Dallas, TX (PRWEB) September 22, 2006
Frank Arena an expert in Real Estate specializing in Condo Hotel gives top ten tips when considering condo hotel condotel buying.
10. A destination where millions of visitors travel to each year such as a ski resort, convention center, or Disney World. This creates greater occupancy rates.
9. A nationwide reservation system to help generate rental of the property.
8. A known brand name with the expertise of a major chain behind the investment.
7. Full service front desk 24 hours a day 7 days a week.
6. Full daily housekeeping staff on premises.
5. On-site amenities such as pool, fitness room, and restaurant.
4. Established management company with years of experience including at least 10 hotels under management providing lower operation fees no more than 5 percent of revenue.
3. Annual HOA fees less than 8 percent of purchase price.
2. HOA minimum reserves of at least $25,000.
1. Price less than $310 per square foot.
When looking at condo hotels, look for the lowest cost per square foot money can find. The risk is much less with improved chances of making money over time. The lower the rental rates, the higher the occupancy. Find units that rent from $50-$125 per night. This type of condo hotel seems to stay busy year round since it offers good value to the consumer.
Condo Hotels have become very popular over the last couple of years. These are a lifestyle investment where the investor could own a number of condo hotels in many states in which you could spend time in places like Orlando, Florida in the winter, the mountains in the summer, Christmas in New York or wherever a vacation is desired. Prices for condotels start at $99,900 in Kissimmee/Orlando Florida to many millions.
Some of the best information and news articles are found on a website such as http://www.condotel.biz
Be a smart condo hotel investor do your math and read http://www.realestateinfo123.com for current trends on real estate.
About Frank Arena
Frank is a freelance real estate marketing journalist who writes on real estate markets educating the investors who they needs to know.