With warmer days arriving at last, thoughts turn to lazy summer days in a beachside house. But what's the best way to secure your spot on the beach if you don't want the hassles of full-time ownership? Condo-hotels and time-shares are two popular vacation home options, each with their own benefits and drawbacks.
Before signing on the dotted line for either, it's essential to understand exactly what you're purchasing.
The Two Options
Both condo-hotels and time-shares share a number of features, in that both are sold fully furnished and come with access to amenities, like a pool, exercise facility, and parking. Condo-hotel purchasers who invest in a five-star hotel typically have access to more upscale amenities, such as onsite dining, room service, and a full-service spa.
The differences between condo- hotels and time-shares are more numerous, including their investment potential, flexibility of use, and the type of ownership involved.
Condo-hotels, which are also known as condotels, are hotel rooms inside a fully functioning hotel. Condotel owners who want to spend time in their units must call and make a reservation, just like prospective hotel guests. When not staying in their condotel unit, most owners put their unit in the on-site rental program.