While it may seem daunting to purchase a property in the Hawaiian Islands, the right choice could provide your family with a vacation destination that pays for itself! A few key factors may make all the difference in the level of success investors experience.
First, buyers may wish to ask their real estate agent about the regions of the island that most visitors prefer. Potential guests are more likely to book a stay in a home or condo that provides easy access to beaches, golf, restaurants, shopping, water sports, hiking, and other attractions. Likewise, guests may appreciate having conveniences like grocery stores and an airport nearby.
Your real estate agent may also be able to obtain a rental history for a specific property, so you’ll know exactly how it has performed as a vacation rental in the past. If the home or condo will be new to the rental market, your agent may have information about the income generated by similar properties in the same neighborhood.
Finally, when comparing investment options, buyers should consider the amenities guests regard as most important, such as air conditioning and pool access. Potential renters may also reserve one property over another based on whether it has a view, updated finishes and furnishings, and positive reviews from past guests. Choose your investment property wisely, and you’ll enjoy both increased income and more excuses to visit the Aloha State!