You may have heard all of the buzz about the newest type of vacation home investment, condo hotels. Owners use their condos when they would like.
How can you choose a condo hotel unit that satisfies your desire for a holiday home and is also likely to produce a healthy earnings and appreciate down the road? Consider the following seven questions when assessing a condo hotels:
1. Is a condo resort appropriate for you?
They’re fabulously-furnished condominium suites in some of the most famous hotels in Lanzarote and resorts around the nation. The properties are often big, high-rise, luxury resorts and include premium amenities like valet, concierge and maid service.
2. Is the condo resort well-located?
Consider if the property can be found in a popular holiday destination, one that is likely to do a healthy tourist or company trade regardless of economic factors.
Additionally, you need to be certain you yourself like the location. Does it provide you with the sea view or golf course accessibility you always dreamed about for your holiday home? If you’ll be flying to this holiday home, how near will it be to a major airport?
3. Does the condo resort have a significant franchise?
The trick to a successful condo hotel investment is your resort operator. The greater the operator as well as the franchise, the more likely the achievement of the house.
A condominium resort with a name brand including Ritz-Carlton, Hilton, Starwood or Trump is very likely to create more revenue than a non-brand since it can charge higher room rates and benefit from global advertisements and a centralized reservation system.
4. Will the condo resort get traffic from some other nearby attractions or entertainment places?
A condominium hotel that’s near a convention centre, a theme park or park port will benefit from proximity to these high-traffic venues.
5. Does the condo hotel have some on-site amenities that will draw guests like a well-known health club, spa, fine dining room or golf program?
You’ll want to opt for a condo hotel which has amenities you will enjoy using and are a draw to attract hotel guests.
6. Does the person unit which you’re considering in a condo resort fulfill your needs?
Does this have enough bedrooms, sufficient square footage? (Some do, some do not.) Does it provide an attractive view? Is it furnished to meet your preferences? Does it offer any proprietor storage?
7. Can the condo hotel unit love?
While personal pleasure should be your principal reason for considering a condominium hotel purchase, it is definitely worth thinking about if the property you want has great appreciation potential.
Look at surrounding properties and area appreciation prices. Does the condo resort have a lot of competition? Is it different or better than area properties? How has the demand been because the land first arrived on the market?
A realtor who specializes in condo resorts and is knowledgeable about the area in which you are searching can often help you figure out if the condominium hotel you are considering has great appreciation potential.