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- If you are planning to settle down and establish roots in a particular area, a condo may be a suitable option.
- Often, the insides of each condo will mimic that of a detached house.
- The declaration includes rules for selecting the board for the homeowners’ association.
- Apartments, on the other hand, are usually overseen by a landlord or property management company that sets rules and regulations for all tenants in the complex.
- It is part of the Metro Park Sathorn Phase 1 project in Bang Wa, Bangkok.
- Iranian government has begun supporting villas and opposing apartment building concerned by people’s manner.
Like any housing option, condo ownership has its benefits and drawbacks. Understanding the pros and cons will assist you in determining if it’s the right choice for you. Let’s explore some of the potential advantages and disadvantages of condo ownership. Additionally, it’s worth considering the potential for appreciation in the condo market. While real estate values can fluctuate, condos in desirable locations often have the potential to increase in value over time. This can be an important factor to consider if you are looking to build equity and potentially sell your condo in the future.
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If you purchase a condo and choose to rent it out, it falls into a private condo or privately-owned apartment category. In this scenario, you become the landlord, possessing the authority to lease the unit to tenants. The HOA consists of a board that you and the other condo owners elected. They ensure that collective responsibilities like landscaping, snow shoveling, and updates to the property are taken care of. Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances.
- However, the covenants, conditions, and restrictions may still limit the owner’s ability to sell or rent the space independent of the unit itself.
- With a rental, the apartment’s owner—often called a landlord—is typically responsible for any maintenance and repairs inside the unit as well as out.
- While it’s possible to sell a condo without a Realtor, having professional guidance can simplify the process.
- A building developed as a condominium could actually be built at another location as an apartment building .
For instance, renting an apartment is great if you’re not sure how long you’ll stay in the area, or don’t want the hassles of maintaining your residence. So if you’re looking into buying a condo, make sure to study up on the condominium association rules (called covenants, conditions, and restrictions, or CC&Rs) and fees. The timing of selling a condo can impact its market performance.