Management fees are generally in the top five of the highest expenses within a Condominium Corporation’s annual budget. Because there are so many Bangkok condos on the market it creates an ideal situation for the buyer to find some great deals. And if the association decides to save some money by delaying maintenance or flower planting or exterior painting, the whole community can suffer, which includes your unit, and there is little you can do about it.
Areas designated as common elements in 1 condominium corporation might belong to an individual unit in another. Developers have also ramped up construction of purpose-built rentals, while scaling back starts of new condo units. On the other hand, a condo complex isn’t a great idea for fiercely independent homeowners or tenants who like their own privacy and space, and don’t want anyone telling them what they can and can’t do with their real estate.
And buying a condominium as your next home may be a great opportunity for you. Classic privately owned detached houses on privately owned lots may be part of a community that has a homeowner’s association. It not only gives you the opportunity to see who you’ll be living near, but also to ask how well the community is run.
If a unit owner sells a unit before the end of the condominium corporation’s fiscal year, the owner cannot obtain a refund for any prepaid common expenses but should provide for adjustments for prepaid expenses in the purchase or sale agreement. Nearly all condo buildings impose fees on residents.
On the other hand, condos are also part of buildings with multiple units, but each unit is typically owned by a different individual. The following discussion is to address the differences between condo and villa ownership. Maintenance of a villa requires much more time, effort, and money and therefore, to many of the older or less healthy retirees, it alone might rule out villa ownership.