How to purchase a vacation rental property on Maui
WHY PURCHASE A MAUI VACATION RENTAL
Why purchase a vacation rental on Maui? The real estate market on Maui is strong and will continue that way as it is a destination location for visitors from around the world. Maui alone has an average of 66,000 visitors per day!
WHERE IN MAUI SHOULD YOU LOOK FOR A VACATION RENTAL
The main areas to focus on when looking for a vacation rental property are either South Maui - areas such as South Kihei and Wailea - or West Maui - Ka’anapali, Lahaina, or Napili.
Personally, I really love the Wailea area of Maui. This is where the top hotels on Maui are located, such as the Andaz Resort, the Four Seasons Resort, the Fairmont Resort and the Grand Wailea Resort, all some of my favorites. The location feels exclusive, yet it’s accessible to other areas of the island for exploring, chasing waterfalls and getting that local smoothie. Wailea is also home to some of the best beaches on the island.
The S. Kihei area of Maui is walkable to restaurants, shops, the beach and even a cute, little health food store named Hawaiian Moon. The Wailea area has a gorgeous walking path along the ocean that runs along the hotels and beaches. You really can’t go wrong in either of these South Maui locations.
HOW TO FINANCE YOUR MAUI VACATION RENTAL
Typically, if your plan is to finance a vacation rental, you will be looking at a minimum down payment of 20% - 30%, depending on the scenario. We work with an outstanding team on the financing side that we can connect you with for financing details.
HOW TO MAKE AN OFFER ON A PROPERTY
When making an offer on a vacation rental, you want to be sure to make a strong offer as the market is quite competitive for buying property in Maui. What makes an offer strong? A fast closing, an attractive purchase price, a strong lending company (if financing), and the right real estate agent to get you in contract and take you to the finish line.
SEARCHING FOR AND VIEWING MAUI PROPERTIES
Searching for a vacation rental property if you live off island may be tricky. You can only see so much through listing photos and information. Pick a local real estate agent based on Maui, such as Lesley Castle, to visit properties for you, FaceTime with you while at properties and help you make an offer on the right investment property for you.
YOUR OFFER IS ACCEPTED, NOW WHAT
After your offer is accepted, you typically have a two-week inspection period (when included in your contract) to have the property professionally inspected and make any final decisions on your purchase.
CONTACT A MAUI REAL ESTATE AGENT
If you’re looking to make a purchase on Maui for a vacation rental property Lesley Castle has the knowledge, professionalism and experience to make your Maui dreams come true.
