BUYING A HOME
Thinking About Buying
Buying a home is one of the biggest decisions you’ll make in life. We’ll help to make the purchase of your home as easy as possible so you can Live Who You Are.
Thinking About Buying
Purchasing a home is exciting but there’s a lot to consider. Take time to define your search parameters like price range, location preference, type of ownership (single-family home, condo, etc.), size of property and building amenities, if applicable. Prioritize your needs (i.e., space, light, views, schools, etc.) but try to be flexible. In evaluating your budget, know what you can spend on a down payment as well as monthly expenditures like maintenance or common charges, real estate taxes, monthly mortgage, utilities, parking, etc. Find the right real estate professional to help navigate you through the process, speak with a mortgage lender to obtain written pre-approval for a loan.
What should I look for in an agent?
Buying a home is not only an important financial decision but a major life decision as well. Nothing says more about who you are or how you live so you need to make sure that your real estate professional is someone who understands you and your needs. Begin by asking friends for referrals. Choose a professional who specializes in homes in your price range and desired neighborhood(s); someone who’s available to work on your schedule, who listens to your needs, asks a lot of questions about how you live and takes time to explain things you may not understand. Finding a new home should be an exciting and enjoyable process but it is also time consuming so look for someone whose company you enjoy.
What is the difference between fee simple and leasehold?
Fee simple (FS) is the most complete form of ownership. FS means you own the building and the land. There is no time limit on the duration of the home ownership. Most Hawaii properties are FS. Leasehold (LH) means you own the building, but someone else owns the land. You are purchasing the lease. All LH properties have an expiration date and as the building owner, you will have to give up your home at the end of the lease. There are three things that can happen after the expiration date. The first, the landowner could extend the lease expiration date. Second, the landowner could agree to sell the fee to the LH owner; Converting the property into FS, and last, the landowner could decide to take back the property.