In vacation home ownership, condo hotels are known as condotels are the latest concept. These allow you to own condos in the luxury hotels with access to all the amenities offered in that hotel. When you are not using the condo units, you can place it under the rental program of the hotel and receive a percentage of the generated revenue. Many people confuse the condo hotel concepts with timeshares, which is a popular option for vacation home ownership. There are numerous online resources that let you understand the differences between the condo hotels and timeshares. Websites like telegraph.co.uk provide the recent updates in the vacation home ownership, so browse these websites to know more.
Flexibility: When it comes to flexibility in use, on buying a timeshare, you can choose a set location and a specific week or two during when you will use the vacation home each year. On the other hand, with a condo hotel, there is increased flexibility. You can use the unit whenever you need. Sometimes, there can be restrictions preventing you from using the condo as a permanent residence.
Amenities: With a condo, you can enjoy more amenities than a timeshare. In timeshares, there will be a community pool and specific common areas. But, the condos let you enjoy all the amenities that are available at the luxury hotel apart from the pools, restaurant, poolside bar, spa, etc.
Furnishings: Both timeshares and condo hotels are sold fully furnished. In timeshares, the quality of the furnishings is based on the individual development and the cost involved in the same is included in the overall price. On the other hand, the condo hotels usually have high-end furniture, fixtures, and appliances those are selected by a professional interior designer. Similar to timeshares, the cost is included in the price of the condo itself.
Services: If you own timeshares, you are responsible for all the housekeeping requirements during your stay. If you have a condo hotel unit, you can avail the housekeeping service of the luxury hotel whenever you need. Besides housekeeping, you can access the maintenance services, check-in services, and concierge services.
Price: Talking about the pricing, the cost of timeshares vary greatly but are usually lower than that of the condos as you will be using it for only one or two weeks. Moreover, you will not receive any revenue from the same until your timeshare unit others use it. When it comes to condo hotels, you will get the deeded ownership to the property. Though it is expensive, the condos can give you more income than the timeshares.
Rental income potential: With the timeshares, you have the option of renting your property to someone of your choice or place it in a rental program if you are not using the unit. But, you can rent the timeshare only for one or two weeks in a year. With condo hotels, you can find renters or place the condo under the hotel’s rental program. The rental program will give you a part of the generate income when you are not using your condo. You can rent it for one night or for a whole year. So, you can get increased rental income from condos.