Pros and Cons of Condo Ownership

 Compared to renting, owning your own condo is pretty sweet however, there are some things that are not-so-sweet like when your upstairs neighbours start reorganizing furniture at midnight. We’re here to debunk and prove the pros and cons of condo ownership because believe us when we say, there are definitely some perks to owning your own condo. And when we say some, we mean a lot. So, if you’re ready to make the switch from that tenant insurance policy to a condo insurance one, we can break it down the delightfully simple way. Here are our pros and cons of condo ownership.

CONS

Let’s start with the cons. The things that might make condo-living not-so-dreamy. 

1. Moving.

Sure, you can’t move as easily as when you’re renting. There’s no such thing as owning your place only month-to-month. Buying a condo, or any property, is a long-term living solution—or it can even be a short one—just not as short as renting. 

2. Lack of outdoor spaces.

If you hate cutting the grass, then owning and living in a condo is the right pick for you. For those who love having and tending to a backyard or front yard, you may view owning a condo as a downside for that reason.

3. Noisy neighbours

There’s only so many times you can bang the broom against the ceiling. Or let us guess, the person living beside you is pursuing a career as a drummer? We recommend choosing a condo that has quiet hours because then these types of situations are avoidable. While you can still encounter this problem when you rent a condo, when you’re a renter, it may be possible to switch from one suite to another when your lease is up. Also, in newer condos, there tends to be better sound insulation. Another way to avoid a noisy neighbour could be to opt for a newer build!

4. More expensive, generally.

In most cases, renting is generally a cheaper option than owning. Even tenant insurance oftentimes comes at a lower cost than condo insurance. With renting, your condo fees are included in the price of your rent, whereas owning, your condo fees are additional on top of your mortgage payments, property taxes, and more.

5. Maintenance and repairs.

When you rent a condo, you’re not responsible for paying any maintenance and repairs, unless you are responsible for the damage. When it comes to owning your condo, it’s one of those things that comes along with being a homeowner. If you need some help knowing the age of your home’s mechanical units or upkeep techniques to keep their longevity, we’ve got just the thing in our blog, Protecting the Powerhouse: Tracking Tips For Your Mechanical Room.

6. More upfront costs.

While we’re on the topic of costs, there are more upfront costs to owning a condo versus renting one. In a condo lease, you may have to pay a damage deposit and one month's rent up front. When you gain possession of an owned condo, you might wish all you had to pay for is one month’s rent and a damage deposit. You may have things like home inspection fees, property taxes, condo insurance, condo fees, and more. There are more upfront costs that come with owning a condo, but they always pay themselves off in the long run.

7. Market risk.

We can’t say this is the case for every condo. The thing is, condos may depreciate over time and may not have the resell value that a single-family home would. It’s something to consider if you’re deciding between what type of property to purchase.

8. Being the decision-maker.

When a condo board, association, or property management company is involved, you may not get as much say as you would like. When compared to owning a standalone home, condo boards typically decide when annual maintenance, check-ins, and repairs get done. If you have non-standardized working hours, or even if you do, sometimes these deadlines and times may not work for you.

9. Pet restrictions.

It’s true that houses don’t have restrictions on quantity, breed, size, and whether you can have pets, whereas some condos do. If you would like to have a pet in the future and you’re in the process of purchasing a condo, be sure to check what the pet restrictions and requirements are for your condo before going all-in. 

PROS

Owning a condo isn’t just about avoiding the landlord’s rules—there’s a lot more to it. Think fewer chores, extra perks, and the freedom to make the place totally yours. Sure, condo living has its quirks, but compared to renting, the pros are hard to beat. Here’s what makes condo ownership worth it.

1. Your Space, Your Style 

Say goodbye to landlord restrictions and hello to personal property! When you own a condo, you can finally paint the walls any colour you like, hang as many shelves as you please, and tackle those renovations you’ve been dreaming about. It’s all about creating a space that’s truly yours, without always needing someone's approval.

2. Maintenance? What Maintenance? 

Condo fees aren’t just another bill—they cover a lot of the hard work outside, like snow removal and landscaping. So, while everyone else is out shovelling in the winter, you can stay warm and cozy inside, with a coffee in hand. Not a bad deal, right?

3. Garbage chutes

If you’re not a fan of hauling bags of garbage down to the street, the condo garbage chute  is here to save the day. Just drop your trash down the chute—no trips outside, no mess. Some condos even have recycling chutes, making it easy to be eco-friendly. It’s a small perk, but one in which condo owners have quickly come to appreciate.

4. Parking and Storage

Finding a place to park can be a hassle in most neighbourhoods, but condo life often comes with its own dedicated heated parkade, saving you time and stress. Some condos even include extra storage units, so you don’t have to clutter up your living space. With a secure, designated parking spot and storage locker, you’ll always know exactly where everything is—and you’ll be prepared for those weekends away or new hobbies that require a little extra room.

5. Security and Peace of Mind 

Condos typically come with built-in security features like alarms, cameras, and controlled access, giving you that extra peace of mind. Many buildings also have emergency plans, hazard prevention, and designated fire escape routes, so in the rare case of an emergency, you know exactly where to go.

6. Accessibility

Whether you’re juggling groceries, pushing a stroller, or simply looking for convenience, condos often prioritize accessibility. With elevators, ramps, and wider hallways, condos make it easy to get around, no matter your needs. And if you have friends or family members with accessibility needs, they’ll find it easier to visit, too. Condos are a great choice if you're looking for a more accessible environment that works for everyone.

7. Building Credit and Equity

Every mortgage payment you make doesn’t just keep the roof over your head—it also builds up your credit score and equity making sure you're financially stable for the long run. Unlike rental payments, which go straight to the landlord, mortgage payments contribute to your ownership. It’s a solid investment!

8. Clubhouse Perks and On-Site Amenities

Many condos have amazing amenities—think gyms, clubhouses, maybe even a pool. With all of that being on-site, you can skip the pricey gym memberships and make the most of what’s practically in your own backyard.

9. Rental Income Potential

Here’s an added bonus: if you ever decide to move on to a new adventure, you have the option to rent out your condo and earn a little extra income on the side. This flexibility means your investment works for you, even when you're not living there. Just remember to look into landlord insurance to protect your property and any potential liabilities; it’s a smart move that makes it a win-win situation for your financial future!

10.  Joining the Condo Community

When you own a condo, you’re a part of a condo board or association, giving you the chance to shape the community and make decisions that impact all residents. It’s kind of like a mini-city council, where everyone has a say in matters like maintenance schedules, landscaping choices, and building improvements. Getting involved means you can help make your condo feel even more like home while connecting with neighbours who share your vision for the community.

Your Condo Feels Like Home—Only When It’s Protected! 

Owning a condo is awesome, and with the right condo insurance in Saskatchewan, Manitoba, and Alberta, you can relax knowing your space is protected. Whether it’s covering an unexpected fire or adding an extra layer of security, condo insurance helps keep everything you love about your condominium safe and sound.

Not sure where to start? Finding a broker can help you get the right policy and condo insurance quote for your needs. Brokers know the ins and outs of insurance and can help you find condo insurance coverage and liability that fits your lifestyle and budget. Connect with a trusted broker today and enjoy the confidence that comes with knowing your condo is in good hands.

Please note that the information in this article may not accurately reflect your insurance policy from Sandbox Mutual Insurance or another insurance company. Please refer to your policy or talk to your broker about your specific coverages.