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The latest trend in vacation home ownership is condo hotels. Suddenly, consumers have the ability to own a second home in a wonderful destination without any of the hassles of ownership. To see why the condo hotel concept is becoming so popular, consider these 10 benefits.
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condo hotels, vacation home ownership, 1031 exchange, condo hotels in Miami, Ft. Lauderdale, Las Vegas, Chicago
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You may have heard about the latest trend in vacation homes – condo hotels. Suddenly, consumers have the ability to own a second home in a wonderful destination without any of the hassles of ownership. To see why the condo hotel concept has so much appeal, consider these benefits:
1. You can own a piece of a world-class property. Most condo hotels are of three- to five-star quality.
2. You’ll have a vacation home in a fantastic destination. Most condo hotels are located in premium locales – on the beach, near golf courses, next 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 popular condo hotel locations.
3. Use your vacation home when you want. Flexibility in use means you always have a place to “get away from it all.” When you’re not using your vacation home, place it in the rental program.
4. A professional management company will take care of all maintenance and operational issues. Most condo hotels are managed by premier hospitality firms, often the biggest names in the business, Ritz-Carlton, Trump International, Hilton, Starwood and Hyatt, to name a few.
5. You receive approximately half of the rent revenue your condo hotel unit generates when you’re not using it. The management company takes care of renting your condo for you. The revenue helps offset your costs of ownership. Plus, most management companies have sophisticated reservation systems and invest in professional marketing, enabling them to keep your unit rented far more than you likely could on your own.
6. The management company deals with the guests. Part of the hassle-free nature of condo hotel ownership is that the management company handles everything regarding guests, from attracting them to checking them in and out of the hotel and solving any problems that arise during their stay.
7. You’ll have access to luxury hotel services. Unlike a single-family home, in a condo hotel vacation home, 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 friends. The unit is yours, so you decide how it’s used. Want to lend it to your Aunt Betty and Uncle Lou? No problem.
9. Purchase your condo hotel unit with traditional financing or even as part of a 1031 exchange. A variety of loans are available to invest in condo hotels. Condo hotels also qualify for tax-deferring strategies like 1031 exchanges.
10. Realize appreciation when you resell your condo hotel. Like traditional real estate, over time your condo hotel unit has potential to appreciate. Because of its quality location, professional hotel management and on-site luxury amenities, the value of your vacation home should increase. You keep the profits when you sell.