It’s simple to feel a bit dazed and confused after a day of viewing potential new homes. After a number of viewings, they can all start to look the same. However have you ever wondered what the distinction is between an condominium and a rental? They look precisely the same! When you’ve got, you’re right. They’re aesthetically no totally different from one another. The difference between an apartment and a condominium is solely legal.
Condos and residences are essentially both residences which are part of a bigger building. The place a rental differs from an apartment is by way of ownership. Condos are residences sold individually to totally different owners. The same building in its entirety could be owned by one individual and the apartments inside rented (but not owned!) to separate people.
A condominium is typically defined as a group of houses that are individually owned on one piece of land. If you own a condo, you do not own the land it is constructed on but instead you buy the air containing the borders of your condo. You can find out precisely what these borders are within the declaration document.
If you own a condo you’re buying a chunk of real estate with access to communal areas resembling hallways, elevators and gardens. You’ll find out exactly what these frequent areas are in a document called the master deed. These frequent areas are managed by the house owners affiliation that elects a board to deal with the every day running of the condo. This board will represent the building as a complete and can act on the overall will of the owners. The board will determine upon the rules and laws of the rental together with pet ownership, maintenance cash for the upkeep of communal areas and exterior adorning restrictions. In case you are uncertain what the foundations and laws of you condo are they’ll usually be discovered through a search engine should you type on the name of your condominium association.
Indifferent condos are additionally available whereby particular person houses are separately owned however the grounds including gardens, courtyards and many others should not looked after by the homeowners. In this situation home owners have a higher say in the outside looks of housing. Restrictions are put in place as a way to keep streets looking uniform. Indifferent condos, nevertheless, are very rare in Bangkok as a consequence of its foundation as a high-rise city and also because of a lack of development space.
The concept of condominium ownership may also apply to other building types including offices, shops, and hotels although this is also very uncommon with companies preferring to make impartial stylistic selections and have a larger flexibility in the each day running of their enterprise space.
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