Hello, I’m Thomas Lloyd and this is the Top Tip in a Minute…
Today we are talking about the difference between a Condo and a Condo-Hotel.
Condo:
Let me start by first describing a condo. A condo is basically a multi-unit property. This could be a vertical building or a horizontal project with various homes. Each condo is privately owned by various individuals within the same property. You will find common area that are jointly owned by the individual condo owners. Common areas which may include a swimming pool, a gym, a garden area, tennis courts, etcetera, etcetera. In order to maintain the common areas a condo association is formed to administer the expenses and upkeep.
Condo-Hotel:
Now let’s review, what is a condo-hotel? First everything that I just described in regards to a condo plus a condo-hotel includes an infrastructure ready to receive vacation renters and a rental management company to operate the property. That does this include? This may include items such as a front desk, reception area, lobby area, warehouse area to store accessories such as shampoos, towels, and soaps, and other amenity that you would commonly find in an average hotel. A condo-hotel also differs from a condo in the respect that normally an onsite rental management company operates the vacation rental business. Usually a condo-hotel will allow the owner of the condo to use his condo for personal use or allow them to place the condo on the rental market to earn rental revenue for the condo owner.
I’m Thomas Lloyd and this has been Top Mexico Real Estate’s Top Tip in a Minute. Feel free to check out all the other informative Top Tip’s on the Top Mexico Channel.
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