Bangkok hosts both cheap and luxurious condos that are available for sale. It can be difficult for first-time buyers or homeowners to decide on what to go for due to the vast options available. Foreigners in Thailand can also buy a condo as it’s the only way they are allowed to purchase real property in the country. There is a wide range of property and condos in Thailand, which makes it easy to find a property in the country. Millennium Residence Sukhumvit 20 has become very popular since the launch of four majestic towers, which are a major landmark in Bangkok. There will be a major impact on one’s life after deciding to whether rent or buy a home. Ownership right is the main difference between apartments and condos. A condo owner is responsible for all interior maintenance and paying monthly homeowners association (HOA) dues, while an apartment renter relies on the landlord to address maintenance issues.
What to consider
Maintenance
When there is a broken appliance or leaky faucet in a rented apartment, it’s the landlord’s responsibility to repair it. However, you will foot the bill for any damage or malfunction if you are a condo owner.
HOA rules
Rules to be followed are a factor, whether you are considering a condo or apartment. In both, communities come up with rules on what kinds of decorations are allowed on the unit’s exterior, proposed behavior in common areas, and what kinds of pets are allowed. There might be a restriction on activities such as painting walls or hanging art in apartments as landlords can dictate what renters can do inside their unit. Condo owners can do what they please and decorate the inside of their home according to their taste and preference.
Cost
When renting an apartment you are required to pay a deposit when you begin your lease. You might also be required to pay the first and last month’s payments upfront then make regular monthly payments according to your lease agreements terms. For condos, the costs of becoming a condo owner are more expensive and involved. You will have to pay a home inspection fee upfront and also closing costs for a mortgage after making a down payment. Monthly HOA dues vary depending on the services and amenities offered in the condo.
Location
Bangkok is home to many apartments and Millenium residences. You are likely to find both options in the city as both buildings have similar structural footprints. Both types of buildings can be near restaurants, parks, or places of business.
Amenities
Apartments and condo buildings are structured similarly, therefore, they often come with comparable amenities. Consider what amenities are most important to you such as gym, doorman, pool, or green space, and compare what the various buildings in your area are offering.
Condo pros
Lower maintenance costs
You won’t have to handle yard work and other projects on your own as the condo association takes care of the property maintenance.
Affordability
Condos can be an appealing option due to their lower prices for those who want to downsize or first-time homebuyers.
Walkability
A majority of condo communities are in proximity to a recreational area, transportation, and shopping centers. For example, Millennium Bangkok is within a walkable distance of popular restaurants, a Japanese town, a Korean town, a hospital, and even an international school since it is one of the condo near NIST international school.
Opportunities to be social
Some condo associations organize social events like barbecues, pool parties, and doggy playdates. This might help you to be in closer proximity to neighbors and you may meet them in person.
Apartment pros
No maintenance
The landlord is responsible for the maintenance cost of the property once you rent it.
Proximity
Apartment communities are located near or in city centers, therefore, easy access to shopping centers and restaurants.
Flexibility to relocate
If you don’t plan on staying in a particular area long-term, renting an apartment is a good option.
