Best Tips for Buying A Condo in 2020 | Bankrate

When we go to buy a house, one of the options they present us with is the condominium. But, many times, we do not know if this is the best option because we do not fully understand the concept of this type of residential unit.

Most of the time, we associate condos with luxury. So, for clarity on this concept, below, we explain what they are and what differences they have compared to other residential units.

What Is A Condominium?

A condominium is a property whose ownership falls to more than one person. However, the term is used more than anything to refer to a property inhabited by many people who share some common spaces; spaces that are managed and cared for in solidarity.

In this case, each house has a specific owner, and each owner makes a financial contribution to the maintenance of those spaces that are shared (parks, meeting rooms, or sports fields). This type of organization has the advantage of forming a kind of private neighborhood, where there is a higher degree of security.

Advantages Of Living In A Condominium

Living in a Condo near Charan (คอนโดจรัญ, which is the term in Thai) has certain benefits that, on some occasions, other types of residences do not have:

  • Condos offer great recreational areas and beautiful views, which can be enjoyed from the comfort of home.
  • These projects have multiple services in one place: gyms, tennis courts, spas, golf courses, swimming pools, and community centers, among others.
  • The planned constructions in condominiums are perfectly adapted to people who constantly travel, since they have greater security measures, such as fences, cameras, and surveillance.
  • The condominiums have better urban planning and design than other types of buildings.
  • Condos have master insurance, which covers the exterior structures of all buildings in the event of a disaster.