Not your typical holiday home.
What could be more perfect if you own a luxury vacation home at a historic resort and get rental income when you don’t use it? Condo hotels - the latest trend in home leave. Live in it when you are there; rent it out when you don’t.
So how do condo hotels differ from owning a traditional holiday apartment or condominium? These are not your typical secondary homes. They are fabulously furnished condominium apartments in some of the most famous hotels and resorts across the country. Properties are typically large, high-rise, luxury hotels, managed by such a big name like Four Seasons, Ritz Carlton, Sonesta, Starwood or Hilton. Prices range from $ 200,000 to over $ 1 million for real estate.
Create income to cover the cost of a mortgage
How do hotel owners in Kondo find tenants? This makes the program so attractive. When owners do not use their unit, it is placed in the rental program of the hotel. Due to the use of hotel name, advertising, nationality, centralized booking system and management experience, unit owners usually receive a higher level of rental income than in a traditional holiday home. In addition, the hotel takes care of dealing with tenants, as well as all the service and maintenance of condominiums. Talk about carelessness!
The real appeal of hotels in Kondo is rated
While it is nice to receive rental income in your holiday home, a more important factor in terms of investment is its assessment. Hotel condos appreciate a much faster pace than single-family homes and villas in the same areas.
Most condo hotels are purchased directly from the developer. With a limited supply of condo-hotel rooms moving at lightning speed. In fact, almost all condo-hotels are sold in pre-construction, long before even one shovel of dirt has been knocked over. And, as in the case of a situation where the supply is far ahead of demand, the owners of hotels in the condominium see a huge gratitude in their units.
World famous resorts attract international attention
Most condo hotels are located in seasonal resort areas. South Florida, especially Miami Beach and Ft. Lauderdale is one of the most popular markets in the country with such world-famous objects as Fontainbleau, Canyon Ranch Living and Trump International. Las Vegas and some of the Caribbean islands are also popular condo hotels.
Who is buying? In a nutshell, the answer is everything. That is, investors and vacationers who recognize the potential of valuing a house that brings income. This call is not limited to US buyers. The concept of condo-hotels has received international recognition with customers from Latin America and Europe, competing with Americans for the best properties.
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