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?
Top 10 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.
- Diversify your investments.
- Tax Benefits
- 5 Star location
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, Viceroy 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 that 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. Diversify your investments. The ups and downs of today’s stock market are 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.
9. The hidden secret most US citizens are unaware that you can use your traditional retirement savings to purchase real estate, even outside the US. Diversifying your retirement savings like IRA’s, Roth’s and 401K’s is a great way to acquire your paradise property.
10. Five Star Locations with Five Star Resorts historically will produce the highest per night rental rates as well as the best appreciation.
by Alfonso Galindo
Director at I GO YUCATAN.com (Real Estate and Expat Affairs Specialist)
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