Things To Consider Before Buying A Condo Hotel Or Resort Residence

Written by Leon Altman

Resort home ownership, such as condo hotels and fractional shares, is different from typical home ownership. So it is important to ask certain questions before signingrepparttar purchase agreement on a resort property. The following list of questions typically applies to most types of resort property ownership unless otherwise noted.

Pricing and Initial Purchase

-Isrepparttar 144623 price negotiable and do you need to purchase through a certain company or representative? Who gets a commission offrepparttar 144624 sale? Some properties have a small percentage of flexibility in price while others are basically set in stone. This will usually be determined by demand, as well as overall policy ofrepparttar 144625 developer or management company. Also, if you know who stands to profit fromrepparttar 144626 sale and how much, it could help you in your negotiations.

-Isrepparttar 144627 property already completed or is it in pre-construction?

This question is important becauserepparttar 144628 answer will likely affectrepparttar 144629 price ofrepparttar 144630 unit. Many properties inrepparttar 144631 beginning stages of development will be sold at a discount to attract buyers, but as it becomes a more certain investment or units increase in demand,repparttar 144632 price will go up.

-Ifrepparttar 144633 property is in pre-construction, when will it be completed and what willrepparttar 144634 overall property look like?

You may be anxious to get into your unit or have a certain occasion in mind. If completion is two years out, you may not want to wait. Also, a property inrepparttar 144635 early stages may look great to someone who wants a small facility with a low-key, less populated atmosphere. But there may be plans for hundreds or even thousands of additional units and large clubhouses, retail areas or other features that will draw many people. If you plan to keep your property for many years, you want to be sure it will fit your needs when it is finished.

-How many other owners are there?

This question is important for those considering purchases of fractionals. The price and amount of time available each year will depend onrepparttar 144636 number of other ownership opportunities offered inrepparttar 144637 particular unit. More than eight or ten other owners will make competition for primetime more difficult.

-What type of financing is available for this type of property in general and for this specific development?

Both condo hotels and fractionals are considered timeshare properties. Even if they are viewed as a second home,repparttar 144638 bank considers all three types of properties discussed here as a secondary obligation – one that is less important than your primary home mortgage. As a result, you may have to pay 10 or 20 % down andrepparttar 144639 rate may be higher than a traditional home loan.

Some developers offer financing, which can be helpful, but be sure you understandrepparttar 144640 details. Some may require a smaller amount down, but will ask for a large payment upon taking possession ofrepparttar 144641 unit. This arrangement may be fine with you, but you don’t want any surprises.

Another financing option is to take out a second mortgage onrepparttar 144642 equity in your existing home. If you choose this route, be surerepparttar 144643 interest rate does not make it much more expensive inrepparttar 144644 long run. Also, you need to be aware that if you use a home equity loan to finance your purchase, you have only 90 days to refinance to a regular mortgage.

Information Aboutrepparttar 144645 Management

-Who arerepparttar 144646 developers? Who will managerepparttar 144647 property?

The first question will be important in determiningrepparttar 144648 quality and reputation ofrepparttar 144649 property. The second question will help determine ifrepparttar 144650 management organization is well-known, professional, and likely to increase your rental income or resale value. These two questions are critical from an investment perspective.

Costs Associated With Ongoing Ownership

-What arerepparttar 144651 ongoing costs and who pays for them? Is there an annual membership fee?

There will typically be costs for insurance, real estate taxes, and improvement ofrepparttar 144652 facilities. Although owners generally pay for these items, especially in a condo hotel setting, it is still important to ask. Other expenses to verify include housekeeping, marketing, administrative and general maintenance ofrepparttar 144653 property. These are usually paid byrepparttar 144654 facility but one shouldn’t assume this isrepparttar 144655 case.

Rental Plan & Income Generated

-Is there a rental program and is it voluntary?

You will want to know if you can choose whether or not to participate in a rental program. This is true for all properties as some hotel residences and fractionals also offer this option as a means of generating income.

-How isrepparttar 144656 property marketed and does it have a history of success or features that will make it competitive inrepparttar 144657 vacation rental market? If you plan on receiving rental income from your property when you are not there, it is important to find out whatrepparttar 144658 management’s experience and approach is. Somebody like Hilton or Four Seasons has a reputation for luxury and good service and will likely attract more renters than an unknown management company. In addition, ifrepparttar 144659 property has a popular restaurant, is located near a convention center, shopping area or other facility that will draw people in, you are more likely to find interested renters on a regular basis.

Horse racing 101- what you absolutely need to know

Written by Mansi gupta

Horse racing is perhaps one ofrepparttar oldest sports in America. The charisma and aura ofrepparttar 144475 game is such that it refreshes and revitalizes your spirits. If taken inrepparttar 144476 right sense i.e. not as a gamble with your limited money, horse racing is one ofrepparttar 144477 best and conspicuous sports to play.

Before taking on to this game, one needs to have a very lucid idea ofrepparttar 144478 entire chemistry of this game. This includes a proper knowledge of different strategies and rules ofrepparttar 144479 game. Since you will be betting on horses taking part inrepparttar 144480 race, your primary knowledge should comprise which horse will take you to victory. The best means to educate your self aboutrepparttar 144481 horses is to pick up two three latest good magazines on horse racing. The statistics in there reveal which horse is by farrepparttar 144482 most wanted one and alsorepparttar 144483 reasons for it. Readrepparttar 144484 average winnings of different horses and why some horses fail to make it torepparttar 144485 list of favorable ones. Make an appropriate assessment in your mind aboutrepparttar 144486 horses onrepparttar 144487 basis of your readings.

The best you can do after that is to visitrepparttar 144488 race course if it is thrown open to public to attend morning sessions. If not, don’t be disheartened. Just try to make it a little early torepparttar 144489 ground onrepparttar 144490 event day. For that will give an opportunity to readrepparttar 144491 track and perceive various horses to make your observations. Try to match your readings with your perception. Based on a survey ofrepparttar 144492 track (ifrepparttar 144493 track is dry, wet etc.) there are several parameters to deciderepparttar 144494 winning chances ofrepparttar 144495 horse on that very day. With a hawk’s eye scrutinizerepparttar 144496 behavior ofrepparttar 144497 horses as they march past torepparttar 144498 stands before commencement ofrepparttar 144499 race. Ifrepparttar 144500 horse is sweating, limping, walking with head down, or seems inattentive, weary and distracted then there are less chances to its win. Bet onrepparttar 144501 horse with an adequately sturdy built and fluent gait keeping in mind your analysis ofrepparttar 144502 track and what your intuition says.

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