|
|
||
|
|
||
|
Moving Relocation Tools > Real Estate Tips by State > Hawaii Real Estate
|
||
|
Search Assistant         
Moving? Learn About: Real Estate Advertising Mortgage Calculator
|
How do I Pick the Perfect Home In Hawaii?When it comes to searching for Hawaii homes for sale the natural beauty of the state can lead to "tunnel vision" if you aren't careful. Learn how to stay alert instead of falling in love when purchasing Hawaii new homes or pre-existing Hawaii real estate with these quick tips. 1. Living Large. Hawaii can be expensive so take time to calculate the cost of living before relocating or even moving from one island to another. 2. Leisure Pursuits. Living in paradise might lead you to think life is one big vacation. In reality, many of the things taken for granted on the mainland are in short supply in Hawaii. For example, don't expect to see your favorite pop star in concert on any given weekend; the high cost of travel, shipping and logistics often results in fewer events than those found in many venues. On the other hand, those that do make the trip encounter incredible weather and eager fans who know how to have a great time! 3. Separation Anxiety. If you have grown accustomed to taking quick trips across the 48 mainland states it may take a little additional time to become familiar with life on a distant island. Shipping usually takes longer and costs more, Hawaii doesn't use Daylight Savings Time and it is impossible to jump in the car for a quick drive to the neighboring state to visit the in-laws. Chances are, the initial separation will be short lived; friends and family will easily forgive all these short-coming for the chance to sleep on your floor during the next vacation making you long for the privacy of "off season". 4. Commute Time. One of the nice things about living in Hawaii is the weather – it is almost always beautiful; but just because you don't begin each morning shoveling snow to get out of the driveway doesn't mean you will have an easy commute. Hawaiian roads can be full of curves, prone to rain and often take time to navigate. Before making the decision to buy your dream home high in the hills, experience the drive for at least a few weeks to make sure you can live with your decision in the long run. 5. Upkeep. Select a property that reflects your long term lifestyle – not vacation destination. Unless you intend to use your Hawaii real estate solely as a vacation home, chances are you will eventually grow weary of the endless party and tourist lifestyle. Instead, search for the type of property that will allow you maximum versatility, a sense of community and support your long term interests. More Real Estate Tips. What things do people never say when selling real estate?When it comes to purchasing Hawaii real estate there are some things sellers are unlikely to ever say. Learn how to avoid unpleasant surprises and find the perfect property for your retirement, vacation home or permanent lifestyle in paradise by keeping these top things that sellers never say in mind when searching for Hawaii new homes. 1. Yes, those tiny tree frogs are very cute but they never stop singing – at a decibel level that pierces the silent night for ten solid miles. 2. Yes, the mountains are beautiful but it has rained every day for ten years so we are moving to Texas to get away from the humidity and soak up some sunshine. 3. Yes, the foliage is extraordinary and everything grows twice as large – including the lawn which needs to be mowed almost daily...all year long. 4. Yes, the weather is great and we never need to shovel snow – but we do buy bug spray by the case to chase away the constant influx of insects that never die away. 5. Yes, the drive to town is quite picturesque – but the crazy drivers are such a hazard you will fear for your life every day. 6. Yes, living in paradise is wonderful – but the tourists eventually take a toll and we get tired of mainlanders sleeping on our floor year round. 7. Yes, the house is wonderful and in good repair – but when something goes wrong it takes weeks to get it fixed and costs twice as much as it would on the mainland due to shipping. 8. Yes, having a second home in Hawaii is wonderful – but making a living is hard so it might take awhile before you retire here permanently. In the meantime, finding a good property manager is a must because the crazy party animals that vacation in your home can wreck havoc that costs you the better part of the rental rates plus all your friends and family will expect to stay for free when they vacation. More Real Estate Tips. How can I afford to buy a home in Hawaii?Searching for Hawaii real estate resources has never been easier with this quick list of helpful sites. Hawaii Department of Commerce & Consumer Affairs - Real Estate Commission: This agency is responsible for licensing, complaints, investigation and other official oversight for agents, condominiums and other real estate concerns in the state. For more information visit http://hawaii.gov/hirec/. HUD Foreclosures: The Housing and Urban Development listing of all Hawaii related foreclosures and Good Neighbor Next Door program can be searched for free at http://hud1.towerauction.net/HI.htm. Hawaiian Home Lands Program: Research or apply for native Hawaiian residential or agricultural lot leases at http://www.state.hi.us/dhhl/. Down payment Assistance Programs: Hawaii offers several different programs of interest to native Hawaiians, first-time homeowners and others interested in purchasing Hawaiian real estate or pre-existing Hawaii homes for sale.
