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Condo-Hotel properties are a unique type of condo investment. There are both positive and negative aspects of owning a condo-hotel unit and condo-hotels are not for everyone. Here are some things you should keep in mind if you are thinking of investing in a condo-hotel.
- Condo-Hotel units are generally much smaller than normal condo units. Units usually resemble hotel rooms rather than spacious condo units.
- If you are looking to live in your condo-hotel unit remember that you will be sharing the common areas with hotel guests.
- If you opt in to a lease back program with the hotel you may be limited to a certain number of days you can use your property.
- Check with your mortgage broker to make sure you can qualify for a condo-hotel property. Due to the small square footage of most condo-hotel units you may have trouble finding financing.
- If you are participating in a lease back program you will be required to furnish your unit to the standard of the hotel.
If these issues do not deter you from your desire to invest in a condo-hotel property, than a condo-hotel could be perfect for you. Even though you may face some inconveniences in owning a condo-hotel unit, there are many positive aspects to investing in a condo-hotel. Here are some reasons people invest in condo-hotels.
- Most condo-hotels offer lease back programs that allow you to immediately see revenues on your unit when other people stay in it.
- Condo-hotel properties offer you all the standard hotel features like room service and full time maids.
- If you travel to a specific destination frequently and purchase a condo-hotel there, you can save the money you would normally spend on a hotel room.
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