Any investment or property business always requires a large amount of initial capital, nevertheless you don’t want to pay too much or are too expensive, to buy a condotel unit. Make sure that the funds you pay are really equivalent to the location, facilities, and projections of the benefits you can get. The price will definitely be affected by the location and the market condition. Apart from that, if you’re looking for a condo with a nice price, just check out the Parc Komo showflat.
Likewise, when setting rental rates, do not get too high because if the expensiveness of tourists will certainly be reluctant to stay in your unit. Keep in mind though this investment has good prospects, the level of competition is high. If the rates you offer are too expensive, tourists can easily turn to hotels or other more affordable condotels.
Aside from the cost, you must think of the manager’s reputation too. Don’t be in a hurry in property investment to anticipate getting into the trap of irresponsible people. It’s because it’s important to pay attention to the reputation and track record of the developer who will become your partner. Even though the benefits offered are lucrative, you should discourage if the condotel management has been involved in legal issues. Also, pay attention to the services provided to investors whether it is satisfactory or not because you will establish long-term cooperation with related parties.
Then, consider the audit report as well. You need to make sure you get investor rights, like getting an annual audit report. A document is a form of a manager’s accountability to investors. Professional condotel management will also involve public accountants for the audit so that the results remain objective. In general, the report contains information on fair profits that are obtained every month.
Look closely at development agreements and licensing – Of course, to find out your obligations and rights, the first step that must be taken is to examine in depth the black and white agreement between the manager of the condotel and the investor.
Next is to look at building permits for condotels that have not yet been released. You can learn local regulations that design the subtleties of licensing to build commercial buildings.