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What You Need to Know Before Buying a Vacation Home Rental in Kona, Hawaii
Are you considering buying a vacation home in Kailua-Kona, Hawaii? First, let me say that owning a vacation rental is currently one of the best investments you can make. You get a home that will most likely appreciate in the years to come, after a drastic, 30 plus percent market drop. In Kailua-Kona Hawaii, successful vacation rentals can maintain average occupancy rates of 80% year round, generating cash flow that far exceeds a long term rental. I do not know of any other place in the United States that can match that. By owning a vacation home in Kona you also have a place to enjoy with family and friends.
Not all Vacation Home Rentals are Successful:
Before you run out and start looking for a vacation home to buy, here's a word of caution. Not all vacation home rentals are successful. That's right, after 15 years of experience owning and managing vacation rentals in Hawaii, I have seen vacation homes that sat empty, causing negative monthly cash flow. I have also seen homes that are booked almost every day year round with hardly a gap between groups. I have owned rentals that were initially, unsuccessful and after making the necessary changes, they turned into top producers. Just like every other business, there is a formula for success which is usually developed through trial and error. Fortunately, I have a successful formula and am happy to share my knowledge and vacation rental ownership experience with you. As your Realtor, I can help you find a vacation home that you will not only enjoy but benefit from it's strong production as an investment.
Here are a Few Tips to Help you Find the Perfect Vacation Home Rental in Kona Hawaii:
Check the neighborhood or development CC&R's to make sure that leasing your home or condominium for less than 30 days is allowed. Some neighborhoods in Hawaii have bylaws that do not allow rentals for stays less than 30 days. While this may not be a deal killer, it severely restricts your ability to tap into the lucrative one to two week stay, vacation rental market.
Who Rents a Vacation Home in Kona Hawaii, and What Do They All Want?
Most families on vacation prefer to stay in a home or condominium. It just makes the vacation more enjoyable.The price of a hotel suite large enough to accommodate most family groups is prohibitive, not to mention eating out every meal. In many cases there are three generations staying together, grandparents, parents and the kids. What do families want in a vacation home in Hawaii....and I mean almost EVERY family? You know I can't give everyone my best stuff on this blog. That's for my clients...but you can be one.
The TV Looks Ancient:
Some folks will never touch a remote while on vacation but a substantial percentage of visitors do and they want flat screen tv's not the old gigantic set with the tiny screen; that will turn many people away. Speaking of technology, wireless Internet access is a must as well. Today you are bound to have more than one guest in the home with a laptop, tablet or other wireless device, and they all want access.
Where's the Beach?
Can you walk to the beach? Something almost every vacation rental inquiry in Hawaii asks. While it is not necessary to be within walking distance, anything longer than a short drive could be a problem. If the beach is within biking distance, providing beach criusers is a plus. You also need to provide beach chairs,towels and coolers. Nobody wants to buy that stuff for a week long vacation in Hawaii.
Where's My Bedroom?
A successful vacation home must have a minimum of three bedrooms and two bathrooms. For a condominuim this is not necessary because your customer is in a different demographic. A home needs to sleep six people in bedrooms. If you have a home with four bedrooms that is a major bonus. Now you can sleep eight people and your nightly rate just went up.
Lose the Personsal Effects:
Personal items like family pictures need to be stored in a secure owners closet for when you return. Vacation renters do not want to feel like they are in someones personal space. They want a clean well appointed home without too many knick nacks. Think of a nice hotel suite.
Do You Need a Property Manager?
Managing a vacation home involves advertising, answering calls and emails,typing invoices, collecting money, coordinating arrivals and check outs, scheduling the cleanings, repairs and usually a fair amount of washing laundry. It can be hard work, especially if you own more than one property.It can also be stressful when you have a group waiting to check in and something like the refrigerator is not working. If you would rather have someone else handle this for you, make sure you find someone that does all of these things and doesn't just sit in the office handing out keys. Hire a property manager that takes too many shortcuts and your rental will start looking run down. Stay on top of maintenence and cleaning and you will get repeat business, referrals and high occupancy rates.
How Do You Advertise my Vacation Rental?
If you do decide to self manage your vacation home or condo, you are going to need to advertise for renters. Web sites that advertise vacation rentals have flourished in recent years. There are surely thousands of them. However, just a handful of the web sites that advertise vacation rentals dominate the bookings and Internet traffic. Don't spend money on the sites that do not produce inquiries. How would you know which sites to avoid? The answer to that question is very simple and I think you have heard it before.
Hire me to find you the perfect vacation rental in Kailua-Kona Hawaii and I will show you the web sites that will produce renters . I will also share everything else that you need to know to get you started including setting up your first advertisement on a vacation home rental listing site. Call or email to discuss buying and managing a successful vacation rental in Kailua-Kona, Hawaii.
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Bayview Estates - Kona Neighborhood Video Tour
Bayview Estates is one of Kailua-Kona's Premier neighborhoods. Located in the Keauhou area of Kailua-Kona, this gated upscale development features custom built single family homes and vacant lots, many with panoramic Kona coastline views.
I really like Bayview Estates, the setting is beautiful, from the landscaped streets to the terraced lots that maximize the ocean views, it is a well designed upscale neighborhood. Monthly maintenance fees are just over $200 which is very reasonable. Most of the lots are 15,000 to 18,000 square feet with building pads and in many cases, rock walls. The neighborhood CC&R's have guidelines regarding construction and landscape design to ensure that quality homes are built.
Kailua-Kona's Bayview Estates is just a couple blocks to the Keauhou Shopping Center with restaurants, entertainment, movie cinemas a Saturday morning farmers market and groceries. Click on this link for a current list of homes for sale in Bayview Estates. If you would like more information about Bayview Estates or Kona real estate, contact me at (808) 345-5085 or Konaconnection@gmail.com.
Watch my Neighborhood Video Tour of Bayview Estates
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I know, its not fair, temp 81, nice southerly breeze, just a beautiful Sunday afternoon and my wife talked me into a game of golf, Mauka Course at the Kona Country Club - $25.00 each after the Kamaaina (resident) discount - how could I go wrong? I couldn't :)
A few photos from the weekend and then I will lead me into some great golf course properties at the end here.
First - the weather
Then me - I never claimed to be graceful, so don't ask me to golf with you, if you are totally serious about your game - I'm in it for the fun.
My lovely wife - who, by the way can kick my but at golf - she has a mother in the Hawaii PGA hall of fame.
And of course - she is going to kill me - but I just cant help it
My wife visiting the beach :) - I am only doing this because she kicked my butt.
OK - here is what I promised
2/2 on the golf course - Country Club Villas - priced at $318,000 with a $10,000 credit for "decorating" at closing.
Shoot me an email, there are a lot of Golf Course deals out there
Here is one we closed a few months ago
Vista Waikoloa 2/2 on the course - closed at $317,500
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Roughly 50,000 years ago, a single moss spore found its way to the Kohala Mountains.
That spore, from Sphagnum palustre, cloned itself, spreading across the region, but never leaving Kohala, plant ecologist Eric Karlin said, until people began transporting it to other parts of the Big Island in the 1900s, and later to Oahu.
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Area Price Range $650,000 to $6,900,000
Talk to me about how you can find the Hawaii home of your dreams
Mike Ramsey Fujita RA SFR (808) 630-1828
John Petrella
Real Estate Agent
Hilo, HI
view my blog
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Lance Owens, Kona Real Estate (808) 936-8383
Real Estate Agent
Kailua Kona, HI
view my blog
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