How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Damien Bosco Your Own Question
Damien Bosco
Damien Bosco, Attorney
Category: Real Estate Law
Satisfied Customers: 2719
Experience:  Helping you with your legal questions.
Type Your Real Estate Law Question Here...
Damien Bosco is online now
A new question is answered every 9 seconds

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: 10 months ago.
Category: Real Estate Law
Expert:  Damien Bosco replied 10 months 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 10 months 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 10 months ago.

“Have I answered your question? If any part of my response is unclear, please let me know. It’s my goal to deliver excellent service, so please let me know if there is anything more I can do. Thank you for using our site.” If you are satisfied with your answer, please provide a rating between 3 and 5 stars. Best regards.