Buying a luxury property in Maui and other parts of Hawaii presents a unique set of nuances. To achieve great results, it’s best to be prepared and know what you can expect.
This guide on buying a luxury property will help you get started.
- Know what you’re looking for
Luxury properties in Hawaii come in different types. It can be a beachfront estate spanning thousands of square feet. It can be an upscale condominium or golf property with top-of-the-line amenities. Or it can be a historic home near a bustling downtown district. Ask yourself what type of property and neighborhood best suits the lifestyle you prefer. Keep in mind that many luxury developments come with a homeowners’ association that requires monthly fees and have a set of regulations.
Another important factor to consider is your purpose in buying property. Will it serve as your primary home or a vacation property? Will it be rented out? These details will have a significant impact on the kind of financing you will need, as well as on your taxes.
Additionally, look into the features you want the home to have. Are you looking for a spacious patio where you can entertain guests? Do you want a home with a swimming pool, or perhaps a tennis court? List down your preferred amenities to guide you in your search.
- Work with an experienced Realtor
The luxury properties in Maui are often represented by an agent who works for the seller. Protect your own interests by working with a buying agent who can provide you with the market intelligence you need to make informed decisions. This includes real estate trends in the area, median prices, days on market, and other data.
The buying agent’s services are also valuable in other ways. They may know of properties for sale that are not listed on internet listing sites. Your Realtor can also negotiate strongly on your behalf, help you come up with a competitive offer price, and look after your interests through every step of the process.
We at Compass specialize in luxury homes and provide you the representation you need. Give us a call at 808-214-0302 or send an email to our partner Greg Burns at [email protected].
- Get pre-approval and work on your financing options before going home shopping
Acquiring financing for a luxury property often takes more time compared to loans for standard homes. Because of the larger amount of money involved, you will be asked to present more documents and proof of your financial stability. It’s best, therefore, to start looking into loan requirements and processes early. Get mortgage pre-approval. Many luxury home sellers will only show their property to buyers with pre-approval.
- Conduct a home inspection
It’s important to make sure the home is in good condition and will not give you problems down the road. This is especially true for waterfront properties, which are more exposed to the salt air, strong winds, and storms. Inspections of luxury homes can be more complex because of the various features that need to be looked into, such as pools, outdoor kitchens, security systems, and more. You may need to work with a professional inspector who specializes in luxury homes.
If you’re ready to make your dream of living or owning a getaway property in Hawaii a reality but you don’t where to start to find a trustworthy experienced guide, you have found the right team of the best Realtors in the state. Allow us to be your partner in this journey, and be rewarded by a seamless, honest, and enjoyable experience. Give us a call at 808-214-0302 or send an email to our partner Greg Burns at [email protected].