Do you know the difference between a condo and a condo hotel (Condotel)?
– Here’s all you need to know about condo hotels.
Condos and Condo Hotels
A new type of real estate property is on the scene, and the name for it is condo hotels. This term is important for those people looking for a great vacation home investment or a luxury retirement home. Condos have already made their mark on the real estate market as affordable options for family homes as well as vacation homes, but condo hotels add a whole other level of luxury and convenience.
All you need to know about condo hotels
First, let get a clear understanding of what is meant by the term condo hotel and why it is different from regular condos. Condo hotels (also known as condotels or hotel-condos) are apartments of villas managed by hotel resorts in the top vacation destinations. While each unit in the resort is an individually-owned condo unit, each unit is also considered a part of a hotel chain, enjoying all the facilities at the resort.
Luxuries of a condo hotel
The hotel functions as the condo’s management company and takes care of the scheduling of your stays. Also, you get the privileges of resort hotel services when you purchase at a condo hotel. Restaurants, gym and spa facilities, courteous staff, and room service are all a part of your condo hotel package, which are perks you cannot get if you have the standard condo.
Advantages of a condo hotel over standard condo ownership
Condo hotels are a great asset to have for several reasons. The most important reason is the ease in which ownership is for those who want a second home. Your condo hotel unit often comes completely furnished, and the maintenance and other upkeep is done by the hotel company. So, when you buy a condotel, you don’t have to worry about the regular upkeep and maintenance that’s involved when you own a regular condo. Although most condo hotels in the same hotel chain may have similar designs, you can’t beat the service that comes along with the property, including the rental income you will get from the hotel renting out your property when you are not there.
This information on the difference between a regular condo and a condo hotel should help you make a better decision of what type of condo you need for your vacation home or retirement villa.
Image via Villa La Estancia Riviera Nayarit