3 Major Advantages of Owning a Condo

Ville Condos in Streetsville, Ontario (Illustration)

If you’ve ever questioned the benefits of condo ownership versus home ownership, these three reasons are sure to provide some food for thought.

Becoming an Owner

Owning a condo is an easier way for many to own a property instead of renting. Often enough, the cost of renting a condo can run you around the same cost as a monthly mortgage payment on the condo space. Paying to own is not only personally gratifying, but it’s great for investment and provides you with more options. For example, if your condo appreciates over time, you can earn some extra income if you choose to sell or even lease the space to someone else.

As well, by owning a condo, you have the freedom to make some upgrades and decorate the way you please, as you own the space and are entitled to making the changes you prefer. Keep in mind, some changes will require approval from your building management.

Less Work

Winter is no joke in the GTA. We’ve experienced record lows and extreme weather conditions in our most recent winter seasons. The thought of not shovelling snow, clearing ice or throwing salt feels like a dream, doesn’t it? Well, a major perk of owning a condo versus a home, is not having to clear walkways, driveways or front entrances. Your building management is responsible for managing the care of the building property.

In warmer months, you don’t have to worry about pulling weeds or landscaping and in autumn, you can forget about falling leaves. Again, your building management is responsible for keeping up with the landscaping of your building property and ensuring a pristine environment. You get to spend more time doing the things that matter most to you – be it spending time with family, working or kicking it back.

In addition, you don’t have to stress over maintaining your roof or making major outdoor repairs. These types of fixes can be a huge expense for homeowners and usually come up unexpectedly.

Security

Condo buildings often provide more security than homes. The front and side doors that get into a condo building are locked and require a key to get in, providing at least one additional barrier of entry to your own space. Some buildings offer full concierge service and full-time security, which require guests to sign in and verify who they are visiting. Furthermore, residents of condo buildings are usually fairly acquainted with one another and can generally notice if an unfamiliar person is lurking around the building.

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