In case you have not been paying a lot of attention to the real estate market lately, there are some changes afoot. In some condominiums, the common elements begin at the exterior wall of the individual units. Instead, apartment buildings typically have one owner, most likely a corporation, with units leased to individual tenants. Once the thorn in homeowner’s sides, condominium associations have worked hard in recent years to clean up their negative image where disputes and lawsuits were once rampant.
The condominium map for the project will depict the exact physical location of the unit – where in the condominium building the unit is located, and where the boundaries of the unit are drawn. The Condominium Property Amendment Act was passed in December 2014.
Make sure you understand the financial health of the building and condo association, the rules, regulations and culture, to ensure you are making a sound investment you will enjoy for years to come. A “Common Interest Community” is one where common real estate is maintained through assessments and dues.
It gives the buyer the opportunity to find out if she really wants to buy the condo and an easy way out of the lease purchase contract. Property owners decide on the cost of renting a condo, which means it can differ between units. The real estate rates continue to rise each year making Bangkok condos a wise choice for an investment.
Mr Sivarajah Nathan, who has been a security officer at condominiums for 20 years, says he has been verbally abused by residents at least once a week, and has filed at least three police reports for harassment he faced. Living by someone else’s rules might be fine for some people, but for others, it can be stifling.