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Damien Bosco
Damien Bosco, Attorney
Category: Real Estate Law
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I am considering buying a hotel room at a Ramada Inn in

Customer Question

I am considering buying a hotel room at a Ramada Inn in Florida. Is it legal and safe as a normal condominium?
Submitted: 14 days ago.
Category: Real Estate Law
Expert:  Damien Bosco replied 14 days ago.

Hello. My name is***** am an attorney. I will review your question. I may need to clarify facts first. I will answer & we can discuss issues.

Expert:  Damien Bosco replied 14 days ago.

Generally, buying a hotel room is considered a riskier investment than a normal condominium.First, there are risks when buying into an HOA community. You also have the risks that come with owning part of a hotel such as a downturn in the economy or poor management of the property. Lastly, the allocation of expenses between the condo-hotel units and other portions of the property – such as a developer-owned hotel or retail space – presents a risk. It is recommended that before you make a decision, get some comparable market sales data from your broker (if you have a broker) to figure out what you can expect from a sale. Also, it is recommended to investigate comparable properties. Examine the hotels in the area, as well as the average and predicted vacancy rates, along with average room rates. Compare all of this with industry standards. We can discuss more if you would like to do so.

Expert:  Damien Bosco replied 13 days ago.

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