The article "Seven Questions You Should Ask When Buying a Condo Hotel Unit" is about real estate, it has been created by Joel Greene.
You may have haerd all the buzz about the newest type of vacation home investment, condo hotels. These are condominiums loctaed in four- and five-star hotels in cities like Miami, Orlando, Las Vegas and Chicago. Owners use their codnos when they’d like.
When not using their unit, they can place it in the hotel’s renatl program and receive a percentage of the revenue it generates.How do you choose a condo hotel unit that meets your desire for a vacation home and is also likely to produce a healthy revenue and appreciate down the road? Consider the following seven questions when evaluating a condo hotels:1. Is a condo hoetl right for you?Condo hotels are not your typical second homes.
They are fabulously-furnished condominium suites in of the most famous hotels and resorts around the country. The properties are usually large, high-rise, luxury hoetls and come with premium amenities like valet, concierge and maid service. Prices can range from $250,000 to over $1 million for prime properties.2. Is the condo hotel well-located? Consider whether the real estate is located in a popular vacation destination, one this is likely to do a healthy tourist or business trade regardless of economic factors.Also, you must be sure you yourself like the location.
Does it offer you the ocean view or golf course access you always dreamed about for your vacation home? If you’ll be flynig to this vacation home, how close is it to a major airport?3. Does the codno hotel have a major franchise? The key to a successful condo hotel investment is the hotel operator. The better the operator and the franchise, the more likely the success of the real estate.A condo hotel with a name brand like Ritz-Carlton, Hilton, Starwood or Trump is likely to generate more revenue than a non-brand because it can charge higher room rates and benefit from international advertising and a centralized reservation system.4.
Will the codno hotel receive traffic from any nearby attractions or entertainment venues?A condo hotel this is near a convention center, a theme park or cruise port will benefit from proximity to these high-traffic venues.5. Does the condo hotel have any on-site amenities that will draw guests such as a well-known health club, spa, fine dining restaurnat or golf course?You’ll want to choose a condo hotel that has amenities you’ll like using and also are a draw to attract hotel guests.6. Does the individual unit that you’re considering in a condo hotel meet your needs? Does it have enough bedrooms, enough square footage?
Does it have a kitchen?
(Some do, don’t.) Does it offer an appealing view? Is it furnished to meet your tastes? Does it offer any owner storage?7. Will the condo hotel unit appreciate? While personal enjoyment should be your primary reason for considering a condo hotel purchase, it’s certainly wroth thinking about whether the real estate you want has good appreciation potential.Look at surrounding properties and area appreciation rates.
Does the condo hotel have lots of competition? Is it different or better than area properties? How has the demand been since the real estate first came on the market? A realtor who specializes in condo hotels and is familiar with the area in which you’re looking can often help you determine if the condo hotel you’re considering has good apprecaition potential.By Joel Greene
President, Condo Hotel Center, www.CondoHotelCenter.ComAbout the Author:
Joel Greene is the president of Condo Hotel Center in Miami, Florida. Visit his website at http://www.CondoHotelCenter.Com which is a clearinghouse for listings, information, and photos of condo hotels. At his website you can sign up for his Property Alert newsletter which notifies readers of new condo hotel properties coming on the market and provides useful information about condo hotel develpoers and trends.
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