Lahaina Real Estate Blog: 3 things you must know before you buy a condo on Maui - Part 4

3 things you must know before you buy a condo on Maui - Part 4

In the previous posts we described condominium associations in Maui http://activerain.com/blogsview/2403151/3-must-knows-for-buying-maui-real-estate

How much your association fees should be http://activerain.com/blogsview/2404863/3-things-you-must-know-before-you-buy-a-condo-in-maui-part-2

And what to look for in your association’s documents during your due diligence http://activerain.com/blogsview/2408558/3-things-you-must-know-before-you-buy-a-condo-on-maui-part-3

 

If you are hoping to rent your new Maui condo, what are your options?

 

  1. Rental company management agreements

 

Most people who buy condos want to make a little, or a lot, of their money back by renting out their unit to vacationers.  There are basically four ways your rental can be handled:

 

  1.  
    1. Manage it yourself, (you need to live on island to do that)
    2. Hire an offsite property manager to handle it for you,
    3. Use an onsite company owned by your AOAO,
    4. Use an onsite company hired under contract by your AOAO.

 

There are several competent rental management companies on Maui, and many condo developments have onsite companies. 

 

Before you sign with any rental management company, make sure you know what you get, how much they charge, and what are potential additional charges that aren’t covered under your contact that could give you an unwelcome, nasty little surprise.

 

There are a number of things that you might rely on your management company to do.  The five big things that you must have from a company so that you can rest easy are:

 

1.      Marketing

2.      check in

3.      cleaning

4.      minor maintenance

5.      on island representative to handle major repairs or replacement of items such as appliances

In the next post I’ll cover some of the pros and cons of each of your rental options. Or read the entire article 3 things you must know before you buy a condo on Maui.

And visit our website for other information about owning real estate in Maui and Hawaii, www.AlohaPotts.com.

Lahaina Lee Potts

Lee@AlohaPotts.com

 

Comment balloon 0 commentsLee Potts • July 20 2011 06:25PM

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