You may have found out about the most recent trend in vacation homes ? condo hotels. Suddenly, consumers be capable of own a second home in a wonderful destination without the of the hassles of ownership. To understand 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 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 some of the most popular condo hotel locations.
3. Use your vacation home when you want. Flexibility used means you always have a location to ?get away from everything.? When you?re not making use of your vacation home, stick it in the rental program.
4. A professional management company will take care of most maintenance and operational issues. Most condo hotels are managed by premier hospitality firms, often the biggest names available, Ritz-Carlton, Trump International, Hilton, Starwood and Hyatt, to name a few.
5. You receive about 50 % of the rent revenue your condo hotel unit generates when you?re not using 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 far more than you likely could by yourself.
6. plancher 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 out of 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 flat hotel vacation home, you can take advantage of all 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 much more.
8. Share your condo hotel unit with friends and family. The unit is yours, which means you decide how it?s used. Want 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 be eligible 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 its quality location, professional hotel management and on-site luxury amenities, the value of your vacation home should increase. You keep the profits once you sell.