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Benefits of a Condo Hotel Investment
A condo hotel investment is a way to own vacation property without the hassle incurred with other property ownership. Condo hotel property has become very popular in Orlando in recent years. This is a top vacation spot in Florida and there is high demand for rentals. With a condo hotel, you will get more money for rentals than you would with many other types of property. Condo hotel units are larger in Orlando than in most large cities in Florida, such as Miami and Fort Lauderdale. In addition, they tend to be less expensive per square foot here than in south Florida. In Orlando, prices are between four hundred and seven hundred dollars per square foot. In south Florida, this price jumps to between one thousand and two thousand per square foot. How a Condo Hotel Investment Works Condo hotels are high rise, luxury properties. They are often run by large hotel companies, such as Hilton, Trump, Hyatt or Four Seasons. They have the amenities and services that are typical of five star hotels. Most have spas, pools, fine dining, laundry service and room service. You purchase the condo and use it when you want to vacation in Orlando. The condo hotel has a rental program. The company takes care of renting, maintenance and cleaning. They also operate the services offered by the hotel. In return, the company keeps a percentage of the rental fees. The best deals can be found prior to the beginning of construction and in the very early stages of construction. After this phase, the cost of ownership increases dramatically. Some tend to sell out fast, so you need to get in early to get the best price and be sure to get a space in the hotel of your choice. This is especially true in areas with a high rate of tourism, such as Orlando and other large cities in Florida. Who Pays What in a Condo Hotel Investment? There are a variety of expenses involved in a condo hotel. Some of these fees are paid by the owner and others are paid by the operator of the hotel. The owner pays all the taxes and insurance on the unit. Any improvements that are needed, or wanted in the unit are the responsibility of the owner as well. If you need new tile in the bathroom, you will be responsible for paying the bill for the installation. The operator pays the operating expenses of the hotel. This includes all administrative costs and marketing, such as advertising the units for rental. In addition, the costs incurred for housekeeping are paid by the operator. This includes the salary of the cleaning personnel, supplies and other equipment needed to keep the hotel in good condition. When you purchase the property, you will need to sign an owner's agreement. This should stipulate the amount of money you get and the company gets for rental on the condo. The agreement should spell out when you plan to use your condo. How much time will you be staying there? If you want to add more time, how much notice do you need to give the company? This is important because if the unit is already rented, you may not be able to stay there.
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Article Tags: Florida, Investments, Condo Hotels Article Source: http://www.articlesbase.com/investing-articles/benefits-of-a-condo-hotel-investment-65649.html About the Author:
Howard Farmer Florida Property Investments More Florida articles here: Florida articles
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