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.
What is a Condominium (Condo)?
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.
What is a Condotel?
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.
Buy a Condo or Condotel in Florida Now
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.