Ah, so you're ready to soak in the sun, enjoy the large waves, and the beautiful scenery that Hawaii has to offer.
You're here because you're thinking about investing in Hawaii property. But you may not know where to start.
These five helpful tips will help you choose the best Hawaiian properties that you can find!
1. Understand Your Priorities
Let's face it. Hawaii is pretty expensive. Gas in some areas is upwards of $4 per gallon, whereas in the continental states it is hovering right below $3.
Hawaii's high prices go beyond just gas. To ensure you are not spending too much, you need to know your priorities.
Ask yourself:
- How close do I want to be to the beach
- Do I need to be in a city or town
- Do I want the jungle near me
The answers to these questions will help you decide where to look. Then you need to search for a Hawaii property for sale.
2. Find a Neighborhood
Once you figure out the general location that you want, you want to find a neighborhood where rental prices are high.
Although you'll be out some money upfront, you know that this area is a hot commodity and many people will be renting from you. This is the best way to ensure that you are making money.
3. Look for the Right Style
Although you are renting out this home, for the most part, you want to make sure you love the property. The more you love it, the more love you will put into it, and the more your customers will love it. That means more money for you!
Decide if you want a condo in a condo complex, a cottage on the beach, or a bungalow further up in the jungle.
4. Work With a Real Estate Agent
Odds are, if you want to invest in Hawaii, you may not know exactly how the market is at the moment. By working with a real estate agent, they will be able to show you around and negotiate with any sellers.
Before settling on any real estate agent, make sure to read the reviews.
5. Get Pre-Qualified for a Mortgage
Before you start looking, you'll want to make sure you get pre-qualified for a mortgage. Make sure to look into the price range you are thinking about to ensure that it is the right price for the loan that you will get!
When considering your price range, also keep in mind that the Hawaii property tax rate is much higher than in other places around the country. Make sure to budget that in!
It's Time to Invest in Hawaii Property
Now that you've read these tips about investing in Hawaii property, it's time to invest!
If you're ready to take the leap, contact us today and we are here to help you on your investment journey! We'll make sure you get the best bang for your buck!
