With theÂ booming Real Estate Market in Mexico, and a growing number of foreigners looking to own a vacation property; Condo-hotels are a popular choice for those looking to enjoy the property, make a profit and not worry about their property when they are not using it.
Condo-hotel 101: Comparing your Condo-hotel with a Timeshare
Condo-hotels are an exciting option for individuals who would like to own a condo in a luxury hotel and have access to all of the luxury amenities at that hotel. When not using their condo unit, owners have the option of placing it in the hotel’s rental program and receiving a percentage of the revenue it generates.
Please, do not get confused with timeshares; condo-hotels have many qualities that set them apart from timeshares and make them appealing to anyone in the market for a second home. Here’s a comparison between a timeshare and a condo-hotel real estate investment.
Characteristics Timeshare Condo-hotel
|Flexibility||Specific week of the year, it is not flexible.||Flexibility to use your unit whenever you want.*|
|Amenities||The norm is a community pool and some common areas.||Amenities you would find at luxury hotels: several pools, restaurants, lounge, bars, spa and gym.|
|Furnishings||Timeshares are sold fully furnished. The quality of furnishings depends on the individual development.||Condo-hotel units are sold fully furnished. The cost for furnishings is included in the price of the condo-hotel unit.|
|Services||In a timeshare, you are responsible for your own housekeeping and unit upkeep during your stay.||You get daily housekeeping as you would in a luxury hotel. And you have access to room service, concierge services, maintenance services and check-in services.|
|Location||Located in highly-desirable resort areas.||Located in highly-desirable resort areas.|
|Price||Timeshares are typically cheaper than condo-hotels, because you are only purchasing one or two weeks of usage.||You receive deeded ownership to the property. In addition, when not using your condo-hotel unit, you can get revenue, helping to offset your maintenance costs.|
|Income Potential||You profit form the week or two weeks that you own.||It generates revenue any time that you are not occupying your unit, whether it is for one night or 365 days a year.|
|Appreciation||Timeshares depreciate in value. Reselling timeshares has never taken off, most people who buy a timeshare will have it for life, whether they want to or not.||You are the deeded owner of the unit, also the luxury lifestyle that comes with an amenity-filled, high-service property.|
*Note: Some condo-hotels do have living restrictions that prevent you from making your condo a permanent residence. Read your contract.
So if you like luxury resort style living and all the amenities that go along with a luxury resort, then a condo-hotel might be for you.
Now if you have any question about this or any of the TOP MEXICO REAL ESTATE properties we have listed in Playa Del Carmen, The Riviera Maya or anywhere throughout Mexico, please feel free to contact any of our TOP MEXICO EXPERT SALES TEAM and we will be glad to help you find your very own piece of paradise.
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