Condotels are a great way to offset the cost you pay for your condo. A Condotels is a residential building that is a hotel and condo building. Generally in A Condotel you benefit from the same options that the hotel guests have which usually include daily maid service if you desire.
One of the greatest benefits of a well ran condotel is that when you are not using your condo and will be away then you can give the hotel the option of renting out your condo unit the same as they do the other hotel rooms. You can earn money from your condo weather you will be gone for 1 night or 1 year.
Most condotels have a storage unit located inside of your condo unit. This allows you to easily put away any personal items that you may have inside of your condo unit and lock it up. You can now allow the hotel to rent out the condo and you will earn some money for your condo. It is safe, the hotel housekeepers will keep it clean and have it already for you when you get back to your condo unit.
The first place to start when looking to purchase a condotel in Las Vegas is an established real estate agent who specializes in condos and is familiar with condotels.
Trump Tower in Las Vegas is a hotel and condo building. The condotels that you purchase in the Trump Tower do not have any minimum stay restrictions as some other condotels have. You can purchase one and have the Trump Tower staff rent it out for you as a hotel room for as long as you would like. If you decide to visit Las Vegas and spend a week there just call and let the Trump Tower staff know that you are coming and when you will arrive. They will make sure your condo is clean and ready for you upon arrival.
Signature at MGM Grand
The Signature at MGM Grand condotels is a hotel and condo building that is affiliated with the MGM Grand Hotel. The Signature at MGM Grand is located near the MGM Grand Hotel and you can have the Signature at MGM Grand property management company rent out your condo unit when you are away if you want to maximize revenue for your condo property ion Las Vegas. You are not required to rent out your unit when you are not there but as a smart investor you might as well earn money from your condotel if you are not staying there.
The Signature at MGM Grand's 3 towers are located by the MGM Grand on the famous Las Vegas Strip. Even though you are located in the heart of Las Vegas you will have privacy and seclusion. The Signature at MGM Grand is a gated community with 24 hour staff and security.
The Signature at MGM Grand is the first luxury hotel condo project to be complete in Las Vegas. You can find some of the 1 bedroom condotel units at the Signature at MGM Grand for sale through private parties for as little as $150,000. Even with a lower cost lower floor unit you will still have amazing views of Las Vegas from your living room when you purchase a condo at the Signature at MGM Grand.
Allure Las Vegas
The Allure Las Vegas hotel condos overlook the fabulous Las Vegas Strip. Prices for the luxury condotels will sell for around $179,000 to over 4 million dollars.
Palms Place opened up in March of 2008. This hip hotel has condo units for sale on the resale market. The Palms Place condos overlooks the hot spot casino for famous stars the Palms.
Other Condotels in Las Vegas Include;
- One Las Vegas
- The Four Panorama Towers
- Sky, Las Vegas
- Streamline Tower
- Platinum Suite Hotel
- Streamline Tower Palms Condo
- Cosmopolitan Resort Condos
- MGM City Center
When purchasing a condotel in Las Vegas make sure you can afford to make the monthly mortgage on your condo. You do not want to rely on income from renting out you condo. The rental market fluctuates drastically at times. The income earned from renting out your condo as a hotel should be considered a bonus and a way to offset your monthly mortgage and association fees.
Most if not all of the highrise condotels in Las Vegas come with 24 hour concierge service, gym access, pool access, spa service and many other amenities that are also given to the hotel guests.
A Handful of condotel buildings have been scrapped before building because of the downturn in the economy. The current rates of the condotel properties in Las Vegas allow you to find some real bargains that are sure to appreciate drastically in the next 5-10 years.
The monthly homeowner association fess tend to be higher with a condotel type set up but generally your condotel association fees will include your utilities, basic cable. Sewer, garbage, and water bills.
Condotels are worldwide. You can find condotels from Mexico to Dubai. One great thing about a Las Vegas condotel is that Las Vegas is truly a worldwide destination. It will be much easier to gain some additional rental revenue from your Las Vegas condotel when you are not using it for yourself.
The first thing you want to do when looking to purchase a condotel in Las Vegas is find a reputable real estae agent that specializes in Las Vegas condos. They can help you get approved and together you can figure out what price range you can afford for a condotel in Las Vegas. After you get your financing in order the condo agent can help you narrow down the list by asking what you want, need, and desire in your condotel. After you get this all done comes the fun part, visiting various condotels and looking at the condos for sale directly.
Purchasing a condotel in Las Vegas can
be an amazing investment for the right person. Image Credit: (Flickr/essygie)