| |
| |
|
Real Estate Information |
|
|
|
Seven Questions You Should Ask When Buying a Condo Hotel Unit
You may have heard all the buzz about the newest type of vacation home investment, condo hotels. These are condominiums located in four- and five-star hotels in cities like Miami, Orlando, Las Vegas and Chicago. Owners use their condos when they'd like. When not using their unit, they can place it in the hotel's rental program and receive a percentage of the revenue it generates. How do you choose a condo hotel unit that meets your desire for a vacation home and is also likely to produce a healthy revenue and appreciate down the road? Consider the following seven questions when evaluating a condo hotels: 1. Is a condo hotel right for you? Condo hotels are not your typical second homes. They are fabulously-furnished condominium suites in some of the most famous hotels and resorts around the country. The properties are usually large, high-rise, luxury hotels and come with premium amenities like valet, concierge and maid service. Prices can range from $250,000 to over $1 million for prime properties. 2. Is the condo hotel well-located? Consider whether the property is located in a popular vacation destination, one that is likely to do a healthy tourist or business trade regardless of economic factors. Also, you must be sure you yourself like the location. Does it offer you the ocean view or golf course access you always dreamed about for your vacation home? If you'll be flying to this vacation home, how close is it to a major airport? 3. Does the condo hotel have a major franchise? The key to a successful condo hotel investment is the hotel operator. The better the operator and the franchise, the more likely the success of the property. A condo hotel with a name brand like Ritz-Carlton, Hilton, Starwood or Trump is likely to generate more revenue than a non-brand because it can charge higher room rates and benefit from international advertising and a centralized reservation system. 4. Will the condo hotel receive traffic from any nearby attractions or entertainment venues? A condo hotel that is near a convention center, a theme park or cruise port will benefit from proximity to these high-traffic venues. 5. Does the condo hotel have any on-site amenities that will draw guests such as a well-known health club, spa, fine dining restaurant or golf course? You'll want to choose a condo hotel that has amenities you'll enjoy using and also are a draw to attract hotel guests. 6. Does the individual unit that you're considering in a condo hotel meet your needs? Does it have enough bedrooms, enough square footage? Does it have a kitchen? (Some do, some don't.) Does it offer an appealing view? Is it furnished to meet your tastes? Does it offer any owner storage? 7. Will the condo hotel unit appreciate? While personal enjoyment should be your primary reason for considering a condo hotel purchase, it's certainly worth thinking about whether the property you want has good appreciation potential. Look at surrounding properties and area appreciation rates. Does the condo hotel have lots of competition? Is it different or better than area properties? How has the demand been since the property first came on the market? A realtor who specializes in condo hotels and is familiar with the area in which you're looking can often help you determine if the condo hotel you're considering has good appreciation potential. By Joel Greene About the Author:
MORE RESOURCES:
Real-Estate - Google News |
|
|
|
RELATED ARTICLES
Create a Great Webpage to Sell Your Home The majority of people in the UK who are looking to move house use the internet to find properties for sale. So it makes sense to ensure that your property is on the web if you want to sell. Foreclosure Home Deals Did you know that you can save tens of thousands of dollars on the purchase of your home by investing in a foreclosure or preforeclosure property? When you are trying to purchase a home for the first time, and you have limited resources and limited funds, it is particularly important that you get the most "bang for your buck".One way for a young family to get the most home for their money is to purchase a "distressed" property. Real Estate Bubble: Fact or Fiction? The real estate market buzz across the country these days revolves around the anticipated and much feared "bubble". The implication is that once burst, prices will spiral downward taking with them the major assets of those foolish enough to buy at a time when disaster looms large. Should You Allow Buyer To Rent During Closing? It's not uncommon for an investor to sell a house and have the buyer request the right to rent and occupy the property while the closing is being completed.You're a bad guy if you refuse and often in hot water of you agree. The New First Impression in Home Selling As an ASP Home Stager® I know how important curb appeal can be in making that critical first impression when selling your home. However, with the growth of real estate advertising over the web, there is another first impression that you should consider when marketing your property. Talk to a Lender Before You Sell Your Home If you're looking to sell your home quickly, and for top dollar, the best thing you can do is to be able to offer your buyers some sound financing options. That's why developing a relationship with a lender can be the key to a quick sale, and to more money at closing. At Home In Your Overseas Home Homeownership, in any form, is a big step for most people. In fact, it's often one of the biggest financial decisions of our lives. Understanding the Escrow (Closing) Process 1. What is an escrow?Escrow is defined as a process where parties deposit instructions and funds with a "disinterested" third party until conditions of the instructions are met. Think You Can't Afford Your Own Home, Think Again! Do you have bad credit, no credit, filed a bankruptcy, have a ton of late pays, medical bills, or been through a divorce? Well, we have the perfect solution for you - Lease Purchasing your own home!What is Lease Purchasing?A Lease Purchase is a process that combines a basic rental lease with an agreement to purchase, or with an option to purchase the property. The Buyer (or Lease-Purchaser) pays to the seller a monthly payment that usually approximates a rental amount or a typical mortgage payment on the home. Horses In My Back Yard Horses In My Back Yard by Jody Hudson, with Extensive Collaboration From Chris Hudson HORSE LOVERS: During my thirty years of selling rural land, I have frequently found that folks want some acreage so that they can own and ride horses. They LOVE horses in their own mind but have little if any of the real knowledge or experience necessary to raise one or more horses. Realities of Real Estate Investing If you are anything like me, you are always looking for a good way to work for yourself and make tons of money. Is this not the dream of millions of Americans? Of course it is, and I am willing to bet that you have considered getting into the real estate market at some point. Investing in Real Estate for Your Retirement (and Now!) You've probably heard a lot of opposing information about Investing in Real Estate, which is completely annoying! The straight-forward fact about Real Estate is that it is probably the best and safest investment you'll ever make, especially if you live in it, and that you are far more likely to make money in this market than with any other type of investing. The chances are very slim that you'll wake up one morning and the housing market will have dropped by 40%. Why it is Important to Hire Just One Real Estate Agent to Buy a Home In our fast paced and frantic real estate market, buying a home takes quick action and strong representation. Some buyers decide to involve several agents in their search for a home, assuming that there is strength in numbers. Best Time to Buy? Best Time to Sell? When is the best time to buy? When is the best time to sell? I get asked these questions constantly everywhere I go. In short, the answer is that it depends on your individual circumstances. Property Investing - Am I Buying for Profit or Prestige? All of us have emotional preconceptions and assumptions. They are reinforced and fine tuned by our experiences of life, be they traumatic, disciplined or consistent. Property Investing Secrets 1 When property investing, pay the seller their asking price but negotiate the terms under which you can buy property. You'd be absolutely surprised when property investing at how many sellers will help fund you into their property. Real Estate Lease Option Danger Why are real estate investors having so much successoffering "rent to own" homes?Lease-options offer home ownership opportunitiesto folks with little cash and not so hot credit.Oh boy, there are plenty of those around. 7 Different Ways Anyone Can Become a Real Estate Investor Being a real estate investor is not really that hard, Sometimes you do not need any money down. Other times you do not need any of your own money down. Planning for Real Estate with Estate Planning One of the most important considerations you will need to make in regards to your real estate holdings and your estate includes tax planning. If not handled properly, your estate could end up getting hit with significant losses due to taxes after your demise. 5 Factors of Selling a Home There are five major factors to consider when selling a home. These factors will greatly influence not only the final price you will get for the property, but also how quickly it will sell and how much grief you will suffer through the sale.
|
| home | site map | |
| Realty Web Services © 2007 | MesaSky Services |
