Have you considered buying a second home but hesitated because I did not want the complications of the property or could not justify spending a place you probably use only a few times a year?
Then consider a condo-hotel. You may find that this new type of real estate is the last and uncomplicated holiday home.
1. Exactly what are condo hotels?
Condo Hotels are usually high-rise, luxury properties at vacation destinations more popular as the beaches, close, golf courses, casinos and theme parks. They are operated by renowned hotel companies like Hilton, Starwood, Trump International, Four Seasons, Hyatt, Ritz-Carlton and Sonesta.
While guests can look like a normal hotel, the suites are individually owned as condominiums. Owners can use when they want and put them in the hotel's rental program when they are not available, the share of revenues generated from their condo.
A company site Management is responsible for everything from rental unit to the operation and maintenance of the property. That is why condo hotels are often referred to as a problem free vacation homes.
2. What are the typical amenities found in condo hotels?
Of course, all condo-hotel is different, but these features tend to offer amenities and guest services that you would find in a four star hotel caliber or better.
These can include swimming pools, spas, gym, business centers, restaurants, nightclubs, shops, meeting rooms, concierge services, security 24 hour room service, valet parking and daily housekeeping service.
The individual condo hotel suites are slightly larger than the typical hotel room, fully furnished and have kitchen or kitchenette.
3. Where are the condo hotels?
The concept condo-hotel began in Florida, but these days condo hotels are popping up all over the U.S. and throughout the world. They are in the popular holiday destinations like Miami Beach, Orlando, Las Vegas, Myrtle Beach and throughout the Caribbean.
Each place has something unique to offer. Decide what you like to do when on vacation, and find a condo hotel to meet your needs.
4. How does a condo-hotel differ from a timeshare?
With a timeshare you are buying one or two weeks of using your vacation home a year and usually the same weeks each year. That does not allow great flexibility with your schedule vacation, unless you participate in an exchange program.
A condo-hotel unit gives the owner, transferred the ownership of the whole. You can use your vacation home as often and whenever you want (although some restrictions may apply if you decide to participate in the optional rental program).
5. What expenses should be expected to own a condo hotel?
On each of a condo hotel unit owner typically pays the real estate taxes, insurance, capital improvements and debt service.
The site management company pays operating expenses such as cleaning, office, maintenance common areas and services, marketing and guest services.
6. Who operates the rental program in an apartment of the key benefits for buying a condo-hotel unit in a major franchise such as Hilton, Trump International, Hyatt and Starwood is that his name recognition and millions of dollars throughout the world reserves the help system to keep his rented room and income generation throughout the year.
7. How much does income one unit is generated?
This, of course, varies between properties. Some of the factors affecting earnings are the quality of goods, if you have a name brand, location, and even how often the unit is used by the owner against being included in the rental program.
Buyers of condo-hotel units is recommended to be conservative in their expectations and look at your unit generates revenue as helping to offset their cost of ownership, instead of creating a positive cash flow.
Total revenue is split between the hotel management company and the owner of the individual unit, usually on a 50-50 basis after expenses, although these percentages may vary.
8. Do hotels have condominium appreciate other types of real estate?
You certainly can, and many people feel this is the key selling point for hotels into condominiums. See condo hotels as investments, like other types of property can increase in value over time, especially if the property is well located, well managed and offers a wide range of amenities and services.
9. How much do condo hotels Cost?
Condo Hotel prices vary, depending on quality, brand, amenities and location. The range can be between $ 200,000 to $ 1 million for the main properties.
The highest prices are commanded in upscale places like Miami Beach and Las Vegas. In places outside the U.S., as Dubai, Mexico and Panama, for example, condo hotel units as often had at bargain prices, because of much cheaper land and construction costs abroad.
10. Is financing available for condominium hotel?
Yes, many lenders now offer financing condo hotel units. However, the rate is usually slightly higher for this type of residence, because lenders assume more risk in a second home a primary residence.
About the Author:
Joel Greene is the President of Condo Hotel Center in Miami, Florida. Visit his information-packed website at CondoHotelCenter.com for listings, prices and photos of condo hotels. At his website you can sign up for his free Property Alert newsletter to be kept apprised of new condo hotel properties coming on the market.
Article Source: ArticlesBase.com – Top 10 Frequently Asked Questions About Condo Hotels
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