More Real Estate Tips. How can I go green in Hawaii?When purchasing new homes in Hawaii many people are interested in a sustainable lifestyle that harmonizes with the surrounding natural beauty of the islands. Learn how to save money, reduce utility expenses and live a green lifestyle in paradise with these quick tips. 1. Purchase Energy Efficient Appliances. Energy Star appliances, florescent or LED lighting and the installation of double paned windows can lower your carbon footprint and reduce the cost of utilities. 2. Alternative Energy Resources. Hawaii is known for beautiful weather and a steady breeze or sunshine capable of supporting solar or wind generated energy. Not every section of Hawaii is capable of generating enough power so it is a good idea to determine if alternative energy options are feasible by visiting the U.S. Department of Energy Wind Map for Hawaii at http://www.eere.energy.gov/windandhydro/windpoweringamerica/astate_template.asp?stateab=hi or the Hawaii Energy Efficiency Index at http://www.ase.org/content/article/detail/2553. Each will allow you to search your specific area to determine if alternative energy sources might prove to be a good investment. 3. Buy Green. Although a relative newcomer, Hawaii does allow limited areas to purchase Green Power. To learn more or sign-up visit http://www.eere.energy.gov/greenpower/buying/buying_power.shtml?state=HI. It doesn't take a lot of time to go green Hawaiian style but the results will allow future generations to enjoy the natural beauty of Hawaii for years to come. More Real Estate Tips. Hawaii Real Estate Investing - Good or Bad?The decision to purchase Hawaii real estate as an investment is often met with scorn or praise depending upon who you are talking with – and with good reason; there are distinct advantages and possible disadvantages when it comes to Hawaii real estate investing. Before taking the plunge, learn all you can about the good and bad aspects of holding Hawaiian real estate with this quick checklist. The Good Location: In real estate, location is everything and Hawaii is world renowned for nearly unsurpassed beauty. In addition, the appeal of Hawaiian real estate is international in scope with people from around the world visiting and relocating to Hawaii each year. Weather: From Baby Boomers to tourists, the weather makes living in paradise a perpetual favorite. The aging population in the states, Europe and even Japan are more likely than ever to find warm weather appealing. Lifestyle: The relaxed casual lifestyle, natural beauty and amenities of the islands create an enviable mix of luxury combined with simplicity most people find highly appealing. Limited: Few places in the world can compete with the Hawaiian Islands for natural beauty so it is in limited supply. Scarcity always tends to increase demand and with millions of retirees searching for fun and sun in their own bit of paradise, Hawaii might be the next big thing to keep your eye on. The Bad Adaptation: Hawaii is different and while many people enjoy visiting for a short period of time; not everyone finds the prospect of relocating as desirable. Distance to visit family and friends, the convenience of instant access to airports and other common amenities may be more difficult to come by on some of the islands. Infrastructure: Hawaii is heavily dependent upon tourism with a relatively high cost of living and low wages. During tough economic times, those on marginal or limited budgets might find it more challenging to keep up with taxes, insurance and the cost of living required to maintain the lifestyle they have become familiar with. Increased prices of homes for sale in Hawaii can create a situation where selling is easier than holding. Perpetual Tourism: The same things that make Hawaii real estate so appealing can also be the cause for later discontent. When local governments must choose between enhancing tourist destinations versus local resources, allocations can appear uneven or sporadic. More Real Estate Tips. How can I step down the mortgage ladder?Although the media seems to only report on the mortgage melt-down and other financial fiascos, it is still possible to benefit from current mortgage rates especially for those who have owned Hawaii real estate for several years or are contemplating the purchase of Hawaii new homes. Learn how to step down the mortgage ladder instead of up with this quick tutorial. 1. Check your current rate. If you don't have a fixed rate then now might still be a good time to refinance or purchase a home with a low fixed interest rate. Opt for the lowest fixed interest rate you can afford. 2. Rate alert. Sign up to be notified if rates drop at least .50 of a percentage point below your current rate then run the numbers. Depending upon the cost of refinancing, .50 of a percentage point could reduce your mortgage enough to support refinancing although it typically requires at least a full percentage point decrease. If refinancing to a lower interest rate makes sense, be sure to continue to apply the saving to the principle in order to rapidly pay down the mortgage and compensate for the extra duration of the new mortgage or apply for a shorter mortgage term (15 or 20 years instead of 30 for example). 3. PMI review. Always try to avoid PMI or Private Mortgage Insurance when possible but for those with PMI, be sure to periodically review your equity. Elimination of PMI can easily reduce payments by $50 to $150 per month. Apply the savings to paying down the principle on your mortgage to save tens of thousands of dollars over the life of your mortgage loan! Here is how it works in real life. A Hawaii real estate buyer purchases a $200,000 condo at 6.75 percent for 30 years. The monthly mortgage payments are $1297 per month with PMI of $125 per month. Our savvy real estate investor decides to pre-pay the mortgage by applying additional money toward the mortgage each month. A few years’ later prices have stabilized or increased to the point that they now have 20 percent equity in the home and they qualify for a 5.25 fixed rate. Although the current PMI may not be discharged, by refinancing and taking out zero cash, the new equity ratio allows them to drop PMI with the new real estate loan. Because principle pay-down has been relatively minimal, the new loan is for 195,000 at 5.25 fixed rate for 30 years or $1076 per month... a savings of over $220 per month plus the $125 PMI or a total of $345 per month. Although the home owner has added three years back to the mortgage pay-back, by continuing to pay an additional $345 per month it will now require only sixteen years to pay the mortgage in full. More Real Estate Tips. |
ADVERTISEMENT
|
