Barbados condominiums, whether we're talking about condo hotels or self-catering private residences (condo developments), have taken the Barbados vacation rental market by storm.
This relatively new concept has bulldozed its way to the forefront of Barbados real estate development within recent years, and there are no signs of the market slowing down.
Here are quick links to featured Barbados condo rentals:
Hoteliers and developers alike were challenged by the ever-evolving Barbados real estate market, and the demands placed upon them by the equally challenging needs of vacation travelers - travelers who were not just looking for a great destination, but were also looking to invest in Barbados real estate. They wanted more flexibility, more choices.
The interest was growing at an alarming rate. The stability of the Barbados economy, along with a solid infrastructure, made the island very attractive as a home-away-from-home.
Barbados is the most developed islands in the western hemisphere with a diverse cultural base, and let’s face it. The predictable weather is also a huge plus.
To accommodate those needs and create a win-win situation, the developers decided to experiment with the private owner rental concept in the form of condominiums and condo hotels. It took off like a rocket.
A few reasons immediately come to mind:
Here we'll look at some of the differences between the Barbados condominium development and the condo hotel.
In the case of private owner rentals, the owner is responsible for taxes, insurance and maintenance fees. The individual unit is placed in a rental program for a period not less than 9 months.
This leaves 3 months for the owner to occupy the premises. In most cases, the unit represents a second vacation home with the owners deciding when they want to occupy the unit and the length of stay.
The revenue generated by the rental off-sets the maintenance and other costs associated with owning the unit.
Additional expenses like running a separate food and beverage department (an even bigger expense where multiple restaurants share the same facility) are eliminated.
The management office is usually on-site or in some cases, off-site but still in close proximity to the units. Some management offices supervise several properties at the same time, which brings us once again to the economics of running a smaller operation.
The private owner rentals also offer a level of privacy not available in a condo hotel. There are no house rules governing meal time, activities, etc. In other words, you make your own rules.
Independent contractors are hired and units are promptly serviced. Whenever the need arises, contractors themselves subcontract to other local contractors to service the units.
The condo hotel is more structured, and less private. There are those who love the idea of meeting fellow owners year after year for a nice get-together. Others prefer to have their own space.
The management team is always on site and owners can enjoy the on-site amenities – restaurant, bar, fitness center, conference facilities, etc.
Oftentimes, however, there are revenue deductions to cover the costs associated with the normal operations of a hotel, like operational staffing costs, administrative supplies, etc.