You may have found out about the most recent trend in vacation homes ? condo hotels. Suddenly, consumers be capable of own another home in an excellent 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 piece 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. find room mate are located 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. A professional management company will need care of all maintenance and operational issues. Most condo hotels are managed by premier hospitality firms, usually the biggest names available, Ritz-Carlton, Trump International, Hilton, Starwood and Hyatt, to mention a few.
5. You receive about 50 % of the rent revenue your condo hotel unit generates when you?re not deploying it. The management company takes care of renting your condo for you personally. The revenue helps offset your costs of ownership. Plus, most management companies have sophisticated reservation systems and spend money on professional marketing, enabling them to help keep your unit rented a lot more than you likely could by yourself.
6. The management company deals with the guests. Section 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 from the hotel and solving any issues that arise during their stay.
7. You?ll have access to luxury hotel services. Unlike a single-family home, in a condo hotel vacation home, you can take advantage of all the perks of the hotel for instance 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 determine how it?s used. Want to lend it to your Aunt Betty and Uncle Lou? No problem.
9. Purchase your condo hotel unit with traditional financing and even within a 1031 exchange. Various 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 its quality location, professional hotel management and on-site luxury amenities, the worthiness of one’s vacation home should increase. You retain the profits when you sell.