What are the main differences between a timeshare and condo-hotel? One thing that is for certain is that they are not the same. Timeshare refers to purchasing the rights to a unit for a particular period of time, while a condo-hotel implies the purchase of real estate, whether that real estate is fractional or full time.
Which is a Better Buy – Condo Hotels or Timeshare?
Which is a better buy, a condo hotel or a timeshare? If you are wanting to purchase a vacation property, then you will want to know why one is better than the other. The first thing people think of when the word “Timeshare” is said they think of a vacation property, and unfortunately many people have not heard of a “Condo Hotel”, and they don’t know what it means. Although the descriptions of a condo hotel and timeshare is very similar, you need to know the difference. A timeshare will provide you with the right to use, which means that the unit is never really yours but you have the rights to use it at particular times of the year. A condo hotel is actually a unit at a resort condo that one can buy – deeds and all! Deciding which is a better buy will depend on your expectations and needs. Buying deeded real estate will be more expensive than a timeshare, but the unit will be yours in perpetuity.
The Usage Difference between a Condo Hotel and a Timeshare
One of the major differences between a condo hotel and a timeshare purchase is when you buy a timeshare you are generally purchasing time. This means that you will only get to use the timeshare on scheduled and specific dates that you choose when you buy the timeshare and this is the time for each and every year. This could be a challenging thing for those who cannot get the same weeks off work year after year.
On the other hand, when you buy a condo hotel, then you are not just purchasing time, but you are purchasing a condo unit that you can use anytime. If you have a hectic and busy work schedule, then a condo hotel purchase is what you should consider. Another difference that benefits condo hotel owners is when you are not staying in your condo unit, then you can have the hotel’s management rent out your unit and this money can go towards your ownership costs.
Deeds for life
When you buy a condo hotel unit, then you are the owner and you will have a deed to your condo hotel unit. You are able to reserve the dates you want anytime and you will always get these dates first. Again, you are the owner!
The Resale Value Differences
It has been said numerous times by timeshare owners that if you later decide to sell your timeshare, then you are not likely to make a profit on the amount you paid for the timeshare. Although, purchasing a timeshare or a condo hotel shouldn’t be just for an investment. Condo hotels resale values often sells much higher than timeshares. Why, you may be asking yourself? It is because the condo hotels come with a deed for the property. You are not just purchasing time, but you are purchasing real estate property, and this is a big difference in the resale value between a timeshare and condo hotel property.
A popular choice
Condo hotels are starting to become very popular with people wanting to own their own condo unit in a foreign country. The demand is great for condo hotels in Mexico, for example. If you want to buy a vacation home but are not sure how you would go about maintaining the property, then a condo hotel is a great decision.