Hotel condos – are they good investment vehicles? Opinions vary. Some say that by the time you have paid assessment fees and Chicago’s notoriously high hotel real estate taxes, there is little real monthly profit to be made, although you may find that your condo appreciates nicely when the time comes to sell it.
Those who subscribe to that school of thought say you should only buy a hotel condo if you are really going to utilize it as a vacation home and get some “lifestyle” benefits from it.
But others say that if you’ve made a large downpayment on a hotel condo, your monthly debt isn’t going to be so high and you may find that you do profit from your investment.
If you’ve purchased a hotel condo in Chicago, write and tell us about your experiences. Was it a lifestyle or investment decision, or both? How’s it working out?