I haven’t met a single visitor to Maui who doesn’t dream of owning a home here at some point. Who can blame them? Our lovely beaches, lush flora, cool trade winds and abundant sunshine are enough to make anyone want a vacation to last forever.
There are ways this dream can become a reality. This is the first in an ongoing series called Options in Paradise, where I will offer things to consider when buying your island home in small, digestible segments to ponder over a mai tai.
Condominium vs. Single Family Residence
- Don’t have to do yardwork, as much of the maintenance handled.
- Some condos have as much living space as a single family home.
- Amenities such as pools, workout rooms, etc.
- Locations are often close to shopping areas and beaches.
- Close proximity to neighbors.
- Maintenance costs.
- Rules and regulations
- Often limited outdoor living space.
- Some older condo’s have special assessment costs to cover items such as roof replacement and elevator upgrades.
- Single Family Residence
- More flexibility in features.
- Ability to make change and upgrades easily.
- More outdoor living space.
- In Hawaii, many residential homes have attached or detached Ohana units (extra space for guests, offices, rental units, etc.)
- Responsible all maintenance and yardwork.
Future related blogs will compare short-term (vacation) rentals to long-term condominium living, discuss timeshares, fractional ownership and compare fee-simple to leasehold properties. Don’t let the beauty of Hawaii allure you without having the knowledge to make great decisions.