A Brief Discussion on the Salient Features of a Condominium
With so much of urbanization going on, finding a suitable housing accommodation has become a challenging task. Take, for example, Bangkok, the capital city of Thailand. Since the recent past, this city has witnessed a considerable increase in the demand for housing. The accommodation in apartments is considerably expensive and many people feel it is unaffordable. For such people, a condominium in Bangkok has come as a great relief.
Right of Ownership
Condominium or condos as they are popularly called are multistoried structures with several individual housing units. Legally speaking, the purchasers get the rightful ownership of the respective housing unit. Further, they are also entitled to use common areas like the corridor, lift, parking space and so on. Technically speaking, there is not much difference between the apartment and condo.
Condos are classified into three types based on their location namely mass market, mid-market and high-end market. Mass market areas are those located in suburbs while mid-market condos are those located at the border of suburbs. The third category namely, the high-end market includes those located in the heart of the city. Naturally, the price of condos varies with their location.
The other salient features of a condominium in Bangkok could be described as follows:
- The price of condos is determined not only by its location but also based on the facilities available there. For example, there are condos, which have facilities like walking path, swimming pool and places for games like basketball, volleyball and so on. There are condos with facilities like gym, dedicated department store and various other utilities. You may not find some of these services in a condo to have a lower price tag.
- Routine matters relating to managing condos are handled by an association of owners. Some of the matters handled by the Association are cleaning of the common area including swimming pool, security for the condos, maintenance of power supply in the common area, maintenance of lifts and so on. Every owner of individual housing in the condo will have to become the member of the Association. In order to avail the membership, you will have to pay the prescribed fees.
- In some cases, some of the business enterprises own acondominium in Bangkok and use it as their administrative office. This is particularly true in the case of condos located in the heart of the city.
- As you know, condos have a lower price tag as compared to apartments. Therefore, people buy a condo and immediately lease it to a third party for rent. Naturally, this serves as a long-term investment plan. Interestingly, some of the condo Associations organize a social gathering of residents of the particular condo. That would be a wonderful opportunity to know your neighbour.
Popular Location of Condos
Thailand houses several condos in popular locations like Bangkok, Pattaya, Phuket, Chiangmai and so on. In addition to these, you can also find condos in suburbs like Suratthani, Rayong, Udonthani and various such other places. Many of the Condos are built by popular builders with decades of experience. Before you buy a Condo, it would be appropriate that you take the assistance of an experienced attorney and also that of a reputable real estate agency.