The Condo Hotel developed into a timeshare instead of a better, more reliable second house. They are usually attractive high-rise hotels in the ocean and other major places. Depending on size, location, and amenities, it is a price range that is over 200 million dollars to over 1 million.
Many of the largest company names in the hotel industry own condominium buildings such as Hilton, Four Seasons, Clarion, Ritz-Carlton. Donald Trump has numerous condominium facilities throughout the country, including Fort Lauderdale and Florida buildings in Sunny Isles, Florida.
In general, condo property is very successful, all units or nearly all units are sold out within the first few months of offering. For example, The Ritz-Carlton Key Biscayne is a beachfront accommodation with 188 condominium units, all sold out one year ago after the building was completed. Needless to say, the value of the condo hotel in this building rose sharply.
There are several reasons for the popularity of condo hotels. When purchasing real estate, I will buy a condo at the hotel. Unlike timeshare, you can access real estate at any time, and if you do not live in, you can enter the rental pool. Developers can not guarantee that the property will be rented, but the management of well-known hospitality groups usually results in rental income for several weeks. This is one of the biggest attractions of the condo hotel, as rental income can offset part of the cost of owning vacation real estate.
In addition, the management company is responsible for renting the unit, using that relationship and expertise. You do not need to worry about these details. Most rental agreements divide income between the management company and the owner into 50/50. However, some real estate provides more favorable arrangements, which is another aspect to consider when deciding which property to buy.
Despite the property being set at the hotel, the condo is considered a private residence and the owner is subject to mortgage rate discounts and all other tax incentives from owning the second house I will. However, most condominium hotels can not live through the year. This is because the management company wants to borrow units when you are not there because you and their both can benefit from their rental income.
Properties for each condominium have their own residence restrictions indicating the maximum time you can stay in the property. This is important information to consider before purchasing a condo hotel unit. This is not a problem in a typical situation, as most owners are not going to live a year in a condominium.
Why do not you borrow a hotel room? In addition to investment aspects, condominium hotels usually offer more rooms than standard hotel rooms. Most suites are one bedroom or two bedroom with large units also available. Condo hotels usually have a homely function that is not found in the kitchen or hotel room. Ideally this is to stay with your family when you come to visit.
By taking advantage of the time they share and offering, many people looking for real estate investment for vacation can easily know why they can enjoy it while looking for condos right now I will.
For information on how to locate and purchase an appropriate condo, please see "Make your next house a resort", "2005 condo guide," "fractional stock" and "resort residence". This guide can be downloaded as a PDF file from http://www.InvestingIN.com/realestate/resorts/resort4u.htm.
