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Maui Real Estate Tips
6 Jan

Important Things To Know Before Buying Property in Maui

What you should know about buying property in Maui

Buying any type of property is a hard task. You will need to research properties that are on sale around you or in your preferred location, check their prices among other factors within the environment the property is situated in. Buying property in Maui is not something to be taken lightly, especially if you are just starting. Whether you are looking to buy a home or any other type of property, Maui has an endless list of definite items to consider.

You first need to familiarise yourself with the island, the various areas, amenities and locals within. If you are new and don’t know much about the island, it’s best to connect with an experienced Maui realtor before proceeding with buying any property. Before making the decision to buy in Maui, here’s what you should know about buying property in Maui that will help get you started in the right direction.

Properties have varying prices

Each area in Maui has its own cost and it’s best that you research the price of different properties in different areas to determine what falls within your budget. Choose from a wide range of property for sale at good prices. You can also find a good realtor who can advise you on the best ways to find a property that fits your needs.

There are many different locations

Location is important when you are buying property. Find out which areas are selling properties within Maui. It would be best to know more about the area beforehand.

Areas loved by the locals include Paia on the North Shore for those  who love water activities, Haiku is ideal if you want t beach surroundings that are more private, Hana is for nature lovers but lacks cell reception and Pukalani has access to local schools. There are affordable places like Kihei and Makahao. When picking a location, ensure that you’re going to be happy with your decision even years later.

Have a budget

Before buying any property, you need to have a rough estimate of how much you are willing to spend on the property. First establish how much your budget costs. Check whether you have enough to make a full payment or if you will be paying in installments. Once you have a budget you can check for properties within your set budget. You need to be able to comfortably pay for the property whether monthly or wholesome.

If you are paying in installments, you need to determine how much you can spend each month. If you are buying a property such as a house that requires renovation, you need to calculate how much is needed for house repairs and desired upgrades, building costs and any additional unforeseen costs like permitting, title insurance, HOA fees etc. Find property for sale at good prices and choose the appropriate licensed contractor for any upcoming desired tasks. A good contractor will help you ensure your home or estate is managed well.

Once you have found a property that you want to buy, remember to check your finances and ensure that the cost of buying and maintaining it or mortgage is within your means. Never overstretch and buy a property you can’t afford and end up losing it because you can’t keep up with payments.