Life on land, with or without a partner
This article is part of our last special feature on Waterfront houses, which focuses on life nearby, and sometimes even on, water.
When thinking about buying a waterfront property, no matter where in the world, there are usually two ways to go about it: choosing a residence that is affiliated with a hotel brand or one that is not.
“Hotel-branded properties represent a huge and growing portion of international sales when it comes to the waterfront,” said Daniel Hertzberg, real estate agent for the Jills Zeder Group in Miami Beach, which specializes in selling beachfront homes. ‘water. “There are new developments opening up all the time, and the overall demand for waterfront properties continues to grow. “
But there are some key differences between owning an apartment hotel and owning a non-hotel residence. Which option is the best for you? Here are the factors to consider before making a sale.
Real estate prices
Hotel brand residence Rick Moeser, senior vice president of Christie’s International Real Estate, said homebuyers should expect to pay more – sometimes significantly – to own a waterfront home with a hotel brand behind it . “You are in a hotel with access to a plethora of amenities at your fingertips, such as housekeeping, a pool, and chefs, who can come to your home to cook a private dinner,” he said. “This access comes at a high cost. “
Homeowners with freer budgets have the convenience of having everything at their fingertips and don’t have to invest the time to find help with maintaining their property, whether it’s a business for the home. maintenance of the swimming pool or a landscaper to mow the lawn.
Non-hotel residence You will likely save money when you buy a non-hotel residence, and that can matter more than services or amenities. But Mr Moeser said homebuyers should be aware that managing the home can be a headache if it’s in an international destination. “You deal with it from overseas, and getting help and trusting someone is usually not easy,” he said. “There can also be a language barrier.
Hotel brand residence With a waterfront home in a hotel, you have the feeling of being on vacation nonstop, said George Filopoulos, the founding director of Metrovest Equities, the developer of Gurney’s, which owns a hotel and spa with residences in Montauk, NY. you live in a complex and can enjoy all of its amenities, ”he said. Examples include the installation of chairs, umbrellas and towels by the beach, food service on the beach, several swimming pools, a spa, youth programs, a waterspout center, and fitness classes. such as yoga on the beach. You can also take advantage of housekeeping service and call the hotel reception 24 hours a day for whatever you need.
Non-hotel residence Don’t expect the amenities of a full service hotel. You’ll need to set up and store your own beach chairs, for example, and no one will take your lunch order while you bask in the sun. However, these extras may not matter. “For some people, the biggest priority is living near water,” Filopoulos said. “If that’s the case then you’d better save your money for amenities you’re not going to use and own a property that isn’t affiliated with a hotel.”
Hotel brand residence Typically, Hertzberg said, the costs of maintaining a waterfront home range from 75 cents to $ 3 per square foot per month, depending on where it is located. In a brand development, the costs are usually on the higher end of this scale, as you pay for personnel, equipment maintenance, and other ongoing charges.
Non-hotel residence You’ll still have a maintenance fee, but you won’t have the fixed monthly expenses of resort living. Note that waterfront properties come with expensive maintenance, such as repairing docks and replacing dikes. “Hotels pay for these expenses for their owners, but when you’re alone you can end up with a big bill,” Hertzberg said.
Rent your house
Hotel brand residence A great advantage of owning a hotel brand residence is that the property management team takes care of putting it into the hotel rental pool, giving you the opportunity to earn additional income. While the hotel takes a share of the profits, the management team oversees the process from start to finish and is generally responsible for cleaning the house when guests leave.
Non-hotel residence You still have the option of renting out your home through a third-party site like Airbnb and keeping all of the costs to yourself. However, you have to manage the rental process, which can be time consuming and costly if you hire a property manager to help you. Mr Hertzberg said he has managed the rental of many waterfront homes and has challenges such as picky tenants quibbling over everything about the house and finding tenants for available dates. . “With a serviced apartment, the team on site takes care of these issues,” he said.
Hotel brand residence With a house in a resort, foot traffic and gatherings of people by the pool or on the beach are inevitable. The same is true of noise. Hotel guests can share the same lobby, Moeser said, and use the same pool. “You also have to take into account that outside guests can come and dine in the restaurants or use the spa,” he says. If privacy is a priority, but you want the perks of a serviced apartment, Mr Moeser suggested looking for resorts that offer amenities exclusively for residents, such as a dedicated pool, beach, or valet parking.
Non-hotel residence You can certainly expect more privacy and even buy a home in a secluded location away from the crowds. Restaurants and other services, such as grocery stores, may be further away, but the compromise might be worth it.
Hotel brand residence Homes in hotels are generally safe environments with security guards patrolling the grounds 24 hours a day and surveillance cameras everywhere. In addition, the beach and the swimming pool are supervised by lifeguards, which is an important safety element when it comes to living by the water.
Non-hotel residence You rely on the overall security of your neighborhood, the neighborhood security patrol, if there is one, and local law enforcement for security, but you can always find a home in a safe place. However, the beach or lake is unlikely to have lifeguards.
Hotel brand residence If you like to socialize and want to make new acquaintances or have friends that you see regularly, a serviced apartment is a privileged setting. “You have hotel guests coming in and out, and other owners you meet by the pool or in the restaurants,” Mr. Filopoulos said. “There are endless chances of mingling.”
Non-hotel residence You still have plenty of opportunities to meet other people in your neighborhood, on the beach, or by the lake, but you won’t always see people in common places like the swimming pool. And the faces will be familiar as new guests don’t check in continuously.
Architecture and design
Hotel brand residence Mr Hertzberg said living in a house affiliated with a hotel means embracing the design sensibility of the property. “Your home should stick to the same aesthetic as the others, especially if it’s a rental pool,” he said. “You are probably limited in making dramatic changes. Most waterfront properties favor lighter tones, he said, and natural elements such as woods and neutral stones.
Non-hotel residence You have the freedom to infuse your style into your property. Do you like bright, mid-century modern or old-world modern colors? Go ahead and make the house your own.