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When it comes to purchasing Barrie condo insurance, there’s a lot more that needs to be considered than just ensuring your contents will be covered.

While the condominium corporation has insurance (which you partially pay for out of your monthly fee), that policy usually only covers items that are part of the structure and common areas of the building. You should select a comprehensive insurance plan that protects your unit, belongings, and replacement cost to the condominium building and structures, as well as common areas.

If you’ve invested extra in upgrading your unit’s flooring, carpeting, cupboards, appliances and other comforts, you’ll want to be sure you’re covered for replacement value should anything happen to your condo unit. And, of course, replacement of your contents such as furniture, electronics, and other personal belongings should be included in your policy.

Perhaps most importantly, you need to ensure you’re protected against personal liability in case of injuries to anyone who visits your condo unit, or for accidental damage you may cause to your neighbour’s property or common areas by fire or flood.

Glenn Dusome of Dusome Insurance Brokers in Barrie points out that many Barrie condo unit insurance policies lack coverage for what is called a special loss assessment. You should look for this coverage and make sure that it has an adequate limit to protect the unit owner. More information on special loss assessment can be found online @ the Barrie Condo Team’s facebook page.

In terms of Barrie townhomes, a condo townhome’s insurance may have less expensive premiums since there’s less property to insure than a freehold townhome. Generally, a freehold townhome’s insurance is similar to that of a detached home, but with coverage that will protect against damage to shared elements such as walls, pipes, and so on.

While a freehold townhome doesn’t have a condo corporation running it, you’ll want to ensure the coverage your insurance company is quoting will be sufficient to cover the replacement cost of your unit’s contents and the building your unit’s in, any additional structures such as garages or garden sheds, and provide protection against liability from accidental damage to neighbouring units.

Always check with your insurance company or broker before committing to anything and do your due diligence. Ultimately, your primary concern should be ensuring adequate insurance coverage for your property, belongings and liability, not the lowest-priced premiums.

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.

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.

To those looking into the Barrie townhome market for the first time, navigating your way around can be a bit confusing. For instance, what’s the difference between a condominium townhome and a freehold townhome? And why are some called ‘townhomes’, while others are referred to as ‘townhouses’?

In order to clarify things a bit for those in unfamiliar territory, here are the basic differences.

First, the easy one: ‘townhome’ or ‘townhouse’? These terms are used interchangeably, and mean the same thing, but the term I prefer to use with my clients is ‘townhome’, because it’s not just a building I’m referring to – it’s your potential new home. This building will become your personal space, where you go to escape, raise your family, and live your life.

Now for the main difference between condominium and freehold townhomes: freehold townhomes are those for which you pay no monthly fees, and are responsible for all maintenance like shovelling snow, mowing the lawn, etc. Condominium townhomes include a monthly maintenance fee, but the trade-off is that you don’t need to worry about cleaning the pool, or maintaining your driveway in the winter or lawn in the summer – it’s all looked after for you.

If you’re a professional or retiree who just doesn’t have the time or interest to invest in the upkeep of a house, a condominium townhome might be a good option for you.

Affordable luxury

Whichever you choose, both freehold and condominium townhomes in Barrie usually offer upgrades and amenities that are often cost-prohibitive when looking at a detached home. Items like ceramic or hardwood floors, upgraded cupboards, granite countertops, and whirlpool tubs are just a few options that generally have a large price tag attached to them in detached homes, but are often more affordable in a townhome. It boils down to value for your money, and the lifestyle you want.

An appreciable investment

Like a detached home, townhomes are an investment that will (or should, depending on the market conditions) appreciate in value. And, again like a detached house, the more amenities and upgrades the townhome has, the higher the resale value.

When it comes right down to it, choosing a freehold or condominium townhome in Barrie is simply a matter of personal choice based on lifestyle and affordability.

Stephanie Adams is a Sales Representative at Royal LePage Barrie (First Contact Realty) specializing in Barrie Condos and townhomes. Stephanie is part of the Barrie Condo Team.

Whether you’re a first‐time buyer or a seasoned homeowner looking for a change in lifestyle, there are a few things you need to research before you consider making an offer on a condo in Barrie.

Determine what building is right for you: As the City of Barrie has grown, so has the number of condominium developments giving us a wide range of buildings to choose from. Having your real estate sales representative take time to show you the suites and amenities in all the buildings will help you decide what building is right for you.

Obtain the Disclosure Statement for new condos or a Status Certificate for existing developments: It’s important to know that when you purchase a condominium you are not just buying a new home you are also purchasing part of a corporation. Have your lawyer review the Disclosure Statement or Status Certificate. These documents will outline all the condo features, the rules and regulations and will also help determine the health of the Corporation.

Check out the building’s Rules and Regulations: Each condo is its own little community, and each has their own set of rules and regulations that they expect residents to follow. You need to be clear on these regulations to be sure that the building is going to be right for you. For example, if you have children or pets, you’ll want to ensure that the building you’re looking at isn’t an adults‐only, pet free environment.

As soon as you’ve decided on a condo you wish to purchase, it’s important to start communicating with your lawyer so they have enough time to review all your paperwork. Following these 3 simple steps and working with your Barrie condo Real Estate Sales Representative and lawyer will lead to a smooth and successful transaction.

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