Your costs for a condo will vary from complex to complex. The following information is meant to be used as a guide, and is not guaranteed to include all costs associated with ownership.
Somewhat fixed costs will include maintenance fees, lease rent, property taxes, mortgage payments, and a content/liability insurance policy for the interior of your condo. Fluctuating costs will include electric, telephone, additional cable/internet, and management fees.
The maintenance fees will vary with each complex and will include water, sewer, trash removal, structure insurance, exterior building maintenance, liability insurance for the common areas, and grounds maintenance. Most complexes also include basic cable in the maintenance fees, but a few do not. Some condos include electric in the maintenance fees, so their fees are a little higher, but your costs are more controlled. A few other complexes include gas in the fees and use gas for the ranges, dryers, and hot water, which also reduces the electric costs.
If the condo is leasehold, you will also have a monthly lease rent fee.
Detailed information on Maui property taxes may be found at: Maui Property Tax Site.
Property tax rates are based on how you use the condo and are paid semi-annually either by you or your mortgage holder.
I highly recommend that you obtain a contents/liability insurance policy for the interior of your condo. This type of policy can cost $150 or more annually, depending upon the coverage you request. The complex provides the structure insurance for the building and liability insurance for the common areas, but does not cover your interior space. When you are renting the condo, it is always recommended to have that extra liability coverage for inside your condo, just in case someone gets hurt in the unit.
The electric will be one of the major fluctuating costs. If your condo has air conditioning and the electric is not included in the maintenance fees, the costs can vary greatly with the guest staying in the condo. Most guests are conscientious and only use electric as needed. Others are on vacation and run A/C constantly with doors/windows open, raising the electric bill. Some owners have put timers on the A/C to reduce the careless misuse. Others do not have A/C in the condo. Typical electric bills would be $80-$250, depending upon the size of the condo, but can be higher depending upon the guest in the condo.
Another cost could be basic telephone which is usually between $25 and $30 per month. As I said, most units include basic cable in the maintenance fees, but for those few that don’t the cost would be approximately $50 per month.
If you use your condo as a rental when you are not here, Hawaii state law requires you to have a property manager. If you are in the apartment zoned district, you can only rent the condos a minimum of 6 months at a time (long term rentals). The management fee for long term rentals is typically based upon a percentage of the gross monthly rental income and may vary depending upon the manager chosen. There is also a general excise tax of 4% due on the gross rental income collected. You can collect it separately from the tenant, or just include it in the rental amount. It is usually paid to the state quarterly or semi-annually (determined by the state).
If you are in the hotel/resort zoned district, you can rent the condo for any length of time, and those property managers will charge between 20 to 55% of the gross rental income with fees varying and dependent upon the manager chosen. There will be a general excise tax of 4% of the gross rental income, plus a transient tax of 9.25% due on the gross rental income collected. This is collected from the vacationer separately from the rental amount and is also due to the state quarterly or semi-annually (determined by the state). These taxes are not really additional expenses for you since they collected from the tenants/guests, but it is an additional responsibility of collecting the taxes and filing tax returns.
I hope this information is useful and helps in your research. Owning a Maui condo can prove to be a very good investment.