What does it cost to buy a home on Maui? We’ll keep this topic to the island of Maui, which will exclude the islands of Lanai and Molokai, which are part of Maui County.
Where do you begin to start your search for a home on Maui? Let’s take a look at the options. There are houses, and there are condos, and there are also houses that behave as condos, and condos that look like houses, but let’s just start with houses and condos. Don’t forget we also have Leasehold properties here, which appear to be cheaper in price, but the monthly costs can add up. With Leasehold you don’t own the land, only the improvements. Native Hawaiians have access to properties that pertain to them, and these are also found in our MLS. What you can build and how you use the property depends on the zoning, which can be: conservation; agricultural; residential; hotel/resort; industrial; commercial; etc. With all these choices it can be confusing for a buyer, and that’s why we’re here to help!
Maui condominiums are a great place to start, because you can find more options here in the lower price points. Condos come in many types, so be aware there are vacation condos which generally cost more, and those that can’t be rented for short term, or regular condos. Even among these 2 types, there are nuances such as high-rise or low-rise, pet friendly, etc. It’s great if you can find an agent to help you sort through the many offerings as there are hundreds to choose from. The price for a Maui condo starts at $235,000 (leasehold) and $255,000 (fee simple) and tops out at $18,000,000 (beachfront Kihei). As you can imagine, there’s a lot of variation of product in between those prices. Condos can be a studio, or up to 4 bedrooms mostly, with the rare larger unit. Monthly HOA fees start around $200 and up to around $8,800. These fees may or may not cover some of the utilities.
Houses are free standing homes on their own lots, and rarely do we have any duplexes or triplexes here on Maui, but you will often find properties with 2 homes, and sometimes more. The lot size can range from a few thousand square feet, to many acres. Right now, I’m seeing over 400 single-family homes for sale on Maui, priced from around $500,000 up to $42,500,000 (beachfront Kihei). Some homes will come with monthly or annual Association fees, up to thousands of dollars. Other homes will have no fees.
Kehalani homes in Wailuku Maui
Would I recommend buying land and building? Not really. Not unless you have the luxury of time and and money because it will take longer than you expect, and it will always cost more than you plan for. Don’t get me wrong, I love vacant land and have helped many buyers purchase here on Maui. If you’re in a position to buy land and build, it can be very rewarding to create something unique.
What’s the median and average price? Right now the median sold price of a Maui condo is around $840,000 and for a house it’s around $1,200,000. The average sold price of a Maui condo is around $1,260,000 and for a house it’s around $1,700,000.
So to sum it all up, you can enter the condo market on Maui with around $250,000 or around $500,000 for a house, but you really want to have $1,000,000 or more to find something suitable. Of course there’s more to it that just price, and if you can afford to pay more then it becomes a lot more interesting. You’ll benefit from the knowledge of a buyer’s agent to help you with all the ins and outs of buying a home on Maui. Let’s discuss how I can help YOU.
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