When someone decides to purchase a property abroad, they do it for several reasons. They are either buying real estate to retire to, relocate or use a second or vacation home. However, a handful of real estate investors are also investing abroad to create a flow of revenue from vacation rentals. With this in mind, most people will generally invest in a condo because they are easier to manage and maintain from a distance. Condos are also a favorable choice when vacationers are looking for a place to stay that is not a hotel. Over the last decade, a newer concept has developed within the condominium industry. This particular concept combines a hotel environment and its amenities with an actual individually-owned condo. Its trade name is labeled condo-hotel (quite obviously, of course).
What is a Condo-Hotel?
Imagine having all the amenities of a hotel or small resort at your fingertips, while staying in your own condominium. Condo-hotels are a great place for family getaways. They provide comfortable accommodations with easy access to nearby dining, entertainment and other family activities. Although many people confuse them, this concept is NOT a timeshare. You purchase a piece of real estate that you legally and fully own and can do with as you wish. Condo-hotels come in all shapes and sizes, and which one you buy depends greatly on what market you are looking to target when renting or what your personal needs are when using it.
Many condo-hotel communities resemble hotels or resort-style properties. They have all the amenities one needs such as pool, lounging areas, restaurants and spas. However, the “hotel†part of a condo-hotel really comes from the services offered in it. Besides having a 24-hour concierge at hand, a condo-hotel will offer maintenance services such as daily turnover, delivery, some even include a bell-boy service for when you arrive with your luggage or when you decide to leave. Many condo-hotels also have a service where they will keep your home as is for when you are visiting and clean it daily, while also changing sheets, furniture, taking down personal family photos, and more, for when you will have stranger guests using your condo for a vacation rental.
The Condo Belongs to You
The investor is the owner of the condo-hotel and holds the title. As such, you are responsible for its furnishings, maintenance (interior), taxes and insurance. You can sell or inherit your property at any time, and all proceeds are yours to keep. You can stay in it whenever you like by simply arranging arrival times and dates with the on-site management company. Just make sure there are no scheduled renters.
Why Should You Invest in a Condo-Hotel?
There are plenty of reasons why people purchase condo-hotels in the Riviera Maya.
- Revenue stream by renting it out when not in use
- Exceptional return on investment without the high price tag
- No yard or exterior work to maintain
- Relatively inexpensive to own
- Very flexible rental plans divided down from months, weeks and days
One of the greatest advantages of owning a condo-hotel is its plug-and-play program. The on-site management company handles all your rental paperwork, payment processing, cleaning and general maintenance. All you have to do is to collect your rental income. This is a great way to have a vacation destination and, at the same time, create extra revenue to help support your investment.
Make Your Dream Come True Today
If you feel ready to start looking at condo-hotel properties in the Riviera Maya, you’re in luck! Top Mexico Real Estate offers a large array of options perfectly suited for anyone who wants a vacation home that they can also make a buck from. The Fives Essence is a condo-hotel in Playa del Carmen which shares amenities with the Karisma-brand hotel, The Fives Azul Beach Resort. The master plan of the hotel and condominium community include pools, an entertainment center with shops and gourmet restaurants, bars, the beach and beach club, tennis courts and even a cenote and a spa.
You can choose either the two- or three-bedroom model. Both have options overlooking the lush tropical gardens, pools and many conveniences. These turnkey condo-hotel comes fully-furnished and equipped ready for you to simply unpack and start enjoying the wonders of Playa del Carmen in luxury and comfort.
And remember, at Top Mexico Real Estate…we make it happen!
