A condotel is a relatively new concept.
In short, condo-hotels are condos that are sold to individuals or to individual investors wishing to use their unit as a second home whenever they like.
Below are our most commonly asked questions:
With a timeshare, the owner has very little freedom. Timeshares typically allow their owners to use their condos only one or two weeks out of the year. You typically use it for the same weeks (dates) every year, unless you trade your time with somebody else.
But with a condo-hotel, the owner can use their condo whenever they want, depending on the agreement made when they buy it. At Domaine Nymark, every condo comes with a private room reserved just for the owner for them to store their belongings when they aren’t there.
In addition, rental management is there to make sure it’s being rented out when not in use which helps owners offset the costs of ownership of their second home.
Finally, timeshares can be difficult to resell, even if the seller is ready to take a loss. Our condo-hotels, on the other hand, are a desirable commodity thanks to their prime location and high-end finishes. Create real-estate capital and see it increase in value over the years, all while you rest assured knowing you’re the sole owner of your unit and free to use it however you see fit.
Condo-hotels are not your typical second home. Our condos are fabulously furnished and in a prime location.
The owner has access to all the equipment and services of a luxury hotel, such as our therapeutic relaxation zone, pool, room service, maintenance and concierge services.
As with a traditional second home, the owner can use their residence however they desire. But unlike second homes, you have the option to participate in a rental management program and share the returns made by the condo-hotel, helping to offset the ownership costs. At Domaine Nymark, the ownership is 100% hassle and worry free! All maintenance and rental problems are completely handled by the in-house management team.
Under the rental agreement, the hotel pays for most of the operating expenses, such as costs for cleaning, maintenance, administration and marketing, renters insurance, etc. The condo-hotel owner pays applicable taxes, utility fees (gas and hydro) and the co-op fees which include insurance. The Domaine Nymark condo-hotels are designed to always put the owner first.
The owner owns a second home in a prime location that he can use however they desire. The owner can choose to place their unit in the rental management program and receive revenue from its rental, which helps to offset ownership costs. The condo-hotel can also represent huge tax savings (on the sale and regular expenses).
Most condo-hotels have characteristics and services that improve their attractiveness both to potential buyers and future renters for the resale. (Leisure areas, concierge, room and maintenance service).
The owner of the condo-hotel at Domaine Nymark has the right to resell their unit at any time and to keep all the profits from this sale.
The purpose of rental management is to make the owner’s property profitable and keep it maintained. In exchange for a portion of the income generated. Rental management handles these units just as they would a hotel: booking reservations, reception, interacting with guests, coordinating with room and maintenance services and providing service to the customer. Rental management also handles the unit’s marketing and advertising. We split revenues as follows: 45% for rental management and 55% for our owners.
This goes against the main principle of the condo-hotel system, which is to offer a hassle-free second home. At Domaine Nymark, it is possible to rent out a unit yourself, but most owners prefer to have rental management and its team of on-site professionals take care of renting, ensuring promotion of the unit along with a 4-star hotel service.
At Domaine Nymark, we allow our buyers to determine their yearly schedule when they purchase the unit. The owner can then make modifications to this if needed. (Please contact us for more details in this regard.)
Yes, every condo at Domaine Nymark has a 4m X 2m locked room, which is dedicated solely for the owner in order to allow him/her to store their personal belongings. Only the owner has access to this room.