Buying a condo in Hawaii can be a very exciting time in your life. Before making a condo purchase in Hawaii, however, it is beneficial to learn more about what to expect. By keeping these five simple tips in mind, you will be sure to be pleased with your purchase.
Tip #1: Match Your Lifestyle
Condos in Hawaii are available with a wide range of amenities. While some are very basic, others may have a number of amenities such as a pool, tennis course and even biometric fingerprint elevators. As you consider the amenities that you wish to have with your condo, you should also consider the lifestyle you wish to live. After all, there is no need to pay extra for amenities that you will not use. On the other hand, settling for a condo that does not have the amenities you desire may leave you feeling unsatisfied.
Tip #2: Uncover All of the Costs
Purchasing a condo can result in paying extra costs that you didn’t consider. For example, while there is the initial purchase fee, you may also have maintenance fees that you are required to pay. Remember, when you purchase a condo, you are purchasing the unit as well as a percentage of the common grounds and areas. This means you will be responsible for paying fees for the upkeep and maintenance of the grounds and all of the amenities. These fees are typically charged by the homeowners association, so be sure to find out about these costs as well as any other applicable fees before making a purchase.
Tip #3: Learn the House Rules
The condo association that oversees the condo that you wish to buy may have certain rules in place that can affect your lifestyle. These rules are generally created in order to help create a peaceful living environment and, therefore, most people who wish to purchase a condo are happy to comply with them. Before making a purchase, however, you should learn about the house rules to ensure they are ones that fit your lifestyle and needs.
Tip #4: Look Into Vacation Rental Guidelines
If the condo will not be your permanent residence or if you simply want to be sure you will have future options available, it is also a good idea to find out whether or not vacation rentals are allowed. On the flip-side, if the condo is to be your permanent residence and you want to be sure your neighbors will also be year-round residents, you may want to ensure the property does not allow short-term rentals to take place. While some condos allow for short-term rentals, others may require a 30-day minimum.
Tip #5: Determine if it is Leasehold or Fee Simple
If you want to save on costs, you may want to consider purchasing a leasehold condominium. With a leasehold, you buy the right to lease the property for a certain amount of time. While this is cheaper than purchasing the property, you do take the risk that you will not be able to renew the lease when it expires. On the other hand, you may have the option to pay an additional amount in order to convert it to a fee simple at a later date. Be sure to explore your options before making a purchasing decision.