Hawaii is nicknamed the Aloha State and this name perfectly sums up why millions of people travel there every year, and thousands move there to live. Aloha is used as a greeting and welcome, but it also means love, respect, and compassion. Along with the stunning natural beauty, this spirit attracts homebuyers and vacationers to this oceanic paradise. But buying real estate in Waikoloa and elsewhere in Hawaii can be complicated, and it helps to have a real estate agent guide you through the process.
Buying Hawaii real estate
People have many different reasons for buying Hawaiian real estate, despite the high prices. You may want to move to the islands, or just vacation there. Vacation rentals can provide a steady income. Hawaii is one of the top tourist destinations, and the number of visitors has been increasing at at the rate of 4.3% each year from 2010 to 2015. To give you some idea of the numbers involved, in 2014 alone, a total of 8.2 million people visited the islands.
There is always a always demand for holiday and beach vacation rentals. You may also decide to buy a property for mixed use, so that you can use it as vacation home for part of the year and as a rental unit when you are not living there. Many visitors actually prefer vacation homes to staying at hotels. Hawaiian vacation rentals also cost less, at around $170 per night in 2015, as compared to paying $244 for a hotel room.
Do you need an agent?
Even if you live in Hawaii, it can help to have an agent if you are buying property in Hawaii. If you’re trying to complete the sale long distance, you definitely need to connect with someone who has local knowledge and who can guide you through the process. They can direct you to the best choices for real estate in Waikoloa and other locations, and help you to comply with all local regulations.
In fact, the local regulations are so different from those found in the mainland United States that buyers are advised to find local lenders to fund their homes. That’s partly because homes in Hawaii are not built according to standard dimensions. View planes, designs and the condition of each property vary from one street to the next. Local underwriters are familiar with these conditions and can help you avoid any delays or mistakes.
Finding the right real estate agent
Buying real estate in Waikoloa or anywhere else in Hawaii for that matter is not something you should attempt on your own. It’s important to find an agent who can tell you everything you need to know about neighborhoods, property values, local regulations, etc. Finding a real estate agent how you can trust and work with is one of her biggest steps you can take when buying a home.
Word of mouth can be the best recommendation, and friends, relatives and colleagues may all have useful advice. You should talk to several agents before choosing the one you want to work with. Communications are important, and so is local knowledge. The majority of property buyers, or 78%, feel that their real estate agents were a reliable source of information.
If you’re planning on buying real estate in Waikoloa, you’re on your way to owning your own piece of paradise. Because local laws are complex and very different from U.S. laws, you should find a real estate agent who can help you through the entire process.
