, and give you an idea of exactly what you can expect, and what’s expected of you.

Barrie Condo Team

 

Stephanie Adams is a condo sales representative focusing on Barrie Condominiums, Barrie Waterfront Condos and Barrie townhomes sales. View our guide to Barrie Condos.

3 comments • Stephanie Adams - Barrie Condos For Sale • February 18 2010 11:36AM

Barrie Condos: Staging your condo before listing in the Barrie MLS

Staging condos has become an important part of the condo marketing and selling process, and there are professionals that specialize in this area. There are a few things you can do yourself with your Realtor® to stage your Barrie Condo before listing it in the Barrie MLS that will add a professional touch.

Size matters – Especially when talking about furniture and wall accessories. If your furniture or accessories are too large, they’ll detract from that open concept condo look, making the room seem smaller. When choosing furniture, select smaller-scale condo furnishings that are now offered by many manufacturers.

Make good use of space – Most condos and townhomes have a smaller living space square footage, presenting you with the challenge of arranging your furniture and lighting that will present that space in the best possible way.  If something doesn’t fit, you can always move it into your storage locker.

Art & Colour – Some design schools of thought recommend you stay with neutral wall colours throughout a condo, and others suggest painting one or two walls a different colour to help highlight and add definition to an area within your condo, like the dining or living area.  Staying with one colour has the advantage of allowing you to use artwork to highlight your walls and space.

Georgian Estates Condos Barrie - Staging
Georgian Estates Condos Barrie - Staging

Define the space – Do you have a home office in your living room? This can detract from the overall presentation of your condo, and confuse buyers somewhat as they try to imagine themselves living in your space. A living room home office can be pulled off when kept uncluttered and well presented. Small living spaces should perform double-duty while preserving the overall feeling and appearance of your condo.

Photos – Once you have things organized the way you want them presented, then take pictures for your condo listing in the Barrie MLS. Great photos help to draw people in for showings, open houses and are proven to boost sales.

These are just a few staging considerations when getting your Barrie condo ready to sell and work with your Realtor® for listing in the Barrie MLS. If you don’t have the time, talent or inclination to stage your condo yourself, your Barrie condo real estate Sales Representative will be able to recommend a professional stager to work with you.

 

 

 

Barrie Condo Team

 

Stephanie Adams is a condo sales representative focusing on Barrie Condominiums, Barrie Waterfront Condos and Barrie townhomes sales. View our guide to Barrie Condos.

4 comments • Stephanie Adams - Barrie Condos For Sale • January 27 2010 02:32PM

Great Condo Management = Great Condo Life In Barrie

In Barrie, the condo manager acts as the corporation’s liaison so you, the unit owner, have a direct line to the building’s decision-makers. Barrie condo managers have a big job: they handle everything from owner issues, to ensuring payment is made to the professionals called in for maintenance and repair tasks.

 

Condos In Barrie

It can be a tough job, since they have many responsibilities to make sure there’s smooth communication between you and the building’s corporation. Building managers are the link for any general correspondence between unit owners and the corporation, and it benefits your building community greatly if they’re outgoing and well liked overall. As the collective group’s representative, they’re your front-line person whenever there’s an emergency or issue that needs resolving.

 

Condo management also supervises the property’s employees, including maintenance and repair, and any contract labour that may handle landscaping and snow removal.

 

Building management handles any bookkeeping activities, including payroll and maintaining records of all correspondence between the unit owners and repair personnel. They’re responsible for creating and monitoring the annual budget and any reporting that’s required by the corporation. Management is responsible for arranging tenders on large projects and a competent manager can help keep costs down significantly.  Even a small property can be a lot of work to keep tabs on.

 

When owners of condos in Barrie, question a certain rule or restriction within the building community, the condo manager is the first contact to initiate an amendment, retraction or further explanation. It’s important that unit owner’s work with their building management to ensure their interests and collective position are well represented to the board of directors.

 

Colin Hassey, from Hassey Property Management in Barrie states that Condo managers are also responsible for working with the building consultant to develop and implement a reserve fund plan.  It is critical the reserve fund study accurately anticipates future major expenditures and that the plan is implemented in accordance with the study.  Having a well-funded reserve fund is something buyers are increasingly focusing on and it can have a big impact on value – something important to every Barrie condo owner.  Buyers want reassurance that there will be enough money to cover future expenses and your property manager is key to ensuring that an adequate funding plan is developed and implemented.

 

Stephanie Adams is a Sales Representative at Royal LePage First Contact Realty focusing on Barrie Condo and townhouse sales.
Email: Steph@barriecondoteam.com
Phone: 705.716.0299
Web: www.barriecondoteam.com

Barrie Condo Team

 

Stephanie Adams is a condo sales representative focusing on Barrie Condominiums, Barrie Waterfront Condos and Barrie townhomes sales. View our guide to Barrie Condos.

4 comments • Stephanie Adams - Barrie Condos For Sale • December 22 2009 06:54PM

Barrie Condos: Condo Fees & Mortgages

When it comes time to consider a condo in Barrie for sale or condo townhome, there’s one thing many people overlook or may not be aware of if they’ve been homeowners for a while, and that’s how condo fees are factored into your mortgage calculation.

Lenders add half of your condo fees into the debt calculation when you apply for a mortgage, in addition to other monthly carrying expenses such as heat, hydro, property taxes, and interest to determine what is referred to as your Total Debt Service.

