One of the most significant changes we have seen in the local real estate market over the last 5 years has been the explosion in demand for condos which allow vacation rentals (rentals of less than 30 days). Many buyers are searching condominium's that can be rented out to earn some income. In the past, owners would rent out their property to someone long term, usually 6 or more months as a way to earn that income. That situation has a number of drawbacks for owners, including a Landlord-Tenant Code which is very friendly to renters. Technology, and the adoption of that technology by owners has shifted the expectations of buyers today. Now, a short term rental revenue stream is possible, and often quite easy.
However, not all condominium associations allow short term rentals, and there are a number of laws that owners need to follow and be aware of. My experience on the Big Island will guide you through the maze of options that you have as an owner.
For many people the ease of living in a condominium is a welcome solution to home ownership. I know, I own a condo myself! I never thought this would be the route for me, but it definitely has it's advantages. When I want to leave town I just lock the door. I have a pool that I never have to clean, a BBQ grill that I never have to go to the store for to fill up gas, and wonderful grounds that I never have to spend half a Saturday to mow! The key is finding the right complex which is well managed and has reasonable fees. As an owner myself, I can guide you through the process of selecting the right condo for your needs, taking everything into account; looking at the applicable bylaws, rules, maintenance fees and financial documents.
The resort condominium market is it's own special thing with a number of factors that are not seen in the rest of our market. We tend to see a very high amount of variation in maintenance fees, as well as prices. Education on the market is key, and knowing all the comparative options of each complex you have can make all the difference in the world.