Last month, I sold a condo up at Blue Mountain that was in the rental program and generated a very decent rental income. When I say decent, there was almost enough revenue to offset all of the carrying costs excluding any mortgaging. Last month, I also had some determined condo Buyers decide, after learning all the ins and outs, that a condo was not for them after all.
For people thinking of buying a condominium unit near Blue Mountain, there is a great deal of variation between developments and, it’s critical for Buyers to assess the differences to be sure they get what really meets their needs.
There are very inexpensive units for sale at Mountain Springs Lodge that generate a large number of enquiries, that’s for sure. There are the original Blue Mountain condo’s in places like Chateau Ridge, Mountainwalk, Cachet Crossing and Wintergreen that are now called ‘legacy’ units and, there are units in the Village itself. There are timeshare units, Snowbridge units and fractional ownership units. In other words, a whole lot of variety and with that, a whole lot of stuff potential Buyers NEED to know.
Some units are part of the Village Association which attracts fees. Some units are in a rental program and some are not. Those that are, have strict rules and many of these have changed substantially in recent months. Some units are taxed on a commercial basis and others are not depending on a number of factors. Some units are subject to impending special assessments (potentially over $30,000 in some cases) and others are not. Some units are in a rental pool and require that even owners pay a fee to use their own units when not rented. Some programs require you to furnish, maintain or upgrade as determined by the program managers if you wish to stay in the rental program. Some units have their own meters for utilities and some don’t. Some units have rules about when you can opt in or opt out of a rental program.
As you can see, it takes a great deal of knowledge to ensure that you as a Buyer know exactly what it is that you are buying into. When I’m dealing with a potential Buyer, I start by determining what their needs are. Are they looking for a return on investment or, to offset some costs? Do they want a straightforward situation where their condo is for their own personal use only? Then, we can narrow down the options and examine in detail the pros and cons of each opportunity available.
With the right research and a full knowledge of what’s involved, Buyers can make a decision with no surprises.
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When it’s time to buy or sell real estate in the Collingwood, Blue Mountain or Georgian Triangle area, contact Marg, an experienced and competent Broker who’s ready whenever you are!
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg