When buying a home or condo in Mauna Lani Resort, purchasing a property that can also be used as a vacation rental is a great way to offset your investment costs. But what happens when it comes time to sell that property? This actually happens a lot in Mauna Lani where people frequently upgrade from a condo to a detached home or move from one resort community to another.
A recent experience selling a luxury KaMilo home that doubled as a vacation rental inspired me to share some tips with my readers on key things to do – and what not to do – when selling your Hawaii vacation rental.
Steps to take before listing your Hawaii resort home
Whether your Mauna Lani resort home is your primary or part time residence, here are some simple steps you should take if you are thinking of listing your property. These hold true whether or not the property is being used as a vacation rental.
- Tackle any deferred maintenance projects.
When it comes to properties within Mauna Lani resort, there’s very little I haven’t seen. I was the developer representative for Ke Kailani and my wife was the former sales manager for KaMilo for years. I know what the properties look like brand new – and can easily spot when maintenance issues that have not been addressed within a home. Do the wood floors look worn? Does the kitchen faucet leak? It’s important to address any maintenance issues before you list your property, otherwise those issues might scare off potential homebuyers.
- Declutter/depersonalize the living areas
Whether or not you live in your home, you want to ensure it looks inviting and that potential clients can imagine their furnishings and personal pictures in the property.
- Spruce up curb appeal
In many resort communities, such as Mauna Lani and Mauna Kea Resorts, landscape maintenance of common areas is included in homeowner association fees. However, even when it is, the exterior of your home may still need a little power washing and elbow grease. The goal is to make your home look pristine and well worth the price, and that will only happen if your home makes a great impression on potential homebuyers.
- Prove your success as a vacation rental
If your property is a successful vacation rental, make sure prospective homebuyers know it! Be prepared to have records ready showing the rental income history, future reservations, and the operational costs associated with those rentals.
What NOT to do when selling your Hawaii vacation rental
Just as important is what NOT to do when it comes time to list your Hawaii vacation rental. Not doing any of the above mentioned items – especially if there are maintenance issues that need to be addressed, can result in possibly lower sales offers and/or a having your home sit on the market for a longer period of time.
Doing the following tip is the #1 thing you need to do when selling your Hawaii vacation rental: take it out of the rental pool! Listing your property for sale while simultaneously using it as a vacation rental is not a good combination. The two events are incompatible.
Whether you’re property is listed on VRBO or AirBnB, when it’s time to list your vacation rental for sale, make sure you take it out of the vacation rental pool! I can not stress this enough. I recently sold a beautiful luxury home in KaMilo that the owners used as a successful vacation rental.
The sale serves as a cautionary tale because we could have sold the house a lot faster (months faster!) if it had not been in the rental pool. Other realtors had serious buyers who wanted to see the property and were qualified to purchase the home, but were unable to because the home was being used as a vacation rental. No one could access the property while it was being used as a rental. As a result, the sale probably took about six months longer, than if it had not been vacation rented.
If you’re considering selling your Mauna Lani resort home, give me a call today at (808) 674-7576. I would be happy to meet with you and help you explore your options.