What You Need to Know before Purchasing Hawaii Real Estate
June 16th, 2008 by Palaka | no responses
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Purchasing real estate in Hawaii is a dream for many people. Whether you intend to become a resident of the tropical islands or simply invest in Hawaiian real estate as a sound financial investment, purchasing Hawaii real estate is an exciting and monumental event for most consumers.
If you are thinking about purchasing Hawaii real estate, there are a few things to consider before you head out to look at properties.
Considerations Before Purchasing Hawaii Real Estate
Before you set up a permanent residence in Hawaii, you should consider the differences in life in Hawaii versus the mainland U.S.
- Property taxes in Hawaii are about one tenth the amount paid in most other US states.
- Hawaii is an island state. This makes it difficult to get some items that are readily available in the mainland U.S. Shipping costs are more expensive and even overnight shipping can take 2-3 days.
- Hawaii has distinct seasons, but the temperature remains around 70°. It rains more in the winter months, but the trees do not lose their leaves and it only snows in the very high mountain peaks.
- Hawaiian earth is red. This makes tracking mud into your home particularly messy. It is a Hawaiian tradition to take your shoes off indoors, which helps keep floors cleaner.
- Hawaiian real estate is more expensive than housing on the mainland. Even a smaller, basic home in Hawaii can cost a couple of hundred thousand dollars.
- Rust and mold abound in Hawaii due to the salty sea air and humidity. Patio furniture, cars, and other metal household objects must be replaced more often than in the mainland.
- It is not uncommon for homes in Hawaii to have insect infestations.
- Life in Hawaii is slower paced. Hawaiian residents drive slower, eat slower, and conduct business slower than on the mainland. This can take some getting used to and is often a great source of frustration for new residents.
- Hawaii is a culturally diverse state. While residents settle here from all over the world, loyalty to the traditional Hawaiian way of life runs strong on the islands and outsiders must adjust to the Hawaiian way of life.
Types of Hawaii Real Estate
Hawaii has two types of real estate, Fee Simple (FS), and Leasehold (LH).Fee Simple real estate listings mean that you own the land and all structures on the purchased property. The purchase price on Fee Simple Hawaii real estate is more expensive than a Leasehold property.
A Leasehold property deal means that you own any improvements made to the land, but not the land itself. Leasehold properties are most often leased for a period of 55 years. After that term, the lease must be renegotiated. Purchasing a Leasehold property is not for everyone, since this type of deal carries a certain amount of uncertainty about the future real estate dealings for the property, but the average monthly price on a Leasehold property is significantly lower than a traditional Fee Simple property.
Before purchasing Hawaii real estate, be sure to ask what type of real estate is being offered by the property owner. Purchasing Hawaii real estate is a big step. Be sure to get the facts before committing to purchasing Hawaii real estate.
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The Author: Palaka
About: Palaka is Hawaiian for Brad. Pelanakelina is Hawaiian for Bradley. Brad is a staff writer for Aloha Condos.
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This entry was posted by Palaka, on Monday, June 16th, 2008 at 7:12 am and is filed under Featured. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response on the right, or trackback from your own site.
