Author: Heather Connor, Realtor
What is a condo-tel and should you buy one in Crested Butte?
First of all, it may be helpful to know what a condo-tel is–it is almost exactly like it sounds, It's a combo of a condo and a hotel in which there are shared amenities such as lobby registration and onsite management. However, the units are individually owned. While this may sound simple, there are many impacts this could have on both financing and use of the property.
Let's cover the top three that may impact you as a buyer.
It is more challenging that a typical condo and requires a higher percentage down. And if you’re curious, yes, I know lenders that can help you in the purchase, and double yes, it is imperative that your lender is familiar with this specific type of property ownership. There is nothing close than coming into a closing cable and realizing that your lender cannot perform.
#2 Owner Usage
Some condo-tels limit owner usage and you need to be sure that the allowance works with your vacation goals. These are always outlined in association documents and your should be able to receive a copy with the help of your realtor.
#3 Renter Requirements in Crested Butte
Condo-tels such as the Grand Lodge require that you put them in a rental market and have strict rules in which the rental needs to be available for paying rental guests