You may have heard about the latest trend in vacation homes ? condo hotels. Suddenly, consumers be capable of own another home in a wonderful destination without the of the hassles of ownership. To see why the condo hotel concept has so much appeal, consider these benefits:
1. You can own a bit of a world-class property. Most condo hotels are of three- to five-star quality.
2. You?ll have a vacation home in an excellent destination. Most condo hotels can be found in premium locales ? on the beach, near golf courses, next to ski slopes and in bustling downtowns. Miami Beach, Fort Lauderdale, Orlando, Myrtle Beach, NEVADA, Chicago and the Bahamas are some of the most famous condo hotel locations.
3. Use your vacation home when you want. Flexibility in use means you always have a location to ?get away from it all.? When you?re not using your vacation home, stick it in the rental program.
4. find room mate will need care of all maintenance and operational issues. Most condo hotels are managed by premier hospitality firms, often the biggest names available, Ritz-Carlton, Trump International, Hilton, Starwood and Hyatt, to name a few.
5. You receive about 50 % of the rent revenue your condo hotel unit generates once you?re not using it. The management company takes care of renting your condo for you. The revenue helps offset your costs of ownership. Plus, most management companies have sophisticated reservation systems and invest in professional marketing, enabling them to keep your unit rented far more than you likely could all on your own.
6. The management company deals with the guests. Portion of the hassle-free nature of condo hotel ownership is that the management company handles everything regarding guests, from attracting them to checking them in and out of the hotel and solving any issues that arise during their stay.
7. You?ll get access to luxury hotel services. Unlike a single-family home, in a condo hotel vacation home, it is possible to take advantage of all the perks of the hotel like a brand-name spa like Canyon Ranch or Elizabeth Arden Red Door, concierge, room service, fitness facilities, pool, fine dining restaurant and much more.
8. Share your condo hotel unit with friends and family. The unit is yours, and that means you decide how it?s used. Desire to lend it to your Aunt Betty and Uncle Lou? No issue.
9. Purchase your condo hotel unit with traditional financing or even within a 1031 exchange. Many different loans are available to purchase condo hotels. Condo hotels also qualify for tax-deferring strategies like 1031 exchanges.
10. Realize appreciation when you resell your condo hotel. Like traditional property, over time your condo hotel unit has potential to understand. Due to the quality location, professional hotel management and on-site luxury amenities, the value of one’s vacation home should increase. You keep the profits when you sell.