Condo Vs Apartment - What s The Difference
It is simple to really feel a bit dazed and confused after a day of viewing potential new homes. After multiple viewings, they will all start to look the same. However have you ever ever wondered what the distinction is between an apartment and Liang Court a condo? They look exactly the identical! In case you have, you are right. They are aesthetically no totally different from one another. The difference between an residence and a rental is solely legal.
Condos and flats are essentially each residences which might be part of a bigger building. The place a condo differs from an apartment is when it comes to ownership. Condos are apartments sold individually to different owners. The identical building in its entirety could be owned by one individual and the flats inside rented (but not owned!) to separate people.
A condo is typically defined as a group of houses which might be individually owned on one piece of land. Whenever you own a apartment, you don't own the land it is constructed on but instead you purchase the air containing the borders of your condo. You could find out precisely what these borders are within the declaration document.
Whenever you own a rental you might be shopping for a piece of real estate with access to communal areas reminiscent of corridorways, elevators and gardens. You will discover out precisely what these frequent areas are in a document called the master deed. These frequent areas are managed by the house owners association that elects a board to deal with the daily running of the condo. This board will characterize the building as a whole and can act on the final will of the owners. The board will decide upon the rules and regulations of the apartment together with pet ownership, maintenance cash for the upkeep of communal areas and exterior decorating restrictions. If you're not sure what the principles and regulations of you condominium are they will often be discovered by way of a search engine in the event you type on the name of your condominium association.
Indifferent condos are also available whereby individual houses are separately owned but the grounds including gardens, courtyards and so on usually are not looked after by the houseowners. In this situation dwelling owners have a greater say in the outside looks of housing. Restrictions are put in place so as to keep streets looking uniform. Detached condos, nevertheless, are very rare in Bangkok as a consequence of its foundation as a high-rise city and likewise because of a lack of development space.
The concept of rental ownership can even 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 within the daily running of their business space.
