Condos in Phuket: general description
Many people think the word "condominium" mean a communal apartment. Let us try to figure out with some questions concerning condos in Phuket.
Actually the term condominium is used for defining ownership of residential complexes. It means each single apartment belongs to an owner by law, but nonresidential area such as stairwells, lobby or hall, technical floors, elevators and so on are owned jointly by all holders.
Initially this idea has come to us from the UK. Australia, the USA and Canada have also similar property systems. Such form of ownership is used in many developed countries. All questions regardless of common area and facilities (swimming pools, gym, parking, etc.) and management issues are discussed between owners in meetings.
As for advantages of being a holder of condo on this beautiful island, can be named the following ones:
A high level of responsibility for each owner -due to shared ownership of common areas, every landlord produces serious attitude to their property.
Tax-free utilities payment – the point is any condominium refers to non-profit organizations.
Owners have total rights to decide what their complex need and what is not necessary to apply from financial point of view. They have abilities to control where their money to spend and how much to pay for repairs.
Investing in this kind of property is another great advantage of condo. Such investments are protected from inflation and other economical risks. But let have a brief look at disadvantages as well. The main con is the costs of maintenance and repairs. All obligations concerning keeping building in proper conditions are in landlords’ charge. It may turn to be quite expensive if to count all additional expenses.
Nevertheless Phuket real estate market offers a lot of modern condominiums having built up in accordance with European standards. From investment standpoint condos are considered to be an ideal choice.
