Maui is undoubtedly one of the most stunning holiday destinations in the world. Whether you want to soak up the sun on a pristine beach or snorkel with some of the world’s most beautiful marine creatures, this popular Hawaiian island has something for everyone.
Of course, life isn’t so simple that you can jet off to Maui whenever the mood takes you. Securing comfortable accommodation should be a top priority for any serious vacationer. If you’re addicted to the laid-back atmosphere of Hawaii (and who wouldn’t be?), you may feel tempted to secure your own slice of paradise through a vacation home or timeshare. To help you understand the pros and cons of both options, we’ve put together a guide to purchasing timeshares and vacation homes in Maui.
What is a timeshare? How is it different from a vacation home?
A timeshare (sometimes referred to as a vacation ownership) is a kind of contract that gives you access to a resort for a set number of days every year. There are two common types of timeshare available, including:
- Shared deed contract: As the name suggests, this contract gives you partial ownership of a property. Every person named on the contract is designated certain days or weeks that they are permitted to use the property throughout the year. A shared deed contract gives investors the right to transfer their part of the property via gifting, selling, or bequeathing.
- Shared lease contract: As with a shared deed contract, investors in a shared lease contract may visit the property in question for certain weeks throughout the year. However, the lease is usually limited to a set number of years, and vacationers do not have the right to sell or rent their timeshare. In other words, it does not come with any ownership rights.
A vacation home, on the other hand, allows owners to enjoy full property rights.
What are the pros and cons of purchasing a timeshare in Maui?
Timeshares are widely available in Maui, thanks to the island’s booming tourist industry. The primary benefit of buying a timeshare over a vacation home is that it is much more affordable. By sharing a deed or lease with many other people, you significantly reduce the overall costs of the property. Here are a few other benefits to consider:
- You can enjoy guaranteed holiday accommodation every year – forget long hours spent browsing the internet for deals!
- Some timeshares allow buyers to rearrange their vacation dates, if possible.
- Some timeshares come with partner resorts that you can visit if you’re a little tired of your usual destination.
- Luxury timeshares on Maui often come equipped with unbeatable amenities such as swimming pools and spacious rooms.
- You don’t have to take on many of the responsibilities of owning a vacation home, such as making repairs.
However, before you go off and purchase a timeshare, there are several cons to weigh up, including:
- Timeshares come with maintenance fees that tend to increase year on year. If you’re looking for cost-efficiency, a vacation home may be a better option.
- As you don’t fully own the property, you cannot personalize rooms to suit your tastes. Some vacationers also feel more comfortable spending time in a property they know is entirely under their control.
- Many timeshares operate according to a rigid schedule that could make vacation planning difficult.
- Timeshares can be tricky to sell and could create financial issues if you pass away while holding a contract.
What are the pros and cons of purchasing a vacation home in Maui?
Investing in a vacation home in Maui is, of course, a more serious commitment than purchasing a timeshare. You will need to spend plenty of time browsing the housing market and navigating the purchasing process before you can call a vacation home your own. However, the rewards could be significant. Benefits include:
- You can set your own timetable! Without a rigid schedule to stick to, vacationers can fully appreciate the natural beauty Maui has to offer.
- You don’t have to pay timeshare maintenance fees.
- You can personalize your vacation home to suit your family’s specific needs and tastes.
- Vacation homes represent a solid investment. Your Maui property will appreciate over time, and you can rent it out whenever you want to. In the long-term, you could end up making lots of money!
So, what are the cons of purchasing a vacation home? While they may appear to be a dreamy option, second homes are also costly and unaffordable to many. If you’re unable to invest the time or money needed to purchase a whole new property right now, timeshares can represent an excellent place to start.