Condo Buying Tips - From A Hawaii Real Estate Agent ~ Call 808-298-2030

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Best West Side Maui Condo Videos:
Puamana - https://youtu.be/YDMl95ZFwIM
Honua Kai - https://youtu.be/vvATpT_IZQQ
Kaanapali Alii - https://youtu.be/bDlCRtI54xY
The Whaler - https://youtu.be/fvVSqMsl3TE
Paki Maui - https://youtu.be/ULNlr8hGy-4
Kuleana - https://youtu.be/2gdZlNFToTY
Leasehold VS. Fee Simple:https://youtu.be/KYOLdj2PFt8
Selling Your Maui Condo? - https://youtu.be/t0B7Ap9yy3E

Best West Side Maui Condo Videos:
Puamana - https://youtu.be/YDMl95ZFwIM
Lahaina Shores https://youtu.be/GrZkvojK9_8
Honua Kai - https://youtu.be/vvATpT_IZQQ
Kaanapali Alii - https://youtu.be/bDlCRtI54xY
The Whaler - https://youtu.be/fvVSqMsl3TE
Paki Maui - https://youtu.be/ULNlr8hGy-4
Kuleana - https://youtu.be/2gdZlNFToTY
Leasehold VS. Fee Simple:https://youtu.be/KYOLdj2PFt8
Selling Your Maui Condo? - https://youtu.be/t0B7Ap9yy3E

- To Maximize Your Return Condo Buying Tips for Hawaii How to Buy a condo for sale in Hawaii. Vacation Resorts on Maui, Oahu, Kauai, Big Island . Four Things You MUST Know Before Buying A Condo In Maui. If your realtor hasn't mentioned these important issues, you need to dig a little deeper. Tips To Maximize Your Return on You New Hawaii Condo 5 Things You MUST Know Before Buying A Condo In Maui. If your realtor hasn't mentioned these important issues, you need to dig a little deeper. (Scroll Down for Video)

1) Ocean View - Must have (or at least partial ocean view)

2) Only Buy Fee Simple (the only exception is a leasehold in a majority fee simple complex)

3) Evaluate the Financials - Expect a 2-5% Return - Cash on Cash Invested (see notes below on how to compare different units apples to apples)

4) Purchase at Fair Market Value or Lower - look at all comparable SOLDS in the last year and evaluate the price per square foot and adjust for view and the fit and finish of the unit. You have to know these numbers cold, otherwise you won't recognize a deal when it comes your way (or an over priced listing you need to low ball!)

5) Ocean Access - best case scenario is beachfront with deep water for swimming (no coral)

Bonus Tip - stay in the complex yourself, talk to other guests and owners. Read all the reviews you can find so you fully understand the pros and the cons before you close!

The BEST way to compare different condos is to create an "apples to apples" spreadsheet and determine the expected rate of return on your invested dollar. The most important step is to find out what is the ACTUAL historical AVERAGE nightly rental rate. (Take the gross income and divide by the # of nights rented)

The best way to compare multiple units financial performance is to make some assumptions - since every unit will have variables that will obscure the true potential return. Variables such as an owner who stays in the unit a lot, or a unit that is only currently being rented long term, or a management company that is under renting the condo (less than 80%) or is charging more than 30% management fee. So let's assume the unit will be rented 80% of time (with 20% vacancy or owner useage) and the management fee is 30%. The fixed costs will of course vary by unit - the HOA fees, the property taxes, the utilities etc.
This is very critical.

Especially when dealing with VRBO. Recent rule changes force you to create a new account when the old owner shuts down the account. So be sure they keep it going and you simply take over payment of the annual fee.

3) Does the property ALLOW short term vacation rental or long term OR BOTH? The vast majority of long term condominiums will NOT allow ANY short terms, BUT most of the short term properties will allow long term.

If it's a short term property, what is the percentage of long term tenants? Why should you ask this?

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