Buying or selling a home or investment property in Honolulu, Hawai‘i
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is not a cake walk by any means. Here are some important points to consider when buying or selling a condo in Honolulu and why using a Realtor®, like HI Pro Realty can make the process positively palatable and full of potential.
WHAT YOU DON'T KNOW...
The old adage that what you don't know could hurt you is as true in Real Estate as any other endeavor. Having a seasoned professional(s) who is fiduciarly responsible to you and your Real Estate intrests goes a long way in reducing the risk involved in making what will probably be one of the most expensive transactions in your life time. In our litigious society, Real Estate mistakes can be some of the most costly mistakes a person can make.
NEIGHBORHOOD MARKET ANALYSIS:
Honolulu has many neighborhoods that vary dramatically from one another. Understanding the amenities, qualities, and geography of the various areas of O’ahu can greatly affect the experience of shopping for a home in Honolulu, you’ll want to do your homework on the neighborhoods you are interested in, as well as the surrounding areas.
Conducting your own market research is helpful, but consulting with a knowledgeable Realtor® will provide a more accurate benchmark of current market trends in relation to neighborhood listing costs. They can also explain the more subtle nuances of a neighborhood such as whether there is a popular farmers market or special amenities that might affect a buyers interest.
BUYING A SINGLE FAMILY OR CONDOMINIUM IN HONOLULU:
When it comes to new construction in Honolulu, if a development has yet to be completed, there is typically a lottery for potential buyers. In recent years several projects have sold out before construction began.
If you are a lottery winner, you must be pre-qualified and prepared to put down 5 percent of the purchase price and sign a qualifying contract. The buyer then has 30 days to read the project’s public report before deciding to submit an additional agreed upon percentage of the cost of the condo. Down payment percentages are determined by the individual developers and vary from project to project.
An important cost, that first time condo buyers might not know about are the additional costs presented as monthly association fees often referred to as maintenance fees. Building maintenance and repairs, as well as amenities like pools, common areas and landscaping are paid for with the Home Owners Association (HOA) or the Association Of Home Owners(AOAO) Maintenance Fees . Fees are usually assessed based on the square footage of the unit.
REALTOR COSTS:
Realtor® are not paid a retainer fee to find your home, but are paid by the seller after the sale. Agents work in different ways, but normally get paid by the seller. Commissions are negotiable, but in a typical transaction the seller will pay a percentage of the sales price, which is then split between the buyer’s and seller’s brokers as compensation.
WHAT A REALTOR BRINGS TO THE TABLE:
Having a professional Realtor® at your service helps to ensure that all the details required in a transaction are addressed
NEGOTIATION SKILLS:
Purchasing a home is probably the most expensive transaction you’ll ever make—Realtors® are practiced in the art of negotiation, and can help you get into your next home on time and on budget.
LOCAL MARKET KNOWLEDGE:
Location, location, location. We’ve all heard it before—because every market is different, you need a Realtor® who knows the local market inside and out.
ACCESS TO A NETWORK OF LENDERS, APPRAISERS AND OTHER INDUSTRY PROFESSIONALS:
Realtors® have worked with dozens of local professionals, from financing to landscaping, and everything in between—take advantage of your Realtor®’s knowledge.
MARKETING EXPERTISE:
Listing a house is more than just placing a for sale sign—a Realtor® can get your property seen by thousands of potential buyers using a variety of online and in-person marketing techniques.
HOME-STAGING SERVICES:
Because staging your home is not the same as decorating it, a Realtor® can advise you on how to prep your home to appeal to a wide range of buyers.
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SUPPORT AFTER CLOSING:
Realtors® will be there for you even after the sale—whether you need advice on a plumber or you’re not sure what color to paint your new living room.
PAPERWORK KNOW-HOW:
Who has time to sort through 14 pages of a purchase contract, with its many confusing terms, to make sure you’re getting the best deal? Your Realtor®, that’s who!
PRICE GUIDANCE:
Pricing is critical—an overpriced home may languish on the market for months, disappointing sellers. On the other hand, no buyer wants to fork over more than a property’s worth. Whether you’re the seller or the buyer, a Realtor® can advise you on a property’s best price.
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