Should I invest in a condo hotel? This is a question that we receive from many customers that are considering to make an investment in our beautiful city of Orlando.
We have been selling beautiful properties that are condo-hotel because here you can find many wonderful options of properties with this classification. This is a great solution for owners who want a low maintenance to their vacation home. But as with any purchase that you’re going to do, we always tell the potential buyers that is important to understand the concept, what the benefits are and what are the differences between other real estate purchases.
Let me explain a little bit more about this great option that allows to you buy a property in a 4 or 5 star hotel. Condo hotels are high rise buildings located in luxury resorts. They are legally considered “condos” or apartments, but are operated and managed like a hotel. They’re are intended to short term rentals only, like a hotel. Saying that, is not a property where owners can live permanently, but the owners can stay there for a specific period of time, typically up to 180 days per year.
The condo hotel properties will come fully furnished, including kitchen appliances, central air condition, washer and dryer, TVs, dinnerware, linens, and towels. Guests will love the feeling to be in a very modern resort but also with the amenities of a condo. Most of them included full kitchen, usually between 2 to 4 bedrooms and laundry room, with washer and dryer in the unit.
Most condo hotels are ultra-luxury resorts, and in Orlando we have some that are almost new, with four or five star amenities. These included amazing water parks, with more than one pool, lazy rivers, kids areas with playground and water activities, and some has lakes and water sports activities.
Also the guests will find there all the services that you can expected in a hotel, like valet parking, concierge, multiple bars and restaurants, spas, fitness center and a 24 hour front desk. The condo hotel properties here in Orlando have a great location, close to our famous theme parks, malls or convention center. Location is key in Real Estate!
As a great benefit for owners, the unit are manage by the condo hotel’s rental program, which means as the owner you don’t need to handle or hire another property management company to take care of the rental. Also this type of management means that you will be stress free about typical concerns that owners have when buy a regular property. For example, you don’t need to deal with the property maintenance or guests services issues. Definitely, is a stress-free property ownership!
The hotel will charge a percentage of the rental, services fees and the maintenance as well. You will have to pay for the loan, taxes and Home Owners Association (HOA).
For that reason, is important that you read and understand what your benefits are as owner and what your obligations are. You should ask for example, how many days you can stay at your property, if there is any fee (like a resort daily fee) that you need to pay if you’re going to stay there, who will pay for the cleaning and what is the projected total amount of charges that you must pay as owner. You should review the average daily rates that they charge to regular guests, and a projection of occupancy of the unit to have an idea of the revenue and expenses. With that you can analyze and see if you’re going to have an annual revenue.
As always, for legal questions, is important to review the complete contract and that you discuss with an attorney the clauses that are included.
Our expert team of Viva Orlando will help you to know more about the wonderful options that are available for sale now. We can present you all the ones that are available and show you if you’re planning to visit Orlando, or send you images and videos if you prefer. Contact us today: firstname.lastname@example.org or call me at 407-922-4620.
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