It has been noticed that purchasing condominiums have been one of the highest real estate transaction. The reason behind it is that condo is easily affordable for first-time homebuyers. You will be amazed to know that condos are also known as vertical subdivisions and each of its owners is buying the airspace which includes floor space, inner walls, and ceiling. The moment you plan to purchase, Condo Charoennakorn (คอนโด เจริญนคร, which is the term in Thai) it is very important that you consider the points discussed below:
- The first thing which you need to ask yourself is that whether living in a condo is the right choice for you or not. You might be wondering what the main attraction of living in a condo is. So let me tell you that the owner witnesses low maintenance as well as responsibilities. Apart from all this, the condo owner will not have to worry about the external repair of the buildings as that needs to be taken care of by the homeowner’s association.
- The very next thing that you need to be clear is whether you are going for a new condo or you will opt for the resale one. It is completely the same as purchasing a new home compared to a pre-owned home.
Keep one thing in your mind that both of them have their advantage as well as disadvantage which you must take into consideration. For instance, if you are purchasing an old condo then you will have to bear additional maintenance expenses. Usually, the condo association takes care of all these expenses. At the same time if you are purchasing a new condo then you will be in a position to enjoy all the latest amenities. The only thing is that you will have to pay more upfront. Mentioned below are some of the common questions that might help you to get a good deal.
- The first thing that you need to ask is what the monthly condo fee is and what things are included in the fees. Moreover, you need to make sure that you compare the fee of your condo with other condo complexes.
- What are the expenses that are covered by the homeowner’s associations? How does the association handle all these finances?
- How many of the condo is occupied by the renters compared to the owner. Make sure that you avoid such complexes where renters exceed more than twenty percent.