Condo Hotels in Chicago
Condo Hotels in Chicago are very popular investments for a number of reasons. As an end user, the condominium allows you to relax in the comfort of your own condo while having the luxury of all hotel amenities. Just think of how it feels when you go to an exclusive hotel. There is room service, in-house maid service, bell hops and valet parking. They have restaurants open around the clock and maintenance men to handle anything that comes up. In condo hotels, you own your own condo but have all the amenities attached to it.
How much more does it cost to buy a condo hotel in Chicago? Surprisingly, condo hotels have come down significantly in price lately. The real estate market overall has depreciated more than 15-25% in many areas bringing affordability to condo hotels. It really depends on the size of the condominium and the area the condo hotel is in. Most of the additional services will be billed monthly to you for the things you’d like. You don’t have to have the maid service if you do not want it. All of these services are extra. There are some things that will cost more just because you’re in the condo hotel environment. Your association fees on a monthly basis may be higher than normal.
One of the best things about the condo hotel investment is that you can rent out your condo as if it were a hotel room. This is an extreme advantage over just simple rentals at a normal condominium complex. When the hotel is booked solid and is looking to accommodate guests, they will look to the list of condo owners that would like their condo rented if they are not using it for the evening. Imagine the ease of renting it when you have a service like a hotel that is driving customers to it daily. The cost is normally 20% to the hotel for renting it, 80% to the condo owner. It creates a win-win for everyone involved.
Condo Hotels in Chicago can be found by contacting a condo brokerage specialist. “OwnACondo.comâ€, such a firm out of the Chicago area can help you. They can be reached at 630.812.2700. There are a number of great buys on condo hotels and they are located all over the Chicago area. Condo hotels are not for everyone because they do create a lot of traffic, but for the individual that would like to use it sporadically and rent out the unit the rest of the time, condo hotels can be a great way to go.
