Top Tips for Buying a Beach House
Sun-kissed beaches, temperate climate, and breathtaking views of the ocean and dolphins – you can only find this enchanting combo in Maui, Hawaii. And if you have recently purchased or are planning to buy a beach house in Maui, you just got luckier!
Home to over 150,000 people, this small island in Hawaii hosts around 42,000 tourists every single day. Owning a beach house in Maui can be a profitable investment and a dream come true for many people. However, it comes with its unique responsibilities and challenges.
From location to property size, weather conditions, maintenance, and more, there are numerous factors to consider before you choose your desired property. If this is your first time buying a beach house in Maui, here are some useful tips to help you with your homeownership journey and guide you on the essentials of beach home maintenance and upkeep.
Plan Your Budget
Luxury beachfront condos for sale in Maui usually come with a premium price tag. Therefore, you need to conduct extensive research before investing in a property.
- The type of accommodation you can purchase will depend heavily on your total budget.
- The property’s price isn’t the only capital you need to arrange. Your budget should also include additional costs like property taxes, closing costs, insurance costs, and expenses related to maintenance, repairs, and upgrades.
- If you are applying for a loan, make sure to get yourself pre-approved before you start looking for your dream beach house. This way, you can have a clear idea of what you can afford and how far you can stretch your budget.
Choose a Prime Location
Whenever you think about a beach home, you might be dreaming of waking up to the melodious sounds of the ocean waves kissing the beaches and spending your day relaxing under the clear skies as you watch the dolphins dance in the water. This is precisely how you will feel if you choose a beach house at a prime location, ideally either along the coastline or at a secure distance from the oceanfront.
Understanding the minute details of each location can help you make a smart choice and ensure that your investment remains secure and rewarding for years to come.
- Navigate your preferred area and research your ideal housing zones in greater detail.
- Jot down your individual preferences before you search for properties in various locations.
- Consider important factors like proximity to local markets, healthcare facilities, and the beach.
- Check out local amenities within the chosen location.
- Be sure to look into the property’s vulnerability to coastal erosion and natural disasters like floods and hurricanes.
Hire a Competent Local Real Estate Agent
Whether you are planning to buy a condo or aching for a top-floor apartment near the beach, buying a beach property isn’t an easy feat. You need to have strong background knowledge of the local real estate market of Maui and the changing regulations or housing prices. This is why it is essential to hire a credible local real estate agent for this job.
- Local real estate agents are well aware of the ins and outs of the real estate market, and they possess incredible negotiating skills.
- They can help you narrow down the beach property choices and find properties that perfectly match your individual preferences.
- Local real estate agents can also guide you through the entire process of homeownership in Maui, from initial negotiations to sealing and closing the deal.
- When choosing a real estate agent, do thorough research and choose a real estate agent who has a strong market reputation and positive reviews on their social media profiles or websites.
Know the Rules and Regulations
Due to their proximity to potentially hazardous areas, beach properties are essentially subject to specific rules and regulations.
- Like other coastal cities in the US, Maui has certain rules and regulations related to environmental protection, building codes, and beach access.
- Take to the internet to go through all the rules and regulations concerning beach property ownership and construction.
- Check whether the location you have chosen lies within the AEC zones (areas of environmental concern). If your desired property falls into this zone, you may have to apply for a CAMA permit. These permits determine and verify your home’s square footage, depth, and how close it can be to the ocean or beach.
- Make sure you are well-versed in these rules to avoid potential legal issues or fines.
- To keep yourself safe from any violations or legal repercussions, it is always wise to get professional help from a competent real estate lawyer or zoning expert.
Consider Future Rental Income
A beach property is a lucrative investment opportunity for those who want to generate an attractive and steady income stream for the long term.
- Even if you don’t plan to permanently settle in Maui, you can rent out your beach house when you are not using it and make money from your property while you are away.
- Research local rental regulations and check out generalized market demand and rent rates. If you are solely investing in rental properties, shortlist properties that are located in prime locations and have a higher expected rent rate.
- Hire a real estate agent or consider credible property management services who can take care of your rental property and rent it out for guests or tenants.
- If you want to convert your condo or apartment into a vacation rental, invest in fully-furnished condos or furnish your home with comfortable and modern furnishings and amenities that will appeal to renters.
- Make sure the property management service you choose takes care of regular maintenance and cleaning between guests.
Nothing compares to the joy and excitement of purchasing your dream home on an island right in the middle of the ocean. With the above tips and key considerations in mind, you can set yourself up for a successful beach property ownership in Maui, Hawaii, and navigate the homeownership process with confidence. After you have bought your dream beach property in Maui, be sure to carry out essential maintenance and home upgrades before moving in or putting it up for rent. Good luck!