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Considering buying a second home or vacation home? Great idea! You’re about to join one of the fastest growing trends in the United States and the world. And, if it’s a condo hotel unit that you’re thinking of, then you have a unique opportunity to get in on the ground floor of a very exciting, new type of real estate investment, one that shows tremendous potential for the future.
Why are condo-hotel units garnering such rapid appeal as vacation homes? Take a look at this list of the top ten reasons, and then we’ll go into more detail on each one.
Top Ten Reasons to Buy a Condo-Hotel Unit
- Vacation “free” any time.
- Enjoy Luxury Accommodations.
- Avoid maintenance headaches.
- Secure your place in the sun.
- Generate rental income.
- Get in on the bottom of the condo-hotel craze.
- Gain appreciation potential.
- Secure easy mortgage financing.
- Save on taxes.
- Diversify your investments.
1. Vacation “free” anytime. When you own a condo hotel unit, you can use it as a vacation home anytime, unlike timeshares when you can only use your property one or two weeks out of the year.
2. Enjoy luxury accommodations. Most condo hotels are first-class, extremely luxurious properties with numerous amenities. They are operated by the best, most respected names in the hospitality business such as Marriott, Hilton, Ritz Carlton, Starwood and Sonesta.
3. Avoid maintenance headaches. Unlike owning a second house or a condominium, when you own a condo-hotel unit, you never have to worry about repairs and maintenance. The management company handles it all for you. You enjoy all the fun without any maintenance headaches.
4. Secure your place in the sun. Places like Miami Beach, Fort Lauderdale and Key Biscayne are completely built up. Oceanfront property is a very limited commodity. If you want to know that you’ll always have a place to come for recreation and even retirement, the time to buy is now.
5. Generate rental income. When you’re not using your condo hotel unit, you can allow it to go back into the hotel’s rental program. The hotel management company is responsible for renting it out for you. The revenue is usually split evenly after some adjustment for expenses. Part of the beauty of condo-hotel unit ownership is that you never have the bother of finding tenants or dealing with them.
6. Get in on the bottom of the condo-hotel craze. The concept of condo-hotels as vacation homes is fairly new and not very well known.yet. However, every indication is that condo hotels are here to stay. Already the success seen in South Florida where the concept originated is now spreading to places like Las Vegas and Orlando.
Investors who take the plunge early have an opportunity to get in before word spreads and more buyers come on the market and drive up prices. Furthermore, unlike timeshares which are virtually impossible to unload, the resale market for condo-hotel units looks exceptionally promising.
7. Gain appreciation potential. Those same baby boomers who drove up housing prices from Los Angeles, California to Burlington, Vermont are now entering the second home and retirement home market in vast numbers. In addition, the post-boomers are getting in on second home ownership. They see second homes as the newest symbol of status, the best way to reduce stress, and a direct route to quality family time.
And let’s not forget international buyers. The British, Mexicans, Latin Americans and Canadians as well as affluent citizens from many other countries are shopping the U.S. for second homes.
So when thinking about appreciation potential for a second home, gaze into that crystal ball and you’ll see that it clearly reveals a rapidly growing number of people with the desire, income, wealth and borrowing power for acquiring second homes. There’s little doubt that in the future the prices of properties that are located in popular areas like Miami Beach, Key Biscayne and Fort Lauderdale will make today’s prices look like bargains.
8. Secure easy mortgage financing. Lenders like the condo hotel concept. They are ready, willing and able to make mortgages on condo hotel units as second homes or vacation homes.
9. Save on taxes. Owning a second home opens an array of possibilities for additional federal tax deductions and tax-sheltered (or tax-free) income. In some cases, you can even reduce or eliminate various property taxes, income taxes and other fees levied by state and local governments. Naturally, you should discuss your own situation and tax-saving possibilities with competent tax counsel.
10. Diversify your investments. The ups and downs of today’s stock market is dizzying. With strong appreciation of second-home prices expected in many locations, you might consider diversifying your investment portfolio with real estate ownership-especially real estate that will add happiness to your life. If the stock market drops, your second home will not only help preserve your net worth, it will give you a fun place to vacation.
