Everybody would like to own a house in Hawaii. Buying property in paradise really seems like a no-brainer, right? After all, what’s to worry about? In this article, you will find Here are some things you should know before buying a house in Hawaii.
Establish the Home’s Price
House prices can vary widely in some areas, especially based on location and the view. Your agent should already have provided you with comparable sales, but it’s important to know this.
You can also ask them how residential prices have fluctuated in a given neighbourhood over the years, to see how good an investment buying a house in Hawaii is.
Another tip, is looking at the tax records from a title company. Although they do not offer a complete picture of the real estate market, you can check whether prices have moved up or down.
Understanding the Homeowner’s Association
If you move in an area in Hawaii where there is a homeowner’s association (HOA), try to get a complete understanding as to how it operates and use the information provided to inform your decisions.
It’s important to know that many homeowner’s associations in Hawaii have restrictions on what owners can and cannot do.
Always expect the unexpected
No place in Hawaii is immune to disaster from Mother Nature. Some places, however, are riskier than other.
The Big Island of Hawaii still has tsunamis, floods, earthquakes and volcanoes. It’s important to inquire about the frequency of natural disasters and what insurance will and will not cover.
Most likely, you will need to buy flood and earthquake insurance in addition to your standard homeowner’s insurance policy.