A condo, or condominium, is a building in which owners have residence rights to particular units while jointly sharing interest in communal areas such as the lobby, pools, parking lot, and gym. Condominium owners pay a monthly fee to the condo association in addition to the mortgage cost. This extra fee pays for building insurance, repairs, maintenance, and other costs.

Condominiums in Maui range in price depending on their location, amenities, and square footage. The island is very tight on available land, especially in the waterfront or ocean view areas. Thus, it is important to make a choice between luxurious amenities, cost, and the distance from the shoreline and other recreational spots.

Some land-locked Maui condos for sale (such as those in central Maui) can be purchased for $250,000. However, the most expensive Maui condos are in Lanai ($2,250,000), Kaanapali ($925,000) and Wailea or Makena ($913,000). These prices are the median cost per unit as of March 31, 2005. The prices of Maui condos for sale also vary from month to month and may peak during drier seasons, when visitors are more likely to flock towards Maui real estate.

The Most Effective Way to Acquire Maui Condos For Sale

The first thing to do when buying a condo on Maui is to do a little research on the many different areas of the island and choose which is more suited for your lifestyle. You can do this quickly by performing a search online. Next, interview several real estate agents and decide on one who has experience buying condominium properties in that area. Once you tell this agent about your financial status, he or she will be able to search through Maui MLS records and pre-qualify you for a mortgage loan towards the condo itself.