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Buying a home is a daunting process and anyone who says that it is a luxury activity has probably never been through the whole process.
With numerous factors to keep in mind with some modern-day challenges that you may not be aware of, this journey of buying a home is incredibly complex and stressful.
We obviously would not start talking about all of this if we could not make things easier for you.
There are some tips that we can give out with the help of Martin Zialcita that will make home-buying in Hawaii an easier affair.
The point is that there are some factors that need to be kept in mind. If you are not warned about them then you might deviate from them and make some irreversible mistakes that can cost you a fortune and a lot of precious time.
So let’s dive straight into it and start analyzing the key points.
Understanding Your Loan Qualifications
Before you even start planning to buy a home in Hawaii you will first ask yourself a question that most people ask themselves – Am I eligible for a home loan?
Home loans are a very safe and trustworthy way of buying a home for yourself but you have to be eligible for such a loan.
The eligibility criteria look at many factors like your occupation, your experience, your credit score, and so on.
Many people do not even know that they are eligible for such loans. Once you understand that you are eligible you will be able to get a home loan with a very small down payment.
Sometimes the down payments are as low as 2-5% and in some cases even 0%.
Talk to a Real Estate Agent
You might be under the impression that all a broker does is negotiate the price, right?
You might also be thinking that you can easily bypass a real estate agent to save the commission. Correct?
Well, you could bypass him but the problem is that a real estate agent is not only there to negotiate the deal for you but according to Martin Zialcita he/she is also responsible for a lot of other vital activities.
A real estate agent is supposed to help you
- prepare a number of documents that you will need to make the purchase,
- go through the paperwork of the house you are about to buy,
- lookout for any foul play and so on.
It is thus extremely important to get things done through a broker who is familiar with the locality and its dealings.
Understanding the Difference Between Fee Simple and Leasehold
Fee simple is basically a type of purchase that most of you are aware of. It is a basic transaction that involves you paying money to get complete ownership of a property.
After the paperwork is done and payments are made you would become the rightful owner of the property till the time you do not willingly transfer it.
Leasehold properties are a little different. These properties are not completely owned by you.
You pay for a certain duration of time during which you are temporarily in control of the property.
The property will not be yours forever. It will be transferred back to the original owner once the lease finishes.
A mistake that many first-time home-buyers in Hawaii make is to decide too quickly on a home.
It is understandable that you look out for certain features in a house. Because looking at various houses is so tiring you are rather tempted to settle on the first one that fits your requirement.
This is a huge mistake.!
A fair point was made by Martin Zialcita that if you keep looking around and just give in a little bit more effort you might be able to find yourself a house that fits all your needs in a much better way and might also cost a bit less!
Check Out the Neighborhood
Hawaii is a diverse country due to its tourism. It attracts people from all over the world and from all spheres of life.
At times you would want to settle in a neighborhood with a certain type of people around you.
Now suppose you are a person who wants a peaceful neighborhood and once you settle you surprisingly find that your neighbors are noisy teenagers.
This would spell certain disaster. Since you can’t ask your neighbors to simply shift out you can simply be vigilant while buying a house by having a look at your neighbors.
Set A Realistic Timeline
House-buying is a time-consuming ordeal especially if you are a first-timer. Buying a house should never be done in a hurry as most people buy only one house all their lives.
Such a decision should be taken very carefully after considering all factors and taking your time.
Many people make the mistake of setting up an unrealistic timeline and end up rushing the deal in order to meet the deadline.
Such mistakes can cost you all your money and also your peace of mind.
Never Skip Home Inspection
Before signing the papers there is one very important thing you must do- home inspection.
Since you are buying a house to live in your entire life it is your right and also a responsibility to do a total inspection of the house.
From the flooring to the plumbing to the roofing, everything needs to be checked thoroughly.
Any irregularities or damages are supposed to be brought to the owner’s attention for immediate repairs.
Buying a house in Hawaii is not exactly an easy task no matter how much money you have to throw away.
It is a complex task and you should always be ready to ask for help. Your decisions should be made after a complete analysis and nothing should be rushed.
You can follow the aforementioned tips to make this easier for yourself.
Martin Zialcita is a real estate broker with Prestige Hawaii in Honolulu, Hawaii, and has been in the real estate business for nearly 20 years. Martin focuses on Honolulu, but has a team of agents specializing throughout Hawaii and has completed countless transactions there.HomeLight ranks Martin as one of the top 10% of agents who sell homes fast and as one of the top agents who are able to successfully complete transactions.