A condo is a sellable property with similarities to the apartments. When you plan to buy a condo, you have to pay a fee that will cover the maintenance and other costs associated with the property to some extent, like the costs for water, heat, sewer, and garbage collection fees. As you have to pay a monthly fee to the homeowners’ association, you may feel later that the real estate agent tricked you into buying the condo. So, it is better to clarify some of the significant aspects of the financial structure of a Condo Kaset [คอน โด เกษตร, which is the term in Thai].
Similar to homeownership but with differences
The biggest problem you might face while investing in the condo is understanding the ownership concept. When you buy a single unit in the condominium, you definitely become a homeowner with the right to access most of the rights that have direct tagging to the purchase terms and conditions of the freestanding property. But you should not forget that the condominium also involves the concept of shared ownership. Hence, while you have the right to modify the unit, your rights also have limitations. For instance, you cannot change the plumbing or electrical work by yourself as the condo rules require employing professionals.
Consider the fees as a contribution
It is better not to consider the monthly fees as an additional and unnecessary expense that you won’t have to bear had you owned a home. Instead, think of the expense as your contribution to the maintenance and upkeep of the shared ownership areas. Can you get access to a fitness center or swimming pool within the area of your house without spending a single penny for installation and maintenance? Here, you are just paying a share of the expense to maintain these amenities and facilities that make your life more exciting.