Lisa Cuff, AMP (Accredited Mortgage Professional) fromDominion Lending Centres in Barrie, states that the most important finance factor when looking at purchasing a condo vs. a freehold home is your monthly condo payment. For example, for every $50 of monthly condo fees, then that would be equivalent to approx. $10,000 in a mortgage.  So a $300 monthly condo fee works out to be a $60,000 mortgage, so if your condo purchase is $60,000 less than what your freehold home purchase would have been, then your monthly expenses for principal, interest and condo fees will be approximately the same in either scenario.

While this may play a factor in your condo suite or Barrie condo townhome choices, knowing what your fixed monthly maintenance expenses are makes it much easier for you to budget, taking away any surprises out of the equation.

Remember that your monthly condo fees cover a variety of different items like the building’s operating costs, service and maintenance of common areas, amenities, parking garage, landscaping, snow removal, plus a reserved portion for longer-term capital expenses.

In an article I wrote earlier in the year, I covered how condo fees are determined.  To view more articles on Barrie condos and townhomes, please visit our Facebook page by searching for Barrie Condo Team.

Barrie Condo Team

 

Stephanie Adams is a condo sales representative focusing on Barrie Condominiums, Barrie Waterfront Condos and Barrie townhomes sales. View our guide to Barrie Condos.

4 comments • Stephanie Adams - Barrie Condos For Sale • November 22 2009 03:14PM

Barrie Condo Inspectors – The often overlooked ally

 

If you’ve been part of a sales transaction for a detached home in Barrie, you’re probably aware of the inspection that’s completed by a certified professional inspector prior to the purchaser finalizing and accepting the deal. However, you may not be aware that there are inspectors that specialize in condos and townhomes in Barrie, and how they differ from traditional house inspectors.

Waterview & Grand Harbour Condos Barrie

When buying a condo in Barrie, it is important to make sure you select an inspector that is knowledgeable in condominiums, since there are different areas and elements of condos that may require inspection where a house doesn’t. For example, common areas like recreation centres, swimming pools, patios, stairwells, parking garages, and other areas that are shared by all occupants of the building have special considerations that need to be addressed that someone specializing in detached homes might not be aware of.

Additionally, the very nature of the building and the systems needed to operate multi-unit climate control, water delivery and so on, are not something that a home inspector would necessarily be familiar with. Barrie condo inspectors with a commercial or industrial background or advanced knowledge with these types of building systems can come in real handy where the building systems meets with the condo suite.

 

 

 

 

Barrie Condo Team

 

Stephanie Adams is a condo sales representative focusing on Barrie Condominiums, Barrie Waterfront Condos and Barrie townhomes sales. View our guide to Barrie Condos.

5 comments • Stephanie Adams - Barrie Condos For Sale • October 05 2009 08:02PM

Top 10 Barrie Condo Lifestyle Features

Condominium ownership allows you to enjoy all the features of a fine home, with the added benefits of amenities, enhanced security, increased affordability and ease of maintenance. Amenities include high-tech security, recreation and fitness facilities, plus the convenience of not having to shovel snow or cut grass. 

Barrie Waterfront Condos

 

My personal top 10 Barrie Condo features – in no particular order - include:

Parking
It is a wonderful experience to park in a secure temperature controlled parking garage – with close access to the elevator.  The garage is professionally cleaned and most condos provide an area to wash your car.

Storage
Having a storage unit in the lower level of a Condominium helps reduce clutter and the amount of things you need to have in your condo.  Seasonal items can be easily boxed and stored for next year.  Outdoor equipment can also be safely stored.

Fitness Centre
One of the many overlooked features of condo living is the fitness centre.  Most condos have up-to-date weight training and aerobic equipment.  You can easily work out around your work-schedule at your convenience.

Security
Peace of mind is important for everyone.  Security guards not only watch who comes and goes but also manage security cameras at the garage door and underground parking. 

Location
Most, if not all condos in the Barrie area are conveniently located to serve direct access to highway 400, local City bus and Go Transit trains and buses.  This can allow for a more car free lifestyle.

Shopping & Dinning
Barrie's downtown condos have the most direct access to all the downtown restaurants.  With all condos having close access to supermarkets and local pubs and neighbourhood cafes.

Entertainment & Culture
With so many cultural and festival events in the Barrie area – and in all seasons – it makes it easy to enjoy all forms of entertainment.  Waterfront festivals, theatre, film and art exhibitions happen all year around.

Recreation
Recreation & Entertainment Centres, elaborate lobbies and beautiful landscaping create an advantageous lifestyle.  This enables you to host parties, business meetings and even movie nights with friends!

Living Environment
Condo buildings are constructed to maximize comfort with modern air ventilation systems, noise-elimination construction and noise-reduction windows.  It starts with delivering fresh air to all common areas and allows for in-suite seasonal personal temperature preferences.

Community
Condos are a great place to meet friends and socialize with like-minded individuals.  Many people find friends to go for walk, run or to exercise with. 

When considering condo ownership in Barrie it is important to understand all the benefits that can enhance your lifestyle.  All condo buildings in Barrie provide the common features but they are all different.  Explore, learn and understand the lifestyle features that would suit you before you start your real estate search.

 

Stephanie Adams is a Sales Representative at Royal LePage First Contact Realty specializing in Barrie Condos and townhomes.

 

Note: Published in Snap Magazine Barrie July 2009

 

Barrie Condo Team

 

Stephanie Adams is a condo sales representative focusing on Barrie Condominiums, Barrie Waterfront Condos and Barrie townhomes sales. View our guide to Barrie Condos.

8 comments • Stephanie Adams - Barrie Condos For Sale • August 13 2009 08:53PM