1. What is Condo Hotel or Condotel?
Consider a condo to buy a condominium (sometimes also referred to as a condo or condo), which is part of a 4-star caliber hotel but may also purchase a condo. Therefore, as an owner, if you are on vacation, there are 4 star service and amenity benefits than a typical apartment.
2. What kind of services and amenities are available at the condo hotel?
If you can imagine the finer things you found at a luxury hotel, you can conceive a condo hotel. It features resort style swimming pool, full service spa, state-of-the-art fitness center, fine dining restaurant, concierge service and room service.
In some places like Las Vegas, you can find a hotel with its own casino, retail store and entertainment facilities. In places like Orlando, you can find a condo hotel with its own water park and convention facilities.
3. What is the difference between a condo hotel and a traditional apartment?
The big difference between the hotel and the condo hotel is that the hotel usually has one individual or corporate owner, but the condo hotel is sold in one unit. Therefore, 300 room condos may have as many as 300 unit owners.
4. Is it obvious to hotel guests whether they stay at a condo hotel or a traditional hotel?
Hotel guests are operated like traditional hotels and are operated under the management of famous hotels such as Hilton, Hyatt, Starwood, Trump, or W, so the hotel has multiple There will never be an owner of. Individual condo hotel units, like traditional hotels, look the same in design and interior.
5. Who will purchase a condo hotel?
They are mainly sold to those who want a vacation home, but usually I do not want to deal with the second housing ownership, such as maintaining real estate or searching for a lessor while on holiday.
6. What is the typical demographic purchasers demographics?
Buyer's spectra at Condo Hotel are quite large. There is a family wishing for a second house on vacation. There is a baby boom that I want somewhere in "winter" near retirement or retirement. Many investors buy Condo hotels too. They are among them for the potential viewing of real estate.
7. Can you live in the condo hotel?
Condo hotels are generally not offered as primary residences. Indeed, in many hotels, the use of unit owners of condominium units is restricted (usually 30-60 days / year). Provide to the guests and generate revenue.
8. Who gets the money when your condo is rented?
The hotel management company splits rental income with individual condominium owners. The exact percentage varies from real estate to real estate, but typical rental splits range from 50% to 50%.
9. Who has found hotels in the hotel and then cleaned and united the units in the condo hotel?
Hotel management company is reserving hotel accommodation. We also maintain the unit and guarantee the smooth operation of all hotel services and amenities.
10. What are the merits and demerits of purchasing Condotel rather than purchasing a typical rental property?
The advantages are as follows.
Own ownership without trouble. There is no problem of the landlord
· Rent revenue to offset some or possibly all ownership costs
A wonderful vacation house that you can use whenever you want
· Real estate investment that seems to make other investment less appealing
· Potential appreciation
· Pride of ownership - "I own the work of cards"
The drawbacks are as follows.
· Annual cash flow is less than annual ownership cost
· Pets are not usually welcomed.
· The owner's condo hotel unit can be rented when the owner wishes, so advance reservation is necessary to guarantee availability.
· Condo hotel department is affected by same dip in market affecting all competing market hotels (hurricane, terrorist threat, warm winter in north, gas price etc.). ; The share of occupancy and the amount of income it produces.
11. Is the condominium department difficult to raise funds?
Condominiums can purchase condominiums instead of cash, but usually they will go down by 20%. It is also important to confirm that you use a mortgage broker that has successfully signed a condominium hotel finance contract. Many banks have not done that yet, but as the condo hotel becomes more spacious and available, it is increasingly involved.
12. How long have you stayed at the condo hotel and where are you located?
Condo hotel has existed for decades ago, but in Miami district condominium of 4 star and 5 star which started from around 2000 is rapidly increasing. Although there is still a condo hotel in Miami - Fort Lauderdale district, in areas like Orlando and Las Vegas, we develop properties of condominium hotel earlier, possibly outnumbering south florida soon. There are other areas like Bahamas, Panama, the Dominican Republic, Mexico, Canada, Dubai.
13. How much is the condo?
It is like asking how much the cost of the car is. There are hotels of different quality condos. There are obviously a need for more money than others.
There is an inexpensive condominium hotel there at only 100 thousand dollars. These are usually in properties that converted use from an existing hotel. They are short of hotel room size, kitchen facilities, luxury franchise, and other first-class amenities.
Next, there are four or more star properties starting in the range of $ 300,000 to $ 400,000, but up to $ 800,000 is possible in the case of a studio unit. One bedroom and two bedroom units cost much more than the studio. Of course, the studio is fully decorated and finished, it is much larger in size than the typical hotel room and may attract guests due to its name like St. Louis. Regis, Ritz or W.
14. What is the typical maintenance cost?
Average about $ 1.00 to $ 1.50 per square foot, but its range can exceed $ 2.00 square feet in the most luxurious property.
15. Are you buying a condo suite after construction or can you buy a condo hotel in advance?
It is best to purchase a pre-construction condo hotel as soon as possible, unless you can not take a break in a hurry or need to complete a 1031 exchange. It is then that the price is the lowest and the unit's choice is the most. You will close your condominium and wait for more than two years and you will own your condominium unit, but you will get the most value from fixing the price.
16. Does any investor want to know about Condotel?
We purchase this type of real estate more than the old place "place, place, place". Most condominium hotels are located in resort and business areas, but the most important thing is the reservation-friendly franchise.
Also, please do not be misled by aggressive leasing division. In a one-sided manner, hotel developers need to arrange, maintain, and operate hotels and their services such as restaurants, bars, spas, and pools. If you have a very advantageous share with rental, you will likely increase your monthly maintenance fee high. Of course, this will be both ways. If the maintenance division provided is close to 50-50, the maintenance must also be more reasonable.
17. Proposal to investors when choosing condos to buy?
Get good advice. In other words, it means that you do not want it only for the pitch provided by the onsite sales representative at the condo hotel. I would like to talk to a broker specializing in condo hotels. Those who know the whole condo hotel not only facts about a single real estate but also he or she listens to your wishes and needs and offers recommendations on properties that are most suitable for your requirement. You have the opportunity to compare shops and consider the advantages and disadvantages of each available property.
A good broker is to solve your problem and buy a condo that does not meet your expectations, buy things that will provide you with years of wonderful vacation, good annual income, and real benefits when you sell You can have a difference.
18. Is it more expensive to purchase a condo hotel with a real estate broker than to purchase a unit by yourself?
No, at the property of the new condominium hotel, the price is always set by the developer and is the same whether you purchase directly from the on-site sales representative of the property or use the broker.
The broker's fee is always paid by developers and is already included in the price regardless of whether the external broker is participating in sales. Because broker's representation is free to buyers, it makes sense to receive advice and receive advice before purchasing.
19. How can a future buyer find a good condo hotel broker?
Please ask a friend to recommend a broker, or search "condo hotel broker" online. Visit the condominium's hotel broker's website to see if the information provided is comprehensive and unbiased. If their website seems to focus on selling housing and office space, if the information of the condo hotel appears to be thought of, please explain clearly. Your best bet is to work with a professional condominium hotel broker.
20. How can buyers know about the characteristics of the new condos on the market?
The condo hotel's broker knows the property well before public release, so it can be a good source of information. Another option is to subscribe to the condo hotel newsletter called Condo Hotel Property Alert. We are offering free at our website http://www.CondoHotelCenter.com and we offer different condominium properties for each edition.
