Buy a House in Honolulu
It sounds like a dream to many people, to buy a house in Honolulu, Hawaii. It’s warm climate and prime location nestled in between scenic mountains and surrounded by the Pacific Ocean make it especially appealing to those living on the mainland. Imagine the smell of tropical flowers and ocean breezes all year long.
Honolulu is truly an ideal place to make your home. There is plenty to do for outdoor enthusiasts with the excellent weather, gorgeous beaches and stunning mountains. As the capital city of Hawaii, it is diverse with a rich culture. There are numerous restaurants, shops, and nightlife, and the residents are known to be friendly and welcoming. There are a lot of reasons why you might want to buy your house in Honolulu. Or maybe you are considering a smaller space, and are interested to buy an apartment in Honolulu.
However, there are some practical issues you need to consider before purchasing real estate in Honolulu. Housing and property laws are different here. You want to find a real estate agent familiar with the local property laws to help you determine what you need.
Things to consider when you are looking to buy a house or apartment in Honolulu
- Be careful of scams. There are a lot of scammers on the Internet and you need to be sure the real estate company you use is reputable. Hawaii Trusted Realty has real estate agents with experience and training, combined with local knowledge to ensure we can help our clients get the home that fits your needs. Don’t send anyone money until you’ve determined you are dealing with a reputable company.
- Fee simple. Fee simple is the type of real estate purchase that people on the mainland are the most accustomed to. It is when you purchase an entire property including the land. You own the property and the land and it can be passed on in a will to your heirs. It’s the most common type of homeownership in Hawaii.
- Leasehold. This is when a fee simple landowner holds a lease agreement with a purchaser. The leasehold purchaser does not own the land, but just the house or apartment on the land. The fee simple owner is giving the purchaser the right to use the land for a certain amount of time. It’s not outright owned by the purchaser and cannot be passed down to heirs in a will. The lease times are usually long-term, often being adjusted every 10 to 15 years. Leaseholds are often more affordable than fee simple purchases and sometimes the leaseholders are offered the chance to buy the property outright. A benefit to the leashold is that often the monthly price is lower than simply renting the property. Hawaii Trusted Realty can help you determine whether you are better off with a fee simple purchase or a leasehold.
- Financing. Property buyers need to consider if they want to use mainland versus local lenders. The benefits of local lenders are that they are familiar with the area which can be beneficial. Local lenders may have stricter requirements regarding credit and income. So it may be helpful to look into mainland lenders as well, depending on your situation. You may find it best to shop around for rates by comparing both local and mainland lenders before making any decisions.
- Cost of Living. The cost of living in Hawaii is much higher than in the mainland. You may have to consider purchasing less square feet than if you were buying on the mainland. Hawaiian homes are smaller than what residents of the mainland are accustomed to. Smaller homes are easier to keep cool without central air conditioning and the great benefit of living in Hawaii is enjoying the outdoors. Residents spend a lot of time on outdoor decks and porches. Smaller houses are most cost-effective and they make more sense to Hawaiian living. When you are looking to buy your house or apartment in Honolulu, be sure to look at the outdoor living space as well as the interior.
Benefits of owning property in Honolulu
- No Lava zones. Lava zones are categories of land that are numbered one through nine, based on the risk of lava flow. Lava zone one is the highest risk. The volcanoes that formed the island of Oahu are now extinct and there are no lava zones in Honolulu or on the island of Oahu. Only Hawaii Island and Maui contain lava zones. Oahu is separated by 200 miles from the active volcano of Kilauea on the Big Island.
- Low property taxes. You may be surprised to learn that Hawaii has the lowest property tax rate in the nation. It’s currently at 0.27% which is stunningly low to anyone currently paying property taxes on the mainland.
- Healthy living. Hawaii is ranked at the top of the country for healthy living and lifestyle. Which is unsurprising considering the warm climate and many available outdoor activities.
- It’s an investment. Both American and foreign buyers are currently investing in Honolulu homes. The local economy is strong, unemployment is low, and you can most likely expect to watch your real estate prices increase over the long run.
- Variety of property types. Honolulu is a large city with many different types of neighborhoods. If you have your heart set on a large square foot property, and you have the income to obtain it, you will be able to find neighborhoods that include large homes with over 3,500 square feet. However, there are also apartments available and homes at much smaller square feet and more affordable prices.
Why choose Hawaii Trusted Real Estate?
- Full-service. We aren’t just a real estate company, but also we provide property management. This means you can have full service from us including landscaping, cleaning, and closing.
- No obligation consultation. Contact us today and we can help you to find the house or apartment of your dreams. We are happy to provide you with a consultation and you are under no obligation to use our services.
- Wide selection of properties. We have different property types from single-family homes apartments available for sale now.
Hawaii Trusted Real Estate knows the local market well and can help you find the home of your dreams. Contact us today for a consultation. We work hard for our clients and customer satisfaction is our priority. If you want to achieve your dream of living in Hawaii, contact us today to find out more. We are happy to help you buy your home or apartment in the beautiful and thriving city of Honolulu.