CondoTel

May 27, 2008 4:59 pm editor Information, Trends

1.jpgA CondoTel is a condominium project that is operated as a hotel with a registration desk, cleaning service and complete with all the amenities that a hotel can offer The units are individually owned. Unit owners also have the option to place their unit in the hotels rental program where it is rented out like any other hotel room.

There are advantages and dis-advantages to condotel ownership.

Advantages
- Pros include rental income to offset ownership expenses, a great vacation home, a cared-for home and potential price appreciation.

Dis-Advantages
- You might have to make a reservation for your own unit several days or weeks in advance. There are risks associated with all hotel ownership as well, such as occupancy rates that might be based on general economic conditions and potential destruction of the property.

Generally, condotels cannot be considered as your ‘first’ home. It is good for investment or as ‘second’ home only.

(image source : wcinet.com)

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