Hawaii is a seriously beautiful place. Even more so when you don’t live here and it's minus 10 degrees back home! Hawaii's weather is temperate year round, the water hovers between 75 and 80 degrees and you can live outdoors from January through December. The people are genuine and friendly and Hawaii is still part of the United States!  

I often meet buyers who are interested in visiting Honolulu on a more regular basis. Several of them want to own a piece of paradise they can use when visiting, and rent out when they’re not here.

Condo/Hotels are popular with vacationers looking to spend more time in Honolulu.

Enter the Condo-Hotel Property

For many vacationers, this is the ideal type of property to own. It’s the perfect place to stay when they’re in town. They can let friends and family use the property, or they can place the unit in a hotel pool to be rented out when it’s not in use. Other options include long-term renters or placing the unit with a vacation rental specialist. All of this depends on the individual properties rules on rentals.

Financing can be tricky for condo-hotels, and this is where an experienced agent, someone like myself, becomes invaluable. Knowing what’s needed to close on a condo-hotel, and whom you need to go to for financing is important. Most units cost around $100,000 - $450,000, the amount most snowbirds are looking to spend. You can't finance a condo-hotel like a regular condo purchase. Financing is available, but specific to each property, so knowing who to turn to for assistance is vital to prevent you from spinning your wheels.

Sit down and think about what you really want...do you want to keep the unit short term as a cash flow investment? Do you want to keep it long term for personal and family use, while making some extra cash renting it out when it’s not in use? What are your goals for this unit? Where on the island do you want to be? In close proximity to restaurants and shopping, across the street from the beach - what's important to you? What kind of cash investment are you willing to make to own a bona fide piece of paradise?

I'm here to help. Don't forget that the island of Oahu is indeed an island, and there’s only so much of it available. Make your dreams come true, before the price of paradise becomes unreachable.

• Sherrie Kuroda (R), Partner, CRS
• (808) 255-3074
• sherrie.kuroda@locationshawaii.com

Mar 17 2014 8:10:00 AM by Sherrie Kuroda

• Category:
• Buying