…Can I Buy Real Estate or Property in Hawaii?
Is it true, you can buy real estate or property in Hawaii. Contrary to popular belief.. anyone can own property in Hawaii, even corporations or people from foreign countries. The average Hawaii real estate home owner or investor will tell you, it’s all about “location, location, location!”. However, a great location has its price. Hawaii has one of the most expensive housing markets in the nation. Let’s look at this important news…
There are two types of property ownership in Hawaii – Fee Simple (FS) also known as Freehold and Leasehold (LH). Fee Simple is a fee simple property, you own the land and the structures on it. Leasehold property means that you own the improvements or structures on the land, but not the land itself. The ground lease are paid monthly by you to the property owner.
Foreign owners of real estate in Hawaii may not be able to live on the property without a green card. Foreign buyers will need to buy in cash, or qualify for a mortgage with a US lender, who will require a minimum cash downpayment. A passport and letter of seasoned cash funds are the first steps to property ownership in Hawaii.
Buying a home or condo in Hawaii is a straightforward process, but the reward is one of the best ways to build personal wealth. Much of the great wealth in this country was built on land ownership. Within a few years, you should have built equity, as Hawaii property values do tend to rise steadily.
Condominiums are gaining in popularity in Hawaii, especially since single-family homes are expensive. Condos are a group of separate homes or apartments that share common space and amenities like parking lots, pools, BBQ areas, laundry facilities, recreational areas, such as tennis courts, golf courses etc. Condos generally cost owners a monthly maintenance fee that goes to the upkeep of the common areas. Condos are a great source for vaction rental income.
A REA buyers agent works for you. Your agent will find the best properties which fit your needs and advise you of property values by comparing each property to similar property sales in the neighborhood. Your REA Realtor Salesperson will be able to search all possible properties, which match your budget and your preferences, regardless of which company has the listing rights. Best part about this, the seller pays your agent and not you.
Next, make an offer! Once you find the right property, your Realtor will help you set an offer price based on a variety of information, such as recent sales, other listings, condition of property and market changes. A knowledgable agent knows how to write a great purchase contract, which will appeal to the seller and protect your rights.
When closing the deal with a repetable Hawaii escrow agency, you will sign all property transfer documents days before the closing date. You are required to make any remaining monetary deposits at this time. In about two days you will receive the recorded property deed and the keys to your new home. It’s an exciting feeling to own a slice of Hawaiian paradise.
…Pretend for a moment that you own a home in Hawaii… Aloha!
Hawaii Brokerage RB-21907
Hawaiian Music by Danny Couch