The world is no stranger to weird combinations. You have French fries dipped in ice cream. And then you have people who put their pineapples in curry sauce. In the real estate world, though, you have the condotel, the condo-hotel. You might hear that word often, especially when actively looking for property investment opportunities.
It might seem ridiculous, but it is worth asking about the difference and similarities between a condominium and a condotel. Don’t worry, though – that’s what the article will be about!
Condominium
A condominium is a residential property and a living space similar to an apartment but can be sold independently. Therefore, they are also considered real estate property.
Usually, several units are owned separately and will come with common areas and amenities that are jointly owned, comprising condominiums. Condominiums are a kind of CID (common-interest development) usually constructed like ordinary apartment buildings.
Furthermore, condominium units also have access to business districts due to their strategic location – and amenities. For example, malls and convenience stores are also nearby condominiums.
Condotel
As defined by Investopedia, a condotel is a condominium project operated as a hotel with a registration desk. You can use condotels as a way to spend a staycation in. The condotel also has accommodated full-service staff and amenities such as a check-in desk, housekeeping, and concierge services.
You can find plenty of condotels in tourist spots and large cities. They are usually produced by travel and resort companies to cater to and attract travellers within the area. Condotels likely include amenities and features that are common at traditional hotels. This could include access to athletic resources such as tennis courts and swimming pools.
Furthermore, a condotel has plenty of amenities. There will likely be a swimming pool, a bar, and athletic resources like gyms and courts. Expect condotels to have more high-end amenities, like a sushi bar and food.
Similarities
Condos like Tulip Gardens Southwoods and condotels both share the following characteristics:
- Amenities
- Athletic Resources
- Being real estate properties
- Security
- Available services
- Concierge
On that level, the structure and workings of a condominium and a condotel are quite similar. However, they also have their differences.
Differences
Condominiums can be lived in. You will personally decorate and look after your own upkeep in a condominium. However, when it comes to appreciation, condominiums appreciate more slowly compared to condotels. The amenities and services with a condominium are good, but the ones in condotels compare and feel more like a high-end luxury hotel.
It is a tried-and-tested type of property – and as such, there are more condos across the country than condotels. In addition, condominiums are easier to find in urban and nearby business district areas, making them convenient to live in.
Meanwhile, condotels are rented. Moreover, condotels generally have a higher level and quality of service and amenities than condominiums. Regarding location, condotels are located in tourist spots and large cities.
Wrapping Up
It can be tricky at first to distinguish between a condominium and a condotel, but there are plenty of differences between them. For example, a condo may be a better fit for you if you are looking to live nearby work.
