Options in Paradise: Home or Condo?

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

• Condominium
• Pros:
• 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.
• Cons:
• 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
• Pros:
• 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.)
• Cons:
• 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.