Do you know what the difference between a condo and an apartment is? In this post, we will analyze what distinguishes these types of real estate projects to help you decide which of them best suits your investment needs.
The main difference between a condo and an apartment is the property. Condos or buildings are usually managed by an owners ‘or investors’ association, but each unit or department usually has an owner.
To own a condominium, you must handle the concept of horizontal property. That is an exclusive possession that involves buildings divided into units (departments or offices) that can be used independently. This type of property is characterized by the coexistence of two kinds of property rights: the individual, on a unit, and the collective that makes up the condominium or building on the common areas of the entire construction.
When you invest in a Condo near Charoen Nakorn (คอนโดเจริญนคร, which is the term in Thai), you can establish the rules of operation of the building. The administration of owners is in charge of enforcing the defined rules, and these apply to all the units that make up the building.
Apart from the guidelines established to manage the property and assume the maintenance, the administration of the condominium must respect the decisions of the owners of each unit: if they want to install a mirror wall inside their apartment, change the type of floor, etc. That is, within each unit, the owner’s particular controls apply.
The rent of an apartment establishes a fixed monthly amount according to the length of the lease and may increase when it is renewed. Some apartments can be rented monthly or short term, but it is more common to work with annual contracts.
The costs of renting an apartment depend on market rates and the availability of the unit. Utilities are often not included in the rent, so that would be an additional cost.If you are renting a condo, payments will also be a fixed amount during the rental period, unless the agreement states otherwise.