The primary concern that one has while purchasing or investing in a real estate property in Hawaii is whether to get assistance from a local agent or hire a listing agent who represents the property seller. The thing with Hawaii is that not every real estate agent is aware of all the neighborhoods on the island. The listing agents may be required to take part in numerous showing venues to get a better idea anyway. As experienced groups dealing with Hawaii luxury homes and properties, we feel that the latter is a better option to move forward. That said, it is advisable to get your representation when the property buying process commences. In addition to that, since Hawaii is far away from the mainland US, you have to rely on agents; you cannot take up things on your own as that would pave way for scams and frauds. While you plan to own a property in such an attractive place, here is some useful information to help you out.
First off, realize that establishing the price of the home/property is crucial. Even when your hired agent has provided you with an ample amount of information on comparable sales, know that property prices can fluctuate in both popular and non-popular areas and neighborhoods of Hawaii. The range size would be based on the location and view. Ask your agent how residential properties have varied in the last few years and what is the general trend for that. Tax records from a title company can also help even if they do not offer a complete picture of the same. The median sales price for a single home was around $855,000 according to the information updated on March 2021. The condo price was hovering around $540,000 for that same time.
Additionally, negotiating for furnishings and upgrades is crucial to get favorable results. The sellers will always try to get back the amount of money they’ve spent on upgrades and restoration works. Acting tactfully and asking for the inclusion of commodities and furniture in the property purchase price is the right thing to do. Negotiate as much as possible because paying airline fees to move items from the mainland will be inconvenient and would take away a lot of money from you.
Furthermore, moving to a property that has HOA or homeowner’s association, get clarity on how to operate that and use the instructions to make well-informed decisions. There can be different restrictions attached to using the property, be fully aware of them. There can also be unique rental limitations and rules, that might be interesting for you should you ever plan to rent out your property. There are also HOAs where they don’t allow pets.
Consider this post and look for the best Hawaii real estate agents and companies.