While looking into real estate opportunities in Florida, you might find yourself confused about the terms “condominium” and “condotel.” While these two terms may sound alike, they do not have the same meaning. Let’s explain the difference between a condo and a condotel.
You probably already know what a condominium or “condo” is. But just in case you do not, let’s give a definition.
A condo is a unit in a large structure such as a high-rise that contains other units that are owned by other people.
Typically, if you purchase a condo, you reside in it yourself. Although condos are generally attached in a single building, there are some exceptions where the units are individual buildings.
Condos have common areas. For example, there might be a pool or a gym. Ownership over these common areas is communal among unit owners.
A condotel is a kind of hybrid. It basically functions like a condo, but it is not located in a general-purpose residential high-rise. Instead, you will find it in an actual hotel. That means that the condotel unit owners have access to hotel amenities.
Some people who own condotel units live in them all year round, just like the owners of condominiums typically do.
But other people purchase them as rental units they can use to earn income during peak tourist seasons, or throughout the year.
Learn more about whether investing in a condotel is right for you. It might also interest you to learn what to look for when shopping for a condotel unit.
There are different considerations when selecting a financing product for a condotel versus a condo. At Lending Bankers Mortgage, we can help you find a suitable loan option for your purchase, regardless of whether it is a condotel or a regular condominium. To get started now, please call us today at (786) 220-1100. We can help you buy a condo or condotel in Miami or anywhere in FL.
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I would like to thank Pamela and David at Lending Bankers Mortgage for their exceptional service in helping me find the right loan for my primary residence. Their expertise and dedication made the process smooth and stress-free. I highly recommend them for their amazing customer service and professionalism. Thank you, Pamela and David, for all your help!
David, thanks for helping me and my business partner acquire the space we needed. Your comparison analysis on payments, cash on cash returns and amazing fixed rate program helped us want to proceed on this deal and we're very happy we did. You are more than a financial advisor in the real estate arena, you have a great understanding on how to utilize real estate assets to build wealth and that's something I never before had help with. No realtor, or financial advisor I've encountered knew how to crunch the numbers and get the most value like you do. Forever gateful for your assistance and I will definitely refer my family and friends to you. Thanks again!
Lending Bankers Mortgage (Danny Perez and David Otero) was recommended by RPM Luxe Realty. From day one, Danny made me feel comfortable. I went through the pre-approval, approval, clearing to close, etc. processes with Danny figuratively holding my hand the entire time. There were times when I was literally crying because I was so frustrated and scared and Danny made me feel like everything would be okay. In general, I think RPM Luxe and Lending Bankers Mortgage make a great team. Danny is very relaxed and I’m not sure that he ever feels stressed, which is something unfamiliar to me. I think it’s because he has been doing this for quite some time. Additionally, Danny treats his clients like family. If anything is wrong, Danny takes it personally as though it was his own personal situation. If you are looking for 24/7 concierge service, Danny and David are your guys. After the Thanksgiving holiday, Danny was inflight and texting and emailing the entire time. I was grateful that American Airlines’ Wi-Fi was working so well.
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