Are Condotels in Myrtle Beach a Good Investment? The simple answer is Yes! Especially now that prices are right in Myrtle Beach.
But what is a condominium hotel or condotel? A condo-hotel is a new trend in the Myrtle Beach condo market. It’s a great way to own a fully furnished condo and be able to rent it out on a regular basis. There are also plenty of amenities and daily housekeeping. This works out for you as an owner, as you get the rental income and the property management does the rest.
A condo-hotel combines all the benefits of owning a vacation home and Myrtle Beach real estate investing. You can buy a unit outright or finance it.
The owners of Myrtle Beach oceanfront condotels usually take part in a property rental program. This is where the rental process is taken care of by a professional property management company. They take care of all the daily operations and issues. The money you make from the rental can help you offset some of the costs and often create extra revenue.
Many property owners also use their Myrtle Beach condotel for personal use.
Myrtle Beach condotels are also a much better investment than timeshares, as timeshares are hard to sell, while condotels are in demand.