The word condotel is relatively new to the Grand Forks realty vocabulary, but it’s an important term for buyers to understand if they’re interested in purchasing a condominium in a resort location. High rise condominiums overlooking beautiful expanses of coastal coastline have for ages been a favored kind of vacation holidays, real estate investments real estate for second homes, and for those who are buying new type of nicely located, low maintenance, luxury home. The launch of condotels has created a new dimension to the conventional condo that will be described in this informative article.
What is a Condotel?
To begin with, we need to understand what a condotel is and the way it differs from a standard condominium. Sometimes referred to as condo hotels or hotel-condos this popular new form of real estate, is made of high rise condominiums which are operated and handled as high-end hotels. This implies that the condominium units are individually owned, but branded together as a Westin, Ritz-Carlton, or other luxury hotel chain.
The normal luxury high rise condominium lacks promotion and this same high-end resort branding, which sets a condotel apart from regular condos. In addition, you get all of the luxuries of a world class resort at home.
Advantages of a Condotel Over Condominium Possession
There are numerous reasons why condo hotels have become so popular over the previous couple of years, particularly when compared to a typical condominium purchase.
Annoyance Free Investment Property or Second House
You are free from the decision making procedure in regards to furnishing, maintaining, or renting out your hotel condominium. The hotel management company maintains the condo as they would any hotel room in one of their esteemed locations. What this means is that design and décor is kept similar from condo to condo, and also the everyday running of the hotel takes the burden of making sure your property is well preserved out of your hands, while ensuring rental income if you are not using the property yourself.
This accelerated depreciation means significant tax bill decreases in the years it’s used. Your accountant will be able to explain how this can be helpful when applied to your unique financial situation and tax expectancies.
Disadvantages of a Condotel
There are a few differences potential condotel owners must know about before they decide to make their purchase. To start with, lots of people prefer to add their own personal touches to their second homes and vacation properties. This really is not possible with a condo hotel because the décor is mandated by the resort to ensure that rooms are similar in look and comforts across the whole complex. Because the resort service may reserve the room way beforehand additionally, those owners who would like to spend some time in their condotel must make reservations weeks ahead of time for their own properties.
Now that you’ve a better comprehension of what condotel means and the way in which they differ from an average condo, you surely can make the judgement regarding what sort of real estate will work best for you.