If you’re planning to buy or rent a property, you might want to consider a condominium. Even if you’re only seeing a really tall building, a condo by the river or in the heart of a business district definitely has its charm. There are several benefits to living in a condominium as well.
Affordability
Budget is always a major consideration when buying a property for the first time. When comparing the upfront cost of a condominium with a single-family home, a condo may seem more expensive. But this isn’t always the case.
- Most condominiums are priced lower than single-family homes within the same area.
- Owners of condo units share the cost of amenities, property management, and maintenance, which most homeowners pay for by themselves.
- Condominiums come with amenities, for which use and fees are included in their monthly dues. These include gyms, swimming pools, and common areas. Even better, maintenance of such amenities is handled by the property managers and not the condo residents.
- Property taxes are divided among multiple units, and insurance premiums are lower because the exterior of the condominium is covered by the homeowner’s association.
Ownership
In Thailand, foreign ownership of real estate has specific requirements, especially with the documents for registration. When it comes to condominiums, most of the general rules apply.
- You own entirely the interior of the units, but share ownership and maintenance responsibilities of the exterior and common areas.
- You have to pay for HOA fees monthly and comply with HOA rules and regulations.
- The lack of privacy and space is one of the downsides of condo living, something you need to consider if this is non-negotiable for you.
- You can have access to a gym, swimming pool, and other amenities without investing in them yourself.
- When it comes to resale, houses are more appealing than condominiums. But if you’re investing for passive income, condo units have higher market demand.
Location
Condominiums are mostly built with accessibility in mind, but some are marketed for quiet and serene living. If you’re one of the working individuals, proximity to many conveniences may be a major consideration.
- Condominiums are often built close to business districts and corporate hubs, which will prove advantageous if you work in one of these companies. Depending on the location, your workplace could be just walking distance from your condo.
- Access to amenities and facilities is exclusive to condo residents, which means you don’t need to share them with total strangers or fight for a spot with everyone else.
- Most condominiums are close to shopping malls, banks, or even grocery stores. Some even have convenience stores and laundromats within the building.
Safety and security
Ensuring the safety of condo presidents is one of the selling points of a condominium.
- Parking areas, lobby, and hallways are equipped with CCTV monitoring and other safety features.
- Each unit comes with smoke alarms, sprinklers, and even carbon monoxide detectors.
- Non-residents may not be allowed entry without explicit instructions from residents.
- There are assigned lobby and security staff to strictly implement security rules.
Whether you rent or buy a condo, living in one has its appeal. Depending on the location and the amenities offered, you could enjoy luxurious living minus the high maintenance costs. If you’re looking for a riverside condo in Bangkok, get in touch with Citadel.
