10 Reasons Why Condo Hotels Are The Ideal Second Home
Condo hotels are taking many resort locations by storm! Operated by renowned hoteliers such as Hilton Hyatt and Trump International condo hotels are being built in premier vacation destinations such as Las Vegas Orlando the Caribbean and Dubai.
They often include fivestar amenities making them the ultimate vacation getaway. As real estate they offer appreciation potential. Combine all these qualities with the ability to generate rental income and youve got yourself one good deal.
Is a condo hotel right for you? Consider these 10 factors to decide:
1.Escape to your second home any time. With timeshares or partial ownership you can use your condo one maybe two weeks of the year. Condo hotels on the other hand allow you to use your vacation home any time given the proper notice.
2.Visit your favorite vacation destination over and over again. Condo hotels tend to be built in fantastic locations. They may be overlooking the ocean in Miami Beach near theme parks in Orlando on a golf course in California slopeside in Telluride or right on the exciting Las Vegas Strip.
3.Live in the lap of luxury. Enjoy premier living right in your own second home! Your condo hotel unit will be delivered designer furnished. But its the resorts amenities that really make it special: the brandname spa resortstyle pool gourmet restaurants and stateoftheart fitness center all right onsite. Plus dont forget the hospitality extras from daily housekeeping and room service to 24hour concierge assistance.
4.Relax with hasslefree ownership. Dont have the time or desire to handle the upkeep of your property? Condo hotels offer a builtin property management team that takes care of everything from maintenance and housekeeping to operation of all the amenities.
5.Have pride of ownership. With a condo hotel you can possess your very own Trump Hyatt Hilton or RitzCarlton. How cool is that!
6.Receive rent revenue. When youre not using your condo hotel unit simply place it in the hotels rental program. The hotel management team takes care of finding the guests and youll get a share usually around 50 of any revenue your unit generates. This income can help offset your costs of ownership.
7.Resell your condo unit at any time. With timeshares reselling is difficult to do since you only own a particular week of the year. With a condo hotel unit you have deeded whole ownership and can resell your property just as you would any other type of real estate.
8.Get in early on the condo hotel craze. Condo hotels are a fairly new type of real estate. As the market increases in popularity demand for these units will grow. Now is the time to get in at the groundlevel phase.
9.Gain appreciation potential. Condo hotels like most quality real estate in highly desirable destinations are likely to appreciate. Maximize the appreciation potential by buying your condo hotel unit in the preconstruction phase when prices are at introductory levels.
10.Diversify your investment portfolio. If youre looking for an alternative to the stock market condo hotels offer a means to invest in real estate without assuming the responsibilities of becoming a landlord.
About the writer: Joel Greene is the President of Condo Hotel Center in Miami Florida. Visit his informationpacked website at CondoHotelCenter.com for listings prices and photos of condo hotels. At his website be sure to sign up for his free Property Alert newsletter to be kept abreast of new condo hotel properties coming on the market.
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