Condotel vs Condominium: What's the Difference?
So you have decided to take advantage of all that Myrtle Beach has to offer – beautiful beaches, world-class golf, and an endless list of things to do and see - and purchase a home or second home here in the Grand Strand area. You’ve probably thought a lot about whether to purchase a condotel or a condominium, and at first glance, perhaps they don’t seem all that different to you. So exactly what is the difference between a condotel and a condominium and how can you be sure that your purchase will meet your needs?
Condotels - More Hotel Like
Condotels are hotel units that are sold to individual owners, but continues to operate as a hotel. They offer convenient hotel-like amenities including front desk check-in, on-site restaurants, lounges and gift shops, plus the units are usually sold furnished. You are able to use your unit when you want, but you can also place your unit into a rental program for those times when you are not using it. Condotels can be rented out nightly or for extended stays. In your absence, condotels are maintained by the hotel’s on-site management in many cases, who will take care of the cleaning and renting of your unit. However, there are condotels that have units rented by off-site management companies as well.
With a traditional condominium as a second home, owners are responsible for their own housekeeping, security and maintenance, which can be difficult as a long distance owner, and are normally sold without furnishings. Rental options are available, usually requiring a 4-day minimum stay and nightly rentals are not an option, and although sites may offer a community pool, other on-site amenities are limited.
Making the Decision
When deciding on purchasing a condotel or a traditional condominium, you will have to consider your needs and your lifestyle: Are you looking to purchase a primary residency or prefer not to have your vacation home used for rentals? Then a traditional condominium may be more in keeping with your needs. Are you purchasing a second home that allows you to use it whenever you like but also gives you the freedom of worry-free maintenance and more readily produces rental income? Then perhaps a condotel will better meet your needs.
Keep in mind though, this info is not black and white. There are many condotels AND condominiums in Myrtle Beach that work either way, so be sure you ask your agent what you are looking for, especially if you are going to be putting it on a condo rental program.
It is always a good idea to explore your options with a local lender regarding their products for “condotels” or “condominiums” and to be pre-approved before making an offer or negotiating a contract. Please don’t hesitate to contact a CondoLux Real Estate professional for additional information. We are here to assist you!
In Myrtle Beach, the lifestyle is relaxed and friendly and full of things to do – making it a wonderful place to vacation or to live. Contact CondoLux’s Myrtle Beach Condo Sales Team or call (800) 624-6418, we represent vacation property all over the Grand Strand and your needs will be handled by the best professional who can service your particular interest in SC beachfront or residential property.