Gäste Forum » Disadvantages of a Condotel

The word condotel is relatively new to the real estate vocabulary Cheap New Adidas Ultra Boost , but it is an important term for buyers to understand if they are interested in purchasing a condo in a resort location. High rise condos overlooking beautiful stretches of coastal shoreline have long been a favorite type of real estate for second homes, vacation getaways, real estate investments, and for those who are looking for a new type of well located, low maintenance Cheap Adidas Ultra Boost Shoes , luxury home. The introduction of condotels has created a new dimension to the typical condo that will be explained in this article.

What is a Condotel?

To begin with, we need to understand what a condotel is and how it differs from a standard condo. Sometimes referred to as condo hotels or hotel-condos, this popular new type of real estate consists of high rise condos that are operated and managed as luxury hotels. This means that the condo units are individually owned, but branded together as a Westin, Ritz-Carlton Cheap Adidas Ultra Boost Mens , or other luxury hotel chain.

The typical luxury high rise condominium lacks this same luxury hotel branding and marketing, which sets a condotel apart from standard condos. The hotel works as the management company for the building, scheduling short term or long term stays around the times that you are occupying your condo. In addition, you get all of the luxuries of a world class hotel at home. Room service, gym and spa facilities Cheap Adidas Ultra Boost Womens , and a friendly staff to help answer your questions are just a few of the added perks that are missing from most traditional condo towers.

Advantages of a Condotel Over Condo Ownership

There are many reasons why condo hotels have become so popular over the last few years, especially when compared to a typical condo purchase.

Headache Free Investment Property or Second Home

When it comes to furnishing, maintaining, or renting out your hotel condominium, you are free from the decision making process. The hotel management company maintains the condo as they would any hotel room in one of their prestigious locations. This means that design and d茅cor is kept similar from condo to condo Cheap Adidas Ultra Boost , and the day to day running of the hotel takes the burden of making sure your property is well maintained out of your hands, while ensuring rental income when you are not using the property yourself.

Tax Advantages

Condo-hotel ownership that is not used as a primary residence can have an accelerated depreciation schedule that reduces the 39 year period to 27.5 years, 15, and even as little as 5 years. This accelerated depreciation means significant tax bill reductions in the years it is used. Your accountant will be able to explain how this can be helpful when applied to your specific financial situation and tax expectations.

Disadvantages of a Condotel

There are a few differences potential condotel owners need to know about before they decide to make their purchase. To begin with, many people prefer to add their own personal touches to their second homes and vacation properties. This isn't possible with a condo hotel because the d茅cor is mandated by the hotel to ensure that ro