Condo vs Apartment – What’s the Distinction?

Condo vs Apartment – What’s the Distinction?

It’s simple to feel a bit dazed and confused after a day of viewing potential new homes. After multiple viewings, they’ll all start to look the same. But have you ever ever wondered what the difference is between an apartment and a rental? They look exactly the identical! If in case you have, you’re right. They are aesthetically no different from one another. The difference between an condominium and a apartment is purely legal.

Condos and apartments are essentially both residences which can be a part of a bigger building. The place a apartment differs from an condominium is by way of ownership. Condos are apartments sold individually to different owners. The identical building in its entirety could be owned by one person and the flats inside rented (however not owned!) to separate people.

A condo is typically defined as a bunch of houses that are individually owned on one piece of land. While you own a rental, you don’t own the land it is constructed on however instead you purchase the air containing the borders of your condo. You’ll find out exactly what these borders are in the declaration document.

Once you own a apartment you are shopping for a chunk of real estate with access to communal areas comparable to hallways, elevators and gardens. You’ll find out exactly what these widespread areas are in a doc called the master deed. These widespread areas are managed by the home owners association that elects a board to deal with the every day running of the condo. This board will characterize the building as a whole and can act on the general will of the owners. The board will determine upon the rules and regulations of the apartment together with pet ownership, maintenance money for the upkeep of communal areas and external adorning restrictions. In case you are not sure what the principles and regulations of you apartment are they can usually be discovered by means of a search engine when you type on the name of your rental association.

Indifferent condos are also available whereby individual houses are separately owned but the grounds together with gardens, courtyards and so forth aren’t looked after by the houseowners. In this situation residence owners have a greater say in the outside looks of housing. Restrictions are put in place to be able to keep streets looking uniform. Indifferent condos, nonetheless, are very uncommon in Bangkok on account of its basis as a high-rise city and likewise because of a lack of development space.

The idea of apartment ownership can also apply to different building types including offices, shops, and hotels although this can be very rare with businesses preferring to make unbiased stylistic choices and have a higher flexibility within the daily running of their business space.

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