Jumat, 26 Juli 2013

The Benefits of Condo Hotels

If you are interested in owning vacation property but you don't want to deal with some of the hassles that can be associated with property ownership, then you may want to consider condo hotels. This has become a popular way for people to take advantage of the amenities afforded by high-end vacation destinations while not being locked into any sort of schedule regarding when they can and cannot use them.
These types of property have been in existence for several years, but they started becoming quite a bit more popular in the early 21st Century. They are typically operated by large corporations and provide services comparable to five-star establishments. When owners of units are not using them, they can rent them out to other vacationers just as they could a house or any other type of rental property. Any improvements to the unit are the responsibility of the individual owner, while the operator pays expenses such as administrative costs, marketing, and housekeeping.
Usually, owners as well as guests occupy condo hotels. They are typically operated just as a traditional hotel, and all units look similar whether they are owned by individuals or occupied by guests. The people who own these types of units run the gamut from families that want to have a second home to retirement-age people who want a place to spend the winter. Others are investors who may rarely stay in the unit.
In some instances, the operating company will limit the owner's use of a unit to no more than 60 days out a year so that it can generate revenue from visitors. Usually, there is an even split in revenue between the operator and the owner, but different properties vary in the way their arrangements are set up.
Advantages of owning this sort of property include the fact that there are none of the typical landlord issues associated with other rental properties. For example, owners don't have to worry about being called at 3 in the morning because a tenant's air conditioner or heater has gone out. While there can be substantial expenses involved in ownership, many of them can be offset by the revenue brought in when guests stay in a unit.
People who are interested in condo hotels should make sure they do their due diligence to make sure this type of purchase is right for them, just as they would any other type of real estate investment. It is highly recommended the prospective owners talk to brokers who are familiar with these kinds of properties and completely understand the market. A broker will listen to a prospective owner's needs and wants and be able to recommend properties that best match those requirements.

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