Real Estate Information | Let us create a 3d Digital eBook for you! DigyCat.com |
|
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: |
RELATED ARTICLES
One Stop Shop for Buy to Let As the buy to let market continues to go from strength to strength, a unique selling opportunity has been created for landlords looking to dispose of both residential and commercial buy to let property with the ability for transactions to take place directly between landlords.Set up by experienced property investors with an acute understanding of all aspects involved in buying and selling of investment property. Take The Guess Work Out Of Your Wholesale Property Purchases We have become very concerned by the number of readers writing to us asking how to determine which are the wholesalers(*) that can be trusted. Why are we concerned? Because when we dig a little deeper, we realize that they are buying properties based solely on the recommendation of the wholesaler. Real Estate Values or Just Bad Habits There are several small businesses that retain hundred year old traditions. Hand-dipped chocolates, fresh flowers and cloth napkins on every table in a restaurant, or mints and roses on a guest's pillow at a B&B. How to Attract Clients in Residential Real Estate Doesn't it seem like everyone you know has a friend, relative, or acquaintance that is a realtor? How could anyone, especially someone new to the industry, possibly achieve success when faced with this much competition?The answer begins to appear when you consider the following questions:How many licensed real estate agents have the talents required for success in sales?How many have been trained in effective selling techniques?How many know how to prospect effectively?How many know which questions to ask to determine the factors that are most important to each prospect's buying decision?How many take their profession seriously and are willing to put in the effort and hours that are required to build a successful business?How many of them regularly sell multiple houses per month?The 80/20 rule definitely applies to residential real estate. In fact, some statistics suggest the ratio is more like 90/10 (where 90% of home sales are made by just 10% of realtors), with the vast majority of home sales by the top 1%!So, how can a novice realtor attract clients? By building his or her credibility and relationships. The Cat in the Attic Strange and unexpected things happen during home inspections. Seldom are they tragic. 11 Different Ways to Participate in The New Millennium Real State Boom Many parts of the country are going through a real estate boom. In recent reports real estate is showing double digit growth in many parts of the country. Saving for a Home So you want to buy a home? This is a big step for anyone, and there are many factors to consider, not the least of these is how to get the money for a home. Sure there are loans available for home purchase, but you must have cash on hand to cover expenses such as fees and closing costs that might not be able to be covered by a loan. Walnut Creek Real Estate Looking to relocate to a Californian suburb with a low crime rate, beautiful luxury homes and the convenience of being located just minutes from Oakland and San Francisco? Look no further than Walnut Creek. This city of just over 65,000 people is staying relatively stable in population, but new luxury homes are being constructed in this northern suburb all the time, and there are countless options. Seven Tips in Choosing Maui Income Properties Aloha! If you are interested in choosing a Maui incomeproperty, then there are some details that you should know.You might be a bit intimidated by the whole process ofbuying a home. Attention To Details Helps Homeowners Sell Fast In A Buyers Market Your boss has just given you the career opportunity of a lifetime, but the job is in another state.Soon you discover that moving your family to another city may be one of life's hardest tasks. Real Estate: Reasons and Priorities for Purchasing Property Real Estate: Reasons and Priorities for Purchasing Property. It's not just about Real Estate as an Investment. You Wanna Get High With Me? Being a home inspector is great. It's fun, it's interesting, and I get to meet wonderful people. High Tension for the Buyer and Seller of Real Estate Can Be Reduced Tensions can run high in both the selling and buying of real estate. After all, there is a lot of money and emotion involved! There are also time pressures and numerous privacy issues to deal with. Buy to Let Property Investment In recent years buy to let has been a popular way of investing in residential property. Stock markets are out of favour with many investors who have seen the values of their portfolios, endowment policies and pension funds shrink, whereas property has generally continued to rise in value. Real Estate Investing: America Rents Most people in America rent a personal dwelling!Just think how many families rent a house or an apartment, a duplex or a condo.Yet, nobody prefers renting. Dubai or not to Buy? A Short Assessment of the Dubai Property Market Never has there been such an ambitious and creative drive to establish a property market as has been witnessed in Dubai over the past three years. Running short on oil reserves, Dubai's crown prince, Sheikh Mohammed Al Marktoum, set out to turn Dubai into the financial, commercial and tourism capital of the Middle East and in the space of three years he has more than succeeded. Do Open Houses Work? What are the odds that you'll find your dream at a Sunday open house? What is the likelihood that your home will sell at an open house? Open houses are an integral part of the home sale business. But, do they work?There are two types of open houses. Moving On: Powerful Tips For Selling Your Home Maybe you're moving to a larger home to accommodate a growing family, relocating for a new career opportunity, or purchasing a townhouse for retirement. Whatever the reason for the move, you'll need to take the necessary steps to sell your home for the best possible price, within a reasonable amount of time. How To Find Your Dream Home In Belize Shopping for property in Belize is not as simple an undertaking as you might initially expect!Firstly, estate agents as we know them are non existent! Real estate brokers that do exist are likely to be unlicensed, unregulated and certainly not trained or insured.Secondly, the majority (and I mean the majority) of property for sale is not advertised!But with property prices remaining affordable, the quality of property available attractive, the climate beautiful, the people welcoming, the quality of life incredible and the opportunities in Belize plentiful, more and more people need to know HOW they can go about procuring themselves their dream home in Belize. Family Feud with an Auction Deadline - Adventures in Probate/ Estate Purchases One of our investor students told us of an interesting probate deal or "adventure" they're working on now and while it's a good story, it also illustrates lots of the ins and out of probate or estate issues and purchases.The Seller (we'll call him Scott) co-owned this house with his mom, and he co-signed on the loan with mom. |
List4Sale Domain Is For Sale - $10,000 For Enquiries eMail Us © www.List4Sale.biz 2012 |