Primary Residential Mortgage, Inc.
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Condo hotel or also known as condotel is a popular go-to place these days for most people who are looking for an investment or to just simply unwind. This commercial or residential real estate becomes a rising and one of the most developing business today.
Condotel is a high-rise condominium project that is operated as a luxury hotel. Wherein, the units are owned by an individual or groups. While, on the other side, it can also be booked by guests. Basically, condotels were built to have two profitable purpose, it’s like a two-in-one kind of situation. Either it is for residential or commercial use.
Generally, condotels are sold as a second home. But when they are not using this home, owners can give the marketing and management work to the hotel chain. On that, these units can serve fully as holiday or vacation home by making it as any other hotel room. Thus, investors have a choice of exclusively live in their units without enrolling in any leasing program.
Since condotels are a booming business today, it attracts tourists and investors. Condotel is a new great investment venture for everyone who is always on vacation or out of the country. While you are away from your home, your home does the business for you. Moreover, it has been reported that a unit owner can earn as much as 8% of the purchase amount per month. It can also be a joint-venture among unit owner and the hotel operator. With that, it is one less worry to market and manage your own unit with an income that is equally divided. Aside from that, you can enjoy the same amenities as guests with its hotel service such as swimming pool and fitness room.
Owning a condo unit can be quite costly. As most condotel operators in cities like St. Louis, homeowner’s association fees are required to pay by the owners. Such fees include common are utilities, building reserves, fitness room use fees, pool area maintenance, parking area fees and security and pest control services. But if you find this dual purpose building worth the risk then surely your investment will return.
This trend was developed in 1992 by the real estate mogul, Donald Trump. On the same year, many real estate developers in Missouri considered and followed the idea of this two-in-one purpose building. That made it a boomed real estate business today. As the continual growth, local and tourists investors put up their investments in this building system. And for some reasons and perks, condotels are now the usual go-to place of people either tourists or locals. With all these perks that condotels offer, it’s actually a great investment that you should try to consider.<< Back to the list.