Big Island, Hawaii, puts nature’s full glory on display. Here you can don flip-flops and head to the beach for the day, or suit up in a parka and snow boots to watch the sunset from the peak of Mauna Loa. Home of the most colorful beaches on the planet and an outdoor adventure paradise, Big Island has been luring visitors to explore its charms for more than 1,500 years.
While Big Island is by far the largest of the Hawaiian Islands, its population of 206,000 residents comprises only 14.3% of the state’s total population. Most people choose to reside in either Hilo, the capital city on the east coast, or Kona on the west. There are plenty of beautiful luxury homes for sale in Hawaii, whether you prefer the sound of ocean waves right outside your door or panoramic views from the rising slopes of Mauna Kea.
If you love diverse natural beauty, outdoor adventures, and tropical breezes and are considering purchasing a Hawaii vacation home, Big Island may be the perfect place for you.
Let the local real estate experts at Hawaii Luxury Real Estate guide you through this quick checklist to see if a vacation home on the Big Island is in your future.
Assess your lifestyle and vacation preferences
From the office or the boardroom, the idea of a tropical retreat in which you can leave it all behind is an alluring dream. Who doesn’t love the idea of a slower pace of life, a tranquil atmosphere, quality time with your family, and memorable new adventures?
But before committing to a new purchase, let’s think practically about the lifestyle your family pursues and your current vacation habits.
Vacationers who like the comfort and familiarity of a favorite destination are more likely to make good use of a second home. As an extension of the family’s life, this home will be the place where traditions are established and memories are made.
How frequently do you take a vacation?
Assessing your long-term vacation habits can provide a reliable indicator of how much time you will have available to spend in your Hawaii vacation home.
- Are your children involved in sports or activities that anchor them close to home?
- Do you have work and or obligations that will make it hard to leave town?
- How many days, on average, do you spend on vacation each year?
- How long do you typically stay away on a trip? A weekend? A week?
- How does your family spend its vacation time?
If your family is adventurous and loves to explore outdoor recreation by land and sea, they’ll love the Big Island. But, if your family gravitates toward theme parks, high-energy nightlife, and urban hustle, you may have difficulty adjusting to the Hawaii Island lifestyle’s relaxed pace.
Assess Tourism Market
Vacation Properties need to have a great tourist destination and Hawaii is one of the ultimate paradise for vacation in the world.
Even after the tumultuous U.S. economy post-Covid, the State of Hawaii has fared well and bounced right back with tourism. Tourism industry continues to recover from the pandemic and continues to grow.. International visitors are increasing at the same time that domestic visitors from the mainland are slowing down slightly. The overall future for vacation rental properties success in Hawaii is very bright.
Assess your long-term financial goals
Purchasing a Hawaii vacation home is no small investment, and while it is easy to fall in love with this breathtaking island but pragmatism dictates careful evaluation of the costs and benefits involved. There are various steps needed to evaluate your long-term financial goals.
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Meet with your financial advisor and discuss how owning a home in Hawaii helps you achieve your investment goals.
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Look into your family’s future and consider the season-of-life changes that could impact your ability to invest in a Luxury Vacation Rental at this time of your life.
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Evaluate the merits of paying cash versus taking out a second home mortgage.
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Depending on how you will utilize this property, you’ll need to make sure you have sufficient insurance coverage.
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Consider the benefits of hiring a property management team which will provide full service to care for your Vacation Investment property.
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Discuss substantial tax benefits to how they can help you.
Invest in Hawaii & enjoy the Big Island adventure
All things considered. You can have your cake and eat it too. Once you make your initial investment you begin to enjoy the rewards of your very own Vacation Rental Property. The benefits are abundant.
Enjoy your Hawaii home while you are in Hawaii and make income while you are away. Many joyful emotional and financial rewards and tax benefits.
Create memories and create income. Consider Hawaii Luxury Real Estate to manage your and care for your Luxury real estate investment. Enjoy your Hawaii Investment and leave all the responsibility with a trusted experienced Property Manager Brokerage like us.