Quick Answer: For luxury second home owners on the Kona-Kohala Coast, Third Home offers a unique opportunity to leverage your property for global travel experiences, potentially saving significant rental costs, especially if you value exclusive, high-end accommodations over direct rental income from your Hawaii home.
Key Takeaways: Maximizing Your Hawaii Second Home’s Value
- Global Luxury Access: Third Home provides entry to a curated portfolio of over 15,000 luxury homes worldwide, allowing you to travel without incurring traditional rental costs.
- Investment Leverage: Your high-value second home on the Kona-Kohala Coast, whether in Mauna Kea Resort or Hualalai Resort, can earn substantial “keys” for travel, turning unused time into valuable experiences.
- Flexible Travel: Unlike direct exchanges, Third Home’s “key” system offers flexibility, allowing you to deposit time and book stays independently to fit your schedule.
- Community and Culture: Beyond savings, it offers opportunities to experience diverse cultures by staying in private homes and connecting with a global network of luxury owners.
- Specific Requirements: Your Kona-Kohala Coast home must meet strict value ($500,000+) and quality standards to qualify, ensuring a consistently high-end experience for members.
Over nearly two decades of selling luxury homes on the Kona-Kohala Coast, many second home owners have asked how to generate more value from their property when not using it, beyond traditional rentals.
The answer is a structured strategy. What I call the Polimino Global Lifestyle System is the result of years of testing and refinement in helping owners maximize luxury assets. Rather than describing the system in theory, here are the most common questions luxury second home owners ask about platforms like Third Home, along with practical answers.
What is Third Home, and how does it benefit my luxury second home on the Kona-Kohala Coast?
Quick Answer: Third Home is an exclusive luxury home exchange club that allows you to deposit unused time in your Kona-Kohala Coast second home to earn “keys,” which can then be used to book stays in other high-end properties worldwide.
It is not a traditional home swap. Third Home operates as a private club for owners of properties valued at $500,000 or more. By depositing unused weeks, you earn a travel currency called “keys.” These keys can then be used to stay in other luxury homes within the network.
Example: An owner with a $5 million villa in Mauna Lani Resort might deposit a shoulder-season week and earn enough keys to book a week in a luxury ski chalet in Aspen or a beachfront estate in Mexico. Instead of paying $20,000 or more in rental fees, the owner pays only the membership and exchange fees.
How does the “key” system work, and is it fair?
Quick Answer: Keys are awarded based on your home’s market value, the time of year, and the length of stay deposited, creating a value-based exchange system.
Higher-value properties and peak-season weeks earn more keys. For example, a prime winter holiday week in a luxury oceanfront villa may earn significantly more keys than a late-summer stay. This system reflects market demand and relative property value.
Example: A peak holiday week might earn 15–20 keys, while an off-season week could earn 8–10 keys. Owners can combine keys for longer stays or higher-value properties.
What are the costs or downsides?
Quick Answer: Costs include an annual membership fee, exchange fees per booking, and the opportunity cost of not renting the property during deposited weeks.
Annual membership fees typically range from $2,500 to $6,000, depending on the property’s value and membership level. Exchange fees per booked week generally range from $1,000 to $1,500.
The primary trade-off is rental income. If your property could generate $10,000 per week in rental revenue, depositing that week means choosing travel value over direct income.
Can I still rent my property if I join?
Quick Answer: Yes. You can choose which weeks to deposit and which weeks to rent or reserve for personal use.
Many owners use a hybrid strategy. For example, they may rent peak-demand weeks for income, use several weeks personally, and deposit off-peak weeks into Third Home for travel benefits. This allows for both income generation and luxury travel access.
How does Third Home compare to traditional rental platforms?
Quick Answer: Traditional rental platforms focus on generating direct income, while Third Home focuses on leveraging your property for personal luxury travel experiences.
If your goal is consistent rental income, vacation rental platforms may be more suitable. If your goal is high-end global travel without paying full retail rental rates, Third Home offers a compelling alternative. The two approaches can also complement each other.
Example: An owner might generate $150,000 annually through rentals, while choosing to deposit select weeks into Third Home to access $50,000–$100,000 worth of luxury travel experiences.
The Bottom Line: Strategic Asset Leverage
For luxury second home owners on the Kona-Kohala Coast, Third Home can serve as a strategic tool for maximizing both lifestyle and asset utility. It provides access to global luxury experiences while maintaining flexibility for rental income and personal use.
Understanding how to integrate exchange platforms into your broader asset strategy allows you to leverage your investment beyond traditional ownership models.
Frequently Asked Questions
What are the home requirements?
Your property must generally be valued at $500,000 or more, be a true second home or vacation property, and meet high quality and furnishing standards.
How far in advance can I deposit weeks?
Weeks can typically be deposited up to 18 months in advance or within six weeks of arrival. Earlier deposits often earn more keys.
Can I bring guests?
Yes. When you book a stay, you reserve the entire home, subject to occupancy limits.
What if I cannot find a home to book?
Inventory is continuously updated. Owners can set alerts for specific destinations or dates, and keys are generally valid for one to two years.
Is this suitable for short-term rental properties?
Yes. Many members operate their properties as short-term rentals and selectively deposit available weeks into the exchange system.
