Condo or Condotel - What is the Difference?
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Preston Guyton
Apr 16, 2010, 7:25:03 PM4/16/10
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Please consider this free-reprint article written by:
Preston Guyton
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Article Title: Condo or Condotel - What is the Difference?
Author: Preston Guyton
Word Count: 624
Article URL: http://www.isnare.com/?aid=503658&ca=Real+Estate
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=503658
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The word condotel is relatively new to the real estate vocabulary, 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, 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, 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, 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 décor is kept similar from condo to condo, 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 décor is mandated by the hotel to ensure that rooms are similar in look and amenities across the entire complex. In addition, those owners who would like to spend time in their condotel must make reservations weeks ahead of time for their own properties because the hotel service may book the room far in advance.
Now that you have a better understanding of what condotel means and how they differ from an average condo, you can make the decision as to what type of real estate will work best for you.
About The Author: Preston Guyton is a professional Realtor serving the Myrtle Beach real estate market. For more information on homes and condos for sale in the Myrtle Beach area, please visit our website http://www.PrestonGuyton.com to search available homes and condos for sale updated daily.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=503658
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Please consider this free-reprint article written by:
Preston Guyton
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=503658
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=503658
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Condo or Condotel - What is the Difference?
Author: Preston Guyton
Word Count: 624
Article URL: http://www.isnare.com/?aid=503658&ca=Real+Estate
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=503658
Easy Publish Tool: http://www.isnare.com/html.php?aid=503658
*********************** ARTICLE START ***********************
The word condotel is relatively new to the real estate vocabulary, 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, 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, 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, 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 décor is kept similar from condo to condo, 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 décor is mandated by the hotel to ensure that rooms are similar in look and amenities across the entire complex. In addition, those owners who would like to spend time in their condotel must make reservations weeks ahead of time for their own properties because the hotel service may book the room far in advance.
Now that you have a better understanding of what condotel means and how they differ from an average condo, you can make the decision as to what type of real estate will work best for you.
About The Author: Preston Guyton is a professional Realtor serving the Myrtle Beach real estate market. For more information on homes and condos for sale in the Myrtle Beach area, please visit our website http://www.PrestonGuyton.com to search available homes and condos for sale updated daily.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=503658
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com --
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