Buying Real Estate in Hawaii: 4 Tips You Should Know
Buying a property in Hawaii can be a challenge if you’re not familiar with the local real estate market. Because of this, many homebuyers turn to local real estate agents to represent them in scouting out potential property purchases.However, not all agents know the ins and outs of all the neighborhoods on every island, making it difficult to gauge whether a property is worth its value compared to others. As such, it’s also important that you acquaint yourself with the Hawaiian housing market so that you can make the best investment.
Being a responsible property buyer
Although it can save you some time and effort to pass on all the house hunting responsibilities to an agent, you should have your own insights before you commit to buying a property. Since purchasing real estate is a considerable investment, you need to make sure that you’re making the right call by educating yourself about the neighboring market.
If you’re planning to buy a property in Hawaii, here are four tips you should consider when coordinating with your agent.
1. Perform research on the home’s price history
Although your agent should provide you with an account of comparable sales, house prices can vary in other areas, depending on its view and location. Besides asking for prices of nearby properties, you should also ask how residential prices fluctuate in different neighborhoods. You should get a historical account from past years to see whether there are any trends in the rise and fall of property prices. Doing extensive research allows you to gauge your purchase and determine whether the property will be a reliable investment in the future.
2. Negotiate on home furnishings and refurbishing
Home sellers have a knack of gaining more from refurbishing costs by offering to do it for their potential buyers. Because of this, homebuyers need to be vigilant in asking about the information on how much upgrades and refurbishing options will cost them. You should ask about the specifics of these home additions so that you only focus on good maintenance instead of potentially depreciating the value of your home. You can also negotiate over the furnishing by comparing prices from local suppliers and warehouses.
3. Review homeowner association guidelines
Some properties under the jurisdiction of homeowner associations will have restrictions on what you can and can’t do to your property. You should request for a thorough background check on these community guidelines to ensure that the seller isn’t cutting corners or offering unrealistic upgrades. Although some communities have restrictions, some also provide added benefits, such as exterior and front yard maintenance. Being familiar with these particulars can help you in gauging whether the property can be a profitable investment.
4. Anticipate harsh weather conditions
Many people see Hawaii as a tropical paradise for prime real estate. However, it’s geographical placement can make it prone to different types of harsh weather conditions. Some areas are more prone to considerable damage compared to others. Because of this, you should check with your agent and find out your prospects’ vulnerability to natural calamities, such as floods, tsunamis, and earthquakes. Informing yourself on your property’s potential in encountering these disasters can help you in getting the right insurance just in case.
Buying a Home with HI Velocity Mortgage
After narrowing down your property options to one prospect, you need to make sure that you can coordinate with a mortgage broker to help you in securing your finances. Your research on the state of the property and how it fares with other homes can help you in negotiating for a fair price range for its estimated value.
HI Velocity Mortgage is amortgage company in Ewa Beach that can help you in securing the property of your dreams. Schedule a free consultation with us today by contacting us at (808) 727-1055.