Today, Barrie is one of the most attractive cities to home buyers and investors. Barrie’s real estate market has been doing quite well over the years. Due to the increased demand for property, housing prices have skyrocketed. Inflation has led home buyers and investors alike to opt for condominiums as the more affordable option. Much contemplation is required when thinking of buying a pre-construction condo in Barrie.
Pre-construction condos will go for a higher price compared to resale condos.
Barrie pre-construction condos are more expensive than resale condos because their buying price is dependent on the futures marketplace. Other factors include construction costs, land costs, and launching fees. The condo market in Barrie is booming because of the affordability compared to other housing plans. Many buyers are now settling for pre-construction condos as an investment for the future.
Warranty Provision for all New Construction Condos in Barrie
Pre-construction condos in Barrie, unlike resale condos, will come with a warranty for the property and the new appliances in the apartment. These warranties are transferred at no cost to the new buyer. Warranties are a requirement by the Tarion protection program by the government of Ontario to protect a buyers’ investment.
A Buyer Gets to Choose the Property’s Finishes
Pre-construction condos are not yet built. Pre-construction condos in Barrie allow buyers to choose the type of finishes they would like for their dream home by the builder. The countertops, paint, walls, and other upgrades you would want in the property. Choosing your finishes will reduce the costs of recurring renovations after moving into the condo.
The Closing dates for Pre-Construction Condos in Barrie.
All pre-construction condos in Barrie have two closing dates.
- Interim closing date – when the keys are handed to condo buyer.
- Final closing date- the title with your name is transferred to you on the last closing date.
Builder Prices for New Condo Projects Keep Rising
The prices will keep rising from the launching date to when all the units are sold. During the launch, the condo units will go for the lowest prices. The prices of the new condo projects will increase as the property’s value appreciates. When buying a pre-construction condo in Barrie, you must get advice from a trusted real estate broker.
Moving into a Pre- Construction Condo
Pre-construction condos for sale in Barrie take at least 2-3 years to complete. You do not get to move in immediately after buying the house. It is suitable for homebuyers who intend to save up over time for their dream house. Pre-construction condos offer a more flexible payment plan and go for a more beneficial price than resale condos. For buyers who want to move in quickly, a pre-construction condo may not be the option for you.
The 10 Day cooling-off Period
All builders are required by law to give ten days to all new construction condos in Barrie buyers. The ten days are to provide the buyers with a decision period on whether to buy or not. The buyer can explore other options during this period and consult a lawyer on the potential risks and gains of purchasing the property. The advantage of this cooling-off period to a buyer is that the condo cannot be sold to anyone else by the builder, and the purchase price remains the same.
The Tarion Protection Program
The government of Ontario initiated a payment protection program to protect the buyer. Payments above $40,000 are under the protection of the Tarion program. The Tarion information sheet outlines the risks of buying pre-construction condos in Barrie. The sheet is at the front of every purchase agreement. Should the project be canceled, before or during construction, or in an event where the purchase agreement is terminated, the protection program allows for refunds of the buyer’s deposits.
Growth and Development of the City of Barrie
The future of the neighborhood is vital before the purchase of pre-construction condos. Barrie is a viable area to invest in for the future. Due to the inflation of housing prices in Barrie, many buyers have resulted to condos as the cheaper option. The best time to invest in pre-construction condos in Barrie is now when the condo market is booming.
The Payment Schedule for Pre-Construction Condos
The payment in a pre-construction condo is a bit different from buying a resale condo. The down payment for a pre-construction condo in Barrie is at least 20% of the original offer, which is a requirement by the bank financing the project. As the project approaches completion, the remaining payments are broken down to more flexible and negotiable rates.
This article intends to make you a well-informed buyer. A lot of due diligence is required when buying a Barrie pre-construction condo.