Understanding the pros and cons and exploring different types of condos will help you make an informed decision. A condominium, or condo for short, is a large property complex with individual units that are owned and can be rented out privately. When you own a condo, you’re investing in your living space and gaining a shared interest in the common areas.
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- The condominium association manages the shared areas, sets and enforces rules, and collects fees from residents to cover maintenance and other expenses.
- Samantha Silberstein, CFP®, CSLP®, EA, is an experienced financial consultant.
- According to NAR’s May 2023 data, the average price of a condo is $353,000.
- Here’s a quick guide to some of the distinguishing features of an apartment compared to a condominium in Australia.
Many condo associations employ security services to safeguard their community and protect their residents. This may be as simple as a gate and a doorman in the front lobby. It can also be more complex, such as camera surveillance or patrols by security personnel. Either way, the community benefits from extra eyes warding off would-be intruders and additional peace of mind as a result. Thus, the only notable difference between a condominium and an apartment is ownership.
Condos for Sale in Bangkok
Building refers to a complex made of individually owned units. Ownership is typically controlled by an HOA or community property management that performs property upkeep and some maintenance. A private condo, or private-owned apartment, is owned by its respective unit’s landlord. Typically, private condos are rented out to tenants, but they differ from standard apartments in terms of property management and options to customize. The application process, criteria and deposits may vary with private rental condos.