A residential investment property in Barrie is your ticket to making money through resale or leasing of the property to residents. There are three different kinds of residential properties including condos, homes and multi-family properties. Each type has its own set of financial requirements as well as advantages and disadvantages.

Real Estate in Barrie

Are you thinking of purchasing a Barrie investment property?

Privately owned homes

This is a single-family residence occupying an independently owned piece of land. This type of property is highly valued because of the amount of space and level of privacy it offers. The negative side of this property is the fact that the house may remain unoccupied and available for rent for a long period of time because of its high value.

There is also a bigger chance that this Barrie property can depreciate in value due to negligence from the residents. The property manager also has to provide regular maintenance, which can be costly if the unit has a high vacancy rate and high carrying costs.

Condominiums

Between Barrie’s waterfront condos, downtown condos and condos around the Royal Victoria Hospital and Georgian College area, you won’t have a shortage of selection if you are interested in purchasing this type of investment property. Condominiums have units that are built in a complex. The condos themselves are independently owned but other parts of the complex like roads, gardens, swimming pools and playgrounds are held in common for all the residences in the complex. Agreements and bylaws are set in place to govern the conduct of the residents.

When condos are well managed, the value of each unit goes up and vice versa. The maintenance of Barrie condos usually tend to be good, due to the joint ownership of the shared facilities. A condo is valued lower than a privately owned home, all things being relatively equal.

Multi-family properties

These properties have individual houses that are located within a single building. Examples of these are apartments, duplexes and triplexes. Multifamily housing has the advantage of having different residents so the sources of income are diverse compared to condominiums and privately owned homes. It would be a rare occurrence to have all the units in a multifamily property unoccupied at the same time, which means that the owner is always guaranteed income every month.

You should consider the pros and cons of each type of residential investment property in Barrie before deciding on the type you’d like to invest in. They can all offer some great cash flow and extra income for many years to come.

If you are considering purchasing an investment property in the city of Barrie and would like some advice,  The Hocking Homes Team would love to help you make your decisions easier and can offer some great insight to help you way your options to ensure that you make the right choice. Contact us at 705-252-7939

Filed under: BarrieBarrie Buyers informationBarrie Real EstateDistrictInvestment Real EstateRental/LeaseSimcoe County

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