Have you ever stayed on the Big Island and found yourself saying, “I’d love to own one of these homes.”
Resort communities are desirable because the weather is a perfect 72 degrees; they have dreamy scenery, fabulous amenities, and an abundance of outdoor activities.
What is a Resort-Style Community?
A resort community is a managed community with unique amenities near the ocean. These amenities include multiple pools, easy beach access, 18-hole golf courses, tennis, classes, food events, wine tasting, social events, community gatherings, tournaments, boating, and much more.
Pros of Purchasing a Resort Home
1. Resort Amenities
The Big Island has unique experiences, and the resort concierges can help you find the perfect choice, such as: seeing the green sand beach, the curve of the earth, or perhaps even the manta rays. Yet you may need a relaxing day at our amazing white sand beaches. Resort amenities are great for families, couples, and singles. They offer choices of restaurants, pools, beaches, and outdoor activities, and much more. Having a home next to these amenities makes life even better!
2. Living the Outdoor Lifestyle
One of the ways to live a healthier lifestyle is to include the outdoors. With so many choices to choose from, the resorts make it easy to have it at all your fingertips.
3. Investment Opportunities
Due to the desirable location of the Islands, many people buy a property with the intent to rent out their properties. Keep in mind not all resort properties allow this, and you should check with your real estate agent and governing documents before purchasing.
Most resort properties are gated communities. Some even have trained security at the entrance gates and throughout the resort. Some even have controlled entrances that add another layer of security and safety. With this extra level of protection, you can feel safe and relaxed.
5. Dreamy Scenery
Perfectly maintained, impeccable grounds keeping, spectacular views, and dreamy scenery is only part of the amazing appeal of resorts.
Cons of Resort Homes
1. HOA Dues
Because the resort communities are professionally managed and maintained, you become a member of that managed community. Each community is unique, and each has different costs. Learning what is included with your HOA fees and the restrictions the community has is essential.
2. Higher Taxes
If you are a non-resident of Hawaii, you will pay higher property taxes. Resort properties, in general, pay 1% of the sales price yearly for property taxes. They also fluctuate annually with county real estate appraisals. Working with your CPA to assist with taxes will benefit you in the long run.
3. Property Managers
You must hire a property manager when you buy a resort property if you don’t intend to live on the Big Island longer than 6 months a year. Each property manager charges a different fee (ranging from 10-35% of your gross income) depending on your intention with the home.
Owning a property in a resort has both benefits and cons. Before jumping in and purchasing a property, it’s essential to do your homework and work with a knowledgeable realtor that will help you weigh those pros and cons.