For many people, the dream of living in Hawaii starts with a visit. One week of vacation turns into two, and before you know it you’re planning as much time as possible to enjoy the beautiful year-round weather and sunsets that are simply like no other.
According to the Hawaii Tourism Authority, around 3.5 million Americans visit Hawaii each year, with closer to 8 million visiting from around the world.
And for every person that visits Hawaii, they all need a place to stay. Hotels can only accommodate so many; the rest turn to private rentals.
If you have a desire to spend more time in Hawaii, purchasing rental property may provide the push you need to make it a reality. And if owning on the Big Island has captured your attention, Kona and Kohala may be the perfect places to narrow your search.
Before you start your search, consider your goals carefully. Ask yourself a few questions to get started.
- How old or new would I like the property to be?
- Would I prefer a home or a condo?
- Are amenities important?
- What type of rental income can I charge?
- How much positive cash flow would I need?
As a realtor, I can also put you in touch with a local mortgage broker who can help you determine your budget and get you pre-approved for a loan. This will give you an idea of what budget you can look for, and help us narrow down possible neighborhoods.
It will also give us a starting point to determine the average rents that tenants are paying for the neighborhoods considered.
In Kona and Kohala, you’ll find two types of tenants, short term and long term. Short term tenants are usually looking for a place to call home a few weeks at a time. Long term tenants are looking for a few months, or even a year or more. Short term tenants will usually look for amenities as well as a great location, whereas long term tenants choose neighborhoods based on community events.
With your goals in mind, we can start the process of finding you the perfect rental property; one that will help you finance your dream of making Hawaii a more permanent part of your lifestyle.
Have any additional questions about purchasing a property in Kona or Kohala? I’d be happy to help you, just give me a call.