Maui Property Investment - Open a Bed Breakfast
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So you're thinking of investing in a nice parcel of property in Maui while prices are still favorable, yet want to do something with that fantastic piece of land which will bring even more value? There are many many options: hold onto the land and let it's value grow as is, make a home in Maui for yourself and enjoy watching your quality of life and your home's value rise substantially. Or maybe add on a second home and enjoy the additional income it brings as well. Another option which brings together all the best parts of the above: opening a Bed and Breakfast!
The perfect opportunity for those looking to live and invest in paradise, a bed and breakfast in Maui is a sometimes overlooked investment option that just makes perfect sense. So where does one start? As with any other investment, with the proper research and due diligence. Check the Maui Country and State of Hawaii websites for information on rules and regulations on building and running a bed and breakfast in Maui. Once you've done some reading up, decide where on Maui you might want to set up shop. While virtually anywhere on the island can make a good location for a bed and breakfast, certain areas lend themselves to being a perfect location for a bed and breakfast; such as most anywhere in the Upcountry Maui area.
Upcountry Maui, particularly the town of Kula, provides a rather unique opportunity to create a highly sought after bed and breakfast. Situated on the slopes of Mt. Haleakala, the Upcountry region has a very cool, relaxing air about it. Temperatures tend to begin and end the day in the 50-60 degree range, while staying in the 70's throughout the daytime, nearly every day of the year. Being a typically calm town of low density houses, clean air and calming nature sounds abound; a definite pre requisite for a successful bed and breakfast. Need any more reason to invest in property in Upcountry Maui? How about the fact that many properties in the area have been VERY resilient to the downward turmoil of the nation real estate crisis, with prices occasionally dropping only slightly and in some cases re-bounding quite quickly!
So now that you have the perfect location picked out, permits and zoning in hand, it's time to plan the build of your bed and breakfast. While there are many options and styles, it is generally considered a smart move to build with at least five guest rooms in mind, to maximize your return on investment. Once you've decided on size and decoration, it's time to start planning for the day to day tasks of welcoming guests to your piece of paradise. Once again, there are many a style to handling these tasks, and many a resource for executing them. Check online and at your local library/bookstore for a wealth of options and information.
Now that you've got all your ducks in a row, it's time to sit back and enjoy your new investment, while sharing your piece of paradise with the lucky guests of your new bed and breakfast!
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