Maui Vacation Rental

What you should know before buying a Vacation Rental

The National Association fo Realtors found that last year 1.13 million vacation homes were sold across the country. Here’s what you should know befoer buying a Maui vacation home or condo that will also be an investment property for you.

1. Be sure you have sufficent finances to care for and manage the property without depending on the rental income just in case something goes awry.

2. Permitting can be an issue, make sure the property you choose is in an area that can be legally permitted as a vacation rental. Familiarize yourself with the Maui County vacation rental permitting process as sometimes it can be quite difficult and timely to obtain a legal vacation rental permit. There are three types of vation rental permits in Maui, bed and brekfast homes, transient vacation rentals and short term rental homes, all with various technicalities.

3. Consider where the majority of vacationers would like to rent, somewhere close to the beach, shopping and restaurnats.

4. Be realistic about homeownership costs as well as rental income. There is much to consider when purchasing a vacation home such as HOA fees, permit costs, management and maintenance.

Maui’s irresistable beauty makes it a great place for investment properties!