You may have heard about the latest 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 understand why the condo hotel concept has so much appeal, examine 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 secondary home in a fantastic 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, Las Vegas, Chicago and the Bahamas are a few of the most used condo hotel locations.
3. Use your vacation home when you want. Flexibility used means you always have a place to ?get away from it all.? When you?re not using your vacation home, place it in the rental program.
4. A professional management company will need care of most 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 using it. plancher 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 invest in professional marketing, enabling them to keep your unit rented far more than you likely could on your own.
6. The management company handles the guests. Area 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 problems 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, it is possible to take advantage of all of the perks of the hotel such as a brand-name spa like Canyon Ranch or Elizabeth Arden Red Door, concierge, room service, fitness facilities, pool, fine dining restaurant and more.
8. Share your condo hotel unit with family and friends. The unit is yours, so you determine 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. Various loans are available to invest in condo hotels. Condo hotels also qualify for tax-deferring strategies like 1031 exchanges.
10. Realize appreciation once 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 worthiness of one’s vacation home should increase. You keep the profits when you sell.