Here’s how to decide between a one-bedroom and two-bedroom condo.
If you’re thinking of buying a vacation rental property in Maui, should you opt for a one-bedroom or two-bedroom condo?
Oftentimes, people come to me saying they want to buy a two-bedroom condo. In response, I ask them whether they want a two-bedroom condo because a) they need more space for their family; b) they think it will rent better; or c) they want to travel with their friends and need a place to share with them. Let’s address each potential reason.
Does it rent better? Quite honestly, a one-bedroom condo in Maui does a little bit better in the rental program than a two-bedroom condo—generally around 2%. Plus, you can usually buy one-bedroom condos in better locations with better views for less money.
Do you need more space for your family? If you have kids and travel with your family, then by all means, get a two-bedroom condo!
Do you want to travel with your friends and need a place to share with them? If you plan on buying a two-bedroom condo because you like to travel with your friends, I have another question for you: Can I be your friend so I can travel for free? If you buy a one-bedroom condo in a resort community that specializes in condo rentals, you can rent out your condo to your friends for less than what you’d pay for a second bedroom. I’ve bought a two-bedroom condo before because I wanted it for my kids, and we use it with our friends as well. Think about how critical that second bedroom is in your decision-making process.
If you have more questions about this topic or there’s anything else I can help you with, don’t hesitate to reach out to me. Aloha and have a great day!