Consider Buying a Condo in Hawaiʻi

condoshawaii

Condominium sales are increasing across Hawai’i. On the Big Island, sales are up 60% and on Oahu, sales are up 7% compared with the same time last year. 

Why are condominiums becoming more and more popular in Hawai’i? Much of it has to do with the affordability of condos compared to single-family homes.

“Condos are especially popular in places with high property values - vacation hotspots and urban settings are both places where you can expect to find them on the market,” writes Jonas Elmerraji of Investopedia.

As Hawai’i is one of the most expensive real estate markets in America, buying a condominium is a way for many to not only own a home but to be able to invest and get into the market.

In addition to costing less, condos are also attractive for the lifestyle they provide. Those living in condos generally pay maintenance fees thus aren’t responsible for a yard or the upkeep of the building as they would be as a single-family home owner. They also provide added convenience, with some condos featuring amenities such as a dog park, pool, and fitness center.

If you’re interested in buying a condo, here are some things to look for:

·       Management of Building- Is the condominium well-run? Do the rules allow you to live the lifestyle you’re seeking (do they allow pets? If so, how many?) Is the building/complex experiencing any problems that could hurt its value in the future?

·       Maintenance fees- What are the monthly maintenance fees? What are the fees specifically used for? How much do they increase on average each year?

·       Location- Is the location desirable to your work vicinity and easily accessible to schools, shopping, and your places your frequent?

If you are interested in purchasing a home in Hawai’i, feel free to contact Ed Smith at Solid Rock Home Loans at (808) 255-7498 or ed@urockloans.com.