When Chris and I were first shopping around for a new home we mainly looked at houses, but we also looked at a few condos.
Having lived in an apartment for far too many years I really wasn’t all that interested in living in a condo so I’m happy that we opted to purchase the house that we currently live in.
I did get some ideas about purchasing a condo as an investment property though and if I ever get enough extra money saved up I might buy a condo that I’d use to rent out.
Coincidentally, while I was looking into condos as an investment I came across the concept of Condo Hotels. These are basically properties that function like hotels but if I have the concept down pat each condo is owned by a separate investor. The management company does all the work as far as taking bookings and serving the clients that book the condos.
Typically these type of condos are not rented out for just a day or two like a normal hotel room would be. No, they are rented for a week or a month at a time. Perhaps by a business person that’s in town doing business for a few months.
It’s an interesting idea. Certainly if you liked the idea of purchasing a condo as an investment property but didn’t want to do all the work of maintaining the condo and making sure that the condo was booked most of the year something like a condo hotel would be a great option.