A condo is a short condominium, a large property complex or building with multiple units owned by separate users in a single building. Its ownership usually includes a shared space such as a floor, walls, sidewalks, stairwells, and exterior areas inside the interest of specific community property. Unit owners form condominium management to overlook the daily operations of the complex, such as time maintenance of the common areas such as lawn, hall and take care of changes in the place due to weather, such as snow removal in winters, leaf cleaning in autumn. For major repairs, management may ask all the condo owners a special fee, in addition to the regular payments to cover such cost.
Three Fantastic Reasons Why You Must Buy A Condo!
The significant difference between an apartment and a condo is that condos are owned, and apartments are mainly rented. Also, the apartment building is owned by a single person or organization. But, the people who owned condos pay fees for insuring the building, shared utilities, and a reserve fund for future maintenance of the building.
Having our own home is everyone’s dream and, at the same time, one of the most significant investments of a lifetime. Therefore, it is essential to understand all the facts about purchasing real estate. Let’s discuss whether it is good to buy a condo or not? If you are also wondering, is it good to buy a condo (ซื้อ คอน โด ดี ไหม, which is the term in Thai) or not? Then, ensure to read the following points to know more about it.
You don’t need to take care of the common spaces such as the hall, staircase, lawn. Everything will be taken care of by condo management (a group of people who own a building). Sometimes, you may need to pay additional charges for the significant maintenance at the regular cost. You will be able to experience the beautiful lawns, but at the same time, you don’t have to maintain it, isn’t it great? Such as lawn being mowed, cleaning of snow in the winter season.
Suppose you compare the cost of the condo with the house(depends on the size) in the same neighborhood and the cost of living. You will find a vast difference. However, it has ample common space like lawn, hall, etc. Some condos even provide facilities like a spa, open green terrace, and many more.
Sense Of Community
People owning a house may say the same thing, but extensive lawns still separate them in between. But in a condo, you are much closer to each other, living in the same building. But, this can be a problem for some. Sometimes, It may not provide you that much privacy or even disputes may happen regarding the use of the common area.
Hopefully, the article was fun to read, and now you are aware of the pros and cons of buying a condo. Also, you have got your answer of is it good to buy a condo?