What to Look For When Buying A Condo in Hawaii
The more I look at whether to buy a townhome or condo, the more it appears that a condo makes the most sense based on my needs. I’ve outlined some of the essentials for my first real estate purchase:
- In Honolulu (reduce amount of commute and time spent in traffic)
- Around $300K (hopefully I can qualify for a loan this size)
Yes I know you’re laughing, this list is pretty short but that’s the reality we live here in Hawaii. The fact that I need something in the city combine with my miniscule budget dictates that the only choice I’ll have is a decently priced condo. Now that I’ve got my mind set on purchasing a condo, here are a few things I’ve learned on what to look for before you make that condo purchase.
3 Things to Look For When Buying a Hawaii Condo
- Location, Location, Location
You want to make sure you buy a condo that in a good part of town with a history of attracting a large base of buyers or renters. Buying a property that has no demand for renters will do you no good and you want to make sure that your property has the potential to appreciate in value so you can sell it in the future and upgrade to something nicer. You’ll also want to take a walk and observe the neighborhood of a condo you’re interested in. Do you feel safe? Is this somewhere you’d want to live? A casual stroll around the neighborhood can tell you a lot.
- Condition of the building
Ask questions about the history of the building and what needs fixing. You probably don’t want to buy a condo in an old building that’s falling apart and needs major renovation. Also, you can’t tell just by looking at the condo you’re buying, you’ll need to dig up as much information and history on the building itself as these potential problems can’t be seen from the outside.
- Maintenance costs, fees, and expenses
Fees and maintenance costs can sneak up and bite you. There are a number of costs involved when owning a condo. These include: building maintenance fees, real property taxes, property management fees, insurance, and mortgage expenses.