If you’re considering the benefits of owning a vacation home, you might be interested in a condotel. A condotel lets the owner experience the joys of a relaxing vacation while putting their property to work when they’re not using it. At MortgageDepot, we have access to lenders who specialize in this unique type of financing.<\/p>\n
What is a Condotel?<\/strong><\/p>\n A condotel is a condominium complex that operates as a hotel. It offers housekeeping services, grounds maintenance and a registration desk, just like your favorite vacation resort.<\/p>\n Condotel units are individually owned. They usually serve as vacation homes for out-of-town owners. When the owners aren’t occupying the unit, they can use the hotel’s rental service to rent the property like a hotel room and offset ownership costs.<\/p>\n Why Should I Consider a Condotel?<\/strong><\/p>\n There are several benefits to condotel ownership. If you are thinking about adding a vacation home to your real estate portfolio, here are some of the reasons why a condotel might be a good option:<\/p>\n Financing a Condotel<\/strong><\/p>\n Not all banks offer condotel financing programs. Condotel loans come with a level of risk that many lenders don’t want to assume. At MortgageDepot<\/a>, we have access to a program designed especially for our clients who want to own a piece of paradise. Here are the highlights of our Condotel program:<\/p>\n\n