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- Ask the sales office for a copy of the hotel market feasibility study, insuring that it was performed by a qualified assessment firm.
- Examine the rental agreement before you make a non-refundable deposit. Make sure you know exactly what fees and assessments you will be responsible for.
- Determine the rental price of the room you plan on purchasing. Compare it to other condominium hotels with similar qualities (view, location, amenities), and ask the sales agent if the rental price will cover your expenses.
- Establish in advance the procedures for capital improvements to the hotel. Determine who is responsible for restoring and maintaining both your unit and the common areas of the condominium hotel.
- Make sure that your purchase contract does not lock only you into the agreement, but also requires the developer to maintain the assessment prices you were promised.
- Have an independent attorney with experience in condominium and hotel development law review all condominium hotel documents before you commit to anything.
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