Ten Positive aspects of Owning a Condo Hotel - 0 views
started by Smith Stender on 03 Jun 13
started by Smith Stender on 03 Jun 13
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1. You can personal a piece of a planet-class property. Most condo hotels are of 3- to five-star good quality.
2. Youll have a vacation house in a fantastic destination. Most condo hotels are located in premium locales on the beach, near golf courses, subsequent 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 well-liked condo hotel locations.
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three. Use your vacation residence when you want. Flexibility in use implies you always have a place to get away from it all. When youre not making use of your holiday house, location it in the rental program.
4. A skilled management business will take care of all upkeep and operational troubles. Most condo hotels are managed by premier hospitality firms, often the greatest names in the business, Ritz-Carlton, Trump International, Hilton, Starwood and Hyatt, to name a couple of.
5. You acquire approximately half of the rent revenue your condo hotel unit generates when youre not employing it. The management organization takes care of renting your condo for you. The income helps offset your fees of ownership. Plus, most management businesses have sophisticated reservation systems and invest in qualified marketing, enabling them to keep your unit rented far much more than you probably could on your own.
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6. The management business offers with the guests. Element of the hassle-totally free nature of condo hotel ownership is that the management business handles anything relating to guests, from attracting them to checking them in and out of the hotel and solving any issues that arise for the duration of their remain.
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7. Youll have access to luxury hotel services. In contrast to a single-household home, in a condo hotel holiday residence, 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 more.
8. Share your condo hotel unit with family and buddies. The unit is yours, so you decide how its used. Want to lend it to your Aunt Betty and Uncle Lou? No dilemma.
9. Obtain your condo hotel unit with classic financing or even as component of a 1031 exchange. A variety of loans are available to invest in condo hotels. Condo hotels also qualify for tax-deferring methods like 1031 exchanges.
10. Comprehend appreciation when you resell your condo hotel. Like conventional genuine estate, over time your condo hotel unit has possible to appreciate. Simply because of its top quality place, professional hotel management and on-site luxury amenities, the value of your holiday property really should increase. You preserve the profits when you sell.