Aloha Pierre and Catherine,
As you have gathered, a condo would be the choice for you. And a vacation rental would be the way to go because the opportunity to make back some income is where you want to place yourself with a fixed income from your retirement. As mentioned, you would be only liable for the HOA dues monthly, your taxes, and the TAT or Transient Accommodations tax which is 14%, however with a higher nightly rental rate, you can easily usually make that money plus your HOA dues and then some with a 2-3 wk rental depending on which condo complex, how many bedrooms, view, how close to the beach and condo amenities, etc.
Kihei sounds like your area of choice like many Canadiens. It's the most sunshine all year round and so many wonderful sandy beaches and snorkel sites to choose from. It's a great community. So you are on the right path there. We have all the shopping and great restaurants for you and your vacationers to enjoy within close proximity.
Vacation rental condos will start anywhere from the low 400's and up again depending on the complex, the views, the location, amenities, etc. You can do the vacation renting yourself through VRBO, KAGG in Canada, etc. and save on the fees. You would just hire out the housekeeping, and someone to oversee your unit while you are away. However, some of the larger vacation companies do a great job at vacation renting. But then you will pay higher fees usually anywhere from 20-45% of rental income. And you might get allot more wear and tear on your condo... You have to weigh out the two alternatives and make that decision.
Let me know if you any more questions that we can help you with and we look forward to sharing our Maui home with you if you decide to take the leap of Faith and live on Maui... Feel free to call, text, or email me below.
Aloha and Mahalo,
Art Manzano / ERA Pacific Properties