6 Reasons to Buy a Backyard Suite Instead of a Condo
We know what you’re thinking: laneway houses and condos can sometimes cost about the same, so why should I buy the former over the latter? It’s important that you put your hard-earned money into the right investment, so below, we give you some food for thought on why investing in a garage suite may be a more ideal proposition than buying a condominium.
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#1 – No Condo Fees
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When you own a garage suite, you’ll never have to worry about those pesky monthly condo fees eating into your investment returns. Unlike condos, where you might pay hundreds of dollars each month for condo fees, you’re in complete control of your maintenance schedule and costs with a garage suite.
You can choose when to make repairs and improvements, allowing you to budget on your own terms. Best of all, every dollar you spend goes directly into your property’s value rather than into a condo corporation’s bank account.
#2 – No Condo Board
Imagine having complete freedom to make decisions about your property without getting approval from a condo board. With a garage suite, you’re the boss – you can paint the walls any colour you want, install that beautiful garden, or make upgrades whenever you see fit.
You’ll never have to attend tedious condo board meetings or deal with complex bylaws and restrictions. The autonomy of owning a garage suite means you can respond quickly to maintenance needs or market demands without ridiculous delays.
#3 – No Shared Walls
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Privacy is priceless, and with a garage suite, you won’t share any walls with neighbours like you would in a condo. Your tenants will appreciate the peace and quiet that comes with living in a standalone structure, making your property more attractive in the rental market.
No more complaints about noisy neighbours or worrying about disturbing others with your lifestyle. The detached nature of a garage suite provides a sense of independence that many renters seek.
#4 – No Special Assessments
With a laneway house, you’ll never face a surprise bill because the building needs a new roof or the parkade requires repairs. Unlike multi-family real estate, where you own a share of the condo corporation and are subject to special assessments, a laneway house eliminates this concern entirely.
Garage suite owners can choose to perform maintenance or improvement costs on their schedule, also making these landlord-related tasks predictable and entirely under your control. This also allows you to budget effectively, but most importantly, avoid any unexpected bills from special assessments that could put a wrench in your investment plans.
#5 – Appealing Rental Property
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Garage suites are unique rentals that stand out on the market compared to a typical condo unit. These private, house-like spaces attract quality tenants who value independence and are often willing to pay premium rates for the extra privacy and autonomy.
Your laneway will feel more like a custom home than a cookie-cutter condo unit, giving you an edge in the competitive rental market. With the growing trend toward working from home, tenants particularly appreciate the separation and quiet that comes with a detached living space offered by a backyard suite.
#6 – Add Value to Your Lot
As we discussed in another blog, backyard suite construction can add significant value to your lot. Unlike a condo, which may fluctuate in value based on the entire building’s condition and management, your garage suite’s value is directly tied to your property and under your control.
You’re essentially maximizing the use of land you already own, creating additional living space that can generate rental income while appreciating in value. The flexibility to use the space as a rental unit, guest house, or even a home office makes it an incredibly versatile investment that can adapt to your changing needs over time.
Condos vs. Laneways: Which is Right for You?
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Overall, it’s important to make a decision based on your investment goals. It also may come down to whether you own a property that can accommodate backyard suite construction in the first place. Either way, below we review several more pros and cons to investing in a backyard suite (also garage suite, carriage house, laneway house) versus a condominium in Calgary.
Laneway House Pros:
- Complete control over your property – no need for board approvals
- Zero condo fees, saving thousands annually
- Private, detached living space with no shared walls
- Adds significant value to your existing property
- Attracts quality tenants who value independence
- Flexible use – rental unit, guest house, or home office
- All maintenance decisions and timing are yours
- Direct investment in your own property’s worth
Laneway House Cons:
- Initial responsibility for all maintenance
- Property upkeep requires direct management
- Weather exposure on all sides of building
Condo Pros:
- Building maintenance handled by others
- Shared amenities (when available)
- Less exterior maintenance responsibility
Condo Cons:
- Monthly condo fees drain your investment returns
- Strict rules and regulations from condo board
- Must get approval for any changes or renovations
- Shared walls with neighbours
- Limited control over property decisions
- Property value affected by entire building’s condition, state of condo corp.
- Sometimes, required attendance at condo meetings
- Less flexibility for property modifications
- Risk of special assessments and fee increases
Questions about Laneway Homes in Calgary?
If you have questions about laneway builds in Calgary, contact our team anytime to discuss your backyard suite goals. With several dozen projects completed or underway across the city, we have the know-how and experience to help make your next backyard suite project a huge success!
- Phone – 403-269-1696
- Email – info@goldhomes.ca
