Options in Paradise: Home or Condo?

By
Real Estate Agent with Aloha Realty Group
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.
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Kathy Becklin

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