Thursday, November 18, 2010

Thinking of Buying a Condo Hotel? Here Are 20 Things You Need to Know!

1. What is a condo hotel or Condotel?

Think of a condo hotel (also sometimes called condo hotel Condotel or) buy an insert, as a potential part of a four-star hotel though. Therefore, as an owner when you are on vacation, you more than four-star services and facilities to benefit you'd get at a specific insert.

2. Services and facilities are found in what type of condo hotels?

If you can imagine the details you find in an upscale hotel, you may want to picture a condo hotel. Features often resort-style pool, full service spa, state-of-the-art fitness centers, fine dining restaurants, concierge services and room service.

In some places, like Las Vegas, your own casino, retail areas and entertainment venues with the condo hotels will. In places like Orlando, your own water park and condo hotel with conference facilities will.

3. A condo hotel is the difference between a traditional condominium?

The big difference between a hotel and a condo hotel is usually a hotel owner, either individual or company, but sold a condo hotel unit by unit. Therefore, a 300 room condo hotel unit as many as 300 could be the owner.

4. The hotel's guests, whether they live in a condo hotel or a traditional hotel that clear?

A hotel guest will never know the hotel is likely to have multiple owners, the property is a traditional hotel and often known as Hilton, Hyatt, Starwood, Trump, or W. In addition, each of the hotel company like operated under the management of individual condo hotel units look similar in design and will want every other 茅 corruption, just they wrote in a traditional hotel.

5. Which usually buys condo hotel?

They mainly want a vacation home but who want to maintain the property generally or renters in the off season such as finding another deal with problems associated with home ownership not to be sold.

6. What is the typical condo hotel buyer demographic?

condo hotel is very broad spectrum of buyers. There are families that want a second home in a vacation destination. Or on which baby boomers nearing retirement and want somewhere they can "winter." There are investors who have little intention of ever using it to buy a condo hotel unit is very even, they appreciate the potential for real estate are.

7. Do you live in a condo hotel?

Condo hotels typically are not as primary residences. In fact, many of them using the condo hotel unit, the unit owner (typically 30-60 days per year) range of the unit and hope the night in the hotel's rental program is needed and where it can be offered to guests generate revenue.

8. When the money is to rent your condo hotel?

Hotel management company with individual condo hotel owner rental revenue division. While the exact percentage varies from property to property, the typical rental split is 50% -50% range.

9. Who finds hotel guests and condo hotel units and then keeps clean?

Hotel management company's property and hotel guests books market. It says the unit features all of the hotel's services and ensures the smooth operation.

10. What benefits / purchasing typical rental properties are the disadvantages of buying a Condotel?

Benefits include:

Hassle-free ownership 路, no landlord issues

路 Rental revenue to offset some or maybe all ownership expenses

路 an excellent holiday home available for use whenever you want

There was a time when other investments may seem less attractive at a real estate investment 路

路 strong appreciation potential

路 Pride of ownership - "I own a piece of a Trump"

Disadvantages include:

路 annual cash flow equal to or less than annual ownership costs can be

Pets are not usually welcome 路.

路 condo hotel unit can be an owner when the owner wants to rent it, so advance reservation is required to guarantee availability.

Hurricanes, terrorist threats, warm winter north, gas, etc., all of which can affect a unit's occupancy rate price: condo hotel unit 路 same dips in the market that affect all hotels set in competitive markets is subject to amount of revenue is generated.

11. is hard to finance condo hotel units?

Of course not, but they take 20% down generally, while condos can be bought with little cash down. Also make sure that you have a mortgage broker who has had success in getting condo hotel financing deal is important to use. Many banks still do not have them, but more as a condo hotel include being more widely available.

12. Condo hotel has been around how long and where they are located?

Condo hotels have been around for several decades, but the four star and five star condo hotel, across the country have been making their way in Miami's massive growth started around the year 2000. Miami Fort Lauderdale area is still the most condo hotels, but also areas like Orlando and Las Vegas condo hotel properties in the fast rate are developed and likely will surpass South Florida only. Other up and coming areas, Bahamas, Panama, Dominican Republic, Mexico, Canada and Dubai are such places.

13. How do condo hotel units cost?

That's like asking how much a car costs. There are different quality condo hotel. Some more than others in the amount of money is clearly needed.

Affordable condo for as little as $ 100,000 are hotels out there. These are generally properties that have changed in their use of existing hotels are found. He size of hotel rooms, lack kitchen facilities, luxury franchises, and other first-class facilities.

Then there is the property of four-star or more than $ 400,000 to $ 300,000 range that could begin, but can go all the way up to $ 800,000 for a studio unit right now. One and two bedroom units costing much more than a studio. Of course, studios come fully equipped and ready, and much larger in size than a typical hotel room will be the St. Regis, Ritz or W because of the way your name can attract guests

14. What are typical maintenance costs?

$ 1.50 to $ 1.00 per square foot is about average, but more may range from $ 2.00 to the most luxurious property in square feet.

15. You condo hotel units have been built after they buy, or you can buy pre-construction condo hotel?

Unless you're in a hurry to start vacationing or you need to complete a 1031 exchange, it is best as soon as possible to buy pre-construction condo hotels. When prices are low and unit selection is huge. You the possibility of closing and take possession of your condo hotel unit, the first two years or longer wait, but you will be close in price to benefit a greater appreciation.

16. Condotels for a few more investors should want to know about?

There's the old phrase, than buying this type of real estate is high, "Location, location, location." While most desirable resort and business area Condo hotels are located in places that are most important with a strong reservation system is a good franchise.

In addition, an aggressive rental fooled by division. One way or another property developer for employees, and will maintain, bars, spa, restaurant and pool with its share of income such as hotels operate their services. If you rent it is paying a very friendly part, that for more than a high monthly maintenance fees are likely to be charged. Of course, it goes both ways. Maintenance of the split that is offered is close to 50-50, then their maintenance should also be more appropriate.

17. Condo hotel in which investors choose to buy any suggestions?

Get good advice. This means that you have a condo hotel offers an onsite vendor do not want to rely only on the pitch. A broker who specializes in condo hotels and who knows and understands the entire condo hotel market is simply not the facts relating to the same property, with the talk. He or she wants and needs to hear and then the properties that match your needs as best will offer recommendations. You have an opportunity to comparison shop and will consider the pros and cons of each available property.

A good broker can own a condo hotel that has become problematic and not living up to their expectations or that you have a great holiday, good annual revenue and a bigger profit when you sell will provide you with years between buying can be the difference.

18. What it costs more to use a real estate broker is the same compared to buying a unit to buy a condo hotel?

With new condo hotel properties, no prices are always determined by the developer and property in exactly the same whether you use an onsite vendor or directly from a broker buying.

Broker's commission is always paid by the developer already has built in value regardless of whether or not an outside broker participates in sales. Since a broker representing buyers is free, it should take to help them benefit from their advice before making a purchase that does make sense.

19. How can prospective buyers can get a nice condo hotel broker?

Broker to ask friends for recommendations or search online for "condo hotel broker." Hotel broker websites condo and see if they go to find information comprehensive and fair. If their homes or office space for the website seems to focus on selling, and condo hotel information appears to be a later, stay away. Your best bet is to work with expertise in a condo hotel broker.

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