It is simple to really feel a bit dazed and confused after a day of viewing potential new homes. After a number of viewings, they will all start to look the same. But have you ever ever wondered what the distinction is between an house and a condominium? They look precisely the identical! When you have, you’re right. They are aesthetically no totally different from one another. The difference between an house and a rental is purely legal.
Condos and flats are essentially both apartments which are part of a bigger building. Where a rental differs from an residence is in terms of ownership. Condos are residences sold individually to totally different owners. The identical building in its entirety may very well be owned by one individual and the residences inside rented (but not owned!) to separate people.
A condo is typically defined as a gaggle of houses which are individually owned on one piece of land. When you own a apartment, you do not own the land it is built on however instead you purchase the air containing the borders of your condo. Yow will discover out precisely what these borders are within the declaration document.
While you own a condo you are buying a chunk of real estate with access to communal areas corresponding to hallways, elevators and gardens. You’ll find out precisely what these widespread areas are in a doc called the master deed. These frequent areas are managed by the home owners association that elects a board to deal with the daily running of the condo. This board will signify the building as a whole and will act on the overall will of the owners. The board will determine upon the rules and laws of the condo together with pet ownership, maintenance cash for the upkeep of communal areas and exterior decorating restrictions. If you are unsure what the principles and laws of you condo are they’ll often be discovered by means of a search engine in case you type on the name of your rental association.
Indifferent condos are additionally available whereby particular person houses are separately owned but the grounds including gardens, courtyards and so on aren’t looked after by the houseowners. In this situation home owners have a larger say within the outside looks of housing. Restrictions are put in place with a view to keep streets looking uniform. Indifferent condos, nevertheless, are very rare in Bangkok as a result of its basis as a high-rise city and also because of a lack of development space.
The concept of apartment ownership can even apply to other building types including offices, shops, and hotels although this is also very rare with businesses preferring to make independent stylistic choices and have a higher flexibility in the day by day running of their enterprise space.
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