Why Hawaii has great sales on real estate’s?

There are many reasons to buy real estate in Hawaii. Investment is one reason. You may want to buy a property to fix up and flip. Or, you may want to invest in a luxury condo that will be rented to vacationers. You might even want to get a timeshare which allows you a specified time at the resort property you’ve chosen. Timeshares can be rented or sold at your discretion. You could also purchase an apartment building or house to rent to vacationers or even locals in need of housing. Of course, you may also want to buy Hawaii property just for yourself without thinking in investment terms.

Types of real estate in Hawaii

There are beach homes, cottages, condos and resort properties for sale that can be ideal for anyone relocating to Hawaii or simply looking for their dream vacation home. The first thing you’ll need is an idea about where you want to live. Each of Hawaii’s beautiful islands has their own special appeal. Take some time and find out more about each island you’re considering. Go visit and explore the landscape. Learn about the economy, the topography, the weather. Learn about the local lifestyle. The more you know, the better equipped you are to choose the perfect location.

Once you’ve decided on the island where you want to settle, you will need an agent familiar with real estate sales in Hawaii. Preferably this agent will specialize in the area you’ve chosen. A good realtor knows about the prime pieces of real estate available and can find you various properties to view based on your specifications. These specifications may include your price range, type of property, size of property and specific location of property.

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For those seeking property in Hawaii, one of the top islands to consider is Oahu. The island of Oahu combines the natural beauty Hawaii is famous for along with vibrant city life. The capital of Hawaii, Honolulu, is located on this jewel of an island. When looking for real estate Oahu Hawaii, there are many decisions to make. However, they can be easy decisions if you are clear about what you want and what you need from a property.

2. Gather all the information of the things you need.

First of all, think about your motivations for buying the property in the first place. Do you need a permanent year-round home? Are you looking for a vacation home that you will only use once or twice a year? Or do you want an investment property that will make you money? The answers to these questions can help you decide what kind of real estate you want. Do you want land on which to build? You can find it in Oahu. Maybe you are looking for a beautiful luxury home or luxury condo. The island has plenty of those as well. You will also find residential areas from low to upper class. And don’t forget timeshares — which are a great solution for those seeking a vacation property.

3. Decide what type of real estate you want to buy.

Of course, you may want to go for a house, apartment or condo when seeking a vacation property for investment purposes. You can rent out your property to other vacationers when you are not using it. Some people actually choose to buy property while it is still in the construction phase. Doing this can get you in before the competition takes the property you desperately want. No matter what kind of real estate you want or where on the island you want it, you will need a skilled realtor.

4. Ask help from experts.

Finding real estate Oahu Hawaii requires the help of an experienced real estate agent who is familiar with the island. There is a network called MLS or Multiple Listing Service which many realtors use to locate the perfect properties for their clients. Therefore, make sure your realtor is a member of the MLS network. You will have a better chance of finding the property of your dreams. The breathtaking island of Oahu has so much to offer, for those that live there as well as for those who vacation there.

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The upper yet reasonably doubtful class, however, need not worry about making major financial commitments on investing on real estate properties in such high-end localities. Bargain real estate finds are realities in Wailea; though laden with luxurious resort communities and glamorous golf courses, the keen investor or homeowner will find a property that is beaming with potential when equipped with a discerning eye.

Where to look and what to look for

The large number of properties and the equally large number of players in the Wailea real estate business could very well scare off potential buyers. At the same time, first time players in the real estate industry are yet to find out how to go about with the Wailea market. This means that investors are expected to find real estates that would warrant maximum profits at reasonable costs.

• Foreclosures

A foreclosed property can be a very good bargain, in terms that the real estate property had great potential which the previous investor tried to harness and recover but was financially limited to do so. Foreclosures mean that the debtor has been unable to keep up with his mortgage debt and whose rights to the property have been terminated. When considering buying foreclosed properties, make sure to be knowledgeable of local laws, and team up with people who know the inventory and the properties well.

• Location

A good real estate bargain naturally would be in a location where it is not too close to the area of the more expensive properties, and not too far flung into the islands where it is almost inaccessible. If the investor would like to put up a resort, considerations for the competition with the nearby, more established resorts should always be a factor, as well as if guests could actually go to the location within a reasonable period of time and expense. A good location would also be one that is within the proximity of main highways, airports and modes of public transport, hospitals and community centers.

• Views and exterior potential

It is a factor considerably important for people who look for Wailea real estate because of its lush environment, and for hoteliers and resort owners who seek to have their guests enjoy the best views of the natural beauty of Hawaii. Bargain real estate may not have an extensive view compared to other more expensive properties, so simple yet tasteful detail is any property’s edge over the other. Properties furnished with top of the line appliances, granite, marble, oak and mahogany interiors, pools and Jacuzzi tubs, and landscaped gardens offer extra value to the property.

• General condition

Bargain real estates are mostly old foreclosed properties and have been neglected over a period a time. Some may still be quite brand new but has been made decrepit by the previous owners. Some properties may have a vintage or natural touch that may be of an advantageous charm to future construction and design, while some properties are just well beyond repair. Investors should always look carefully; a wash of paint can cover a whole lot of defects.

• Price and Resale value

It may be that the property seem simple but exorbitantly priced, and has very good market value. It may also be grandiose and unbelievably low priced, but with very little resale value. Taking into consideration the price and resale value of any real estate property is important, especially in a slow and unpredictable market where there may be a point when keeping the property is unreasonable, and selling it instead would be a wise measure to avoid foreclosures.

• Property Tax

Some properties may seem a bargain, while hiding brutal annual property taxes. This factor negatively affects rookie real estate players, low to moderate income earners, and fixed income earners. It makes homeowners flee to other areas to break away from high property taxes and therefore spell a very bad business for the real estate owner. Studying market statistics and arming one’s self with proper knowledge of the rates of taxes is advantageous for any investor.

Bargain properties for sale on Wailea

1. 40 Hale Alii Place

Value was assessed in 2010 to be 2.1 million dollars and is now being offered at approximately 1.5 million. The only residential bank-owned home in Wailea and houses three rooms, three and a half baths in 3,670 square feet of space. It also features an ohana, or guest house with its own bath and kitchen. The beach is right across the street, while The Shops at Wailea and numerous resorts are nearby. The lot is also within proximity of the Old Wailea Blue Golf course, which makes it a perfect location for a vacation rental or a family home for golf enthusiasts.

2. 3300 Wailea Alanui

A condominium unit with one bedroom and two baths located on the Wailea Ekahi II. While being sold unfurnished, this property comes with an office area and walk-in closet in the bedroom, a lanai and top of the line stainless appliances. It is being offered at $378,000 and is perfect for a vacation rental.

3. 155 Wailea Ike Place – Grand Champions

When something is rare, as is this three bedroom unit condo, the price of $725,000 is actually a great bargain. The Wailea Blue Golf course can be easily seen from the large lanai. A tennis club, restaurants and shops are close by. The unit has two baths and the kitchen has already been refurbished with granite countertops a new range and microwave, and new carpets have been put in place. A very suitable location for daily, weekly or monthly rentals, and worth the price for this prime piece of Wailea real estate.

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Hawaii, as with all the other states in the United States of America, require a real estate license from all would-be salespersons or agents and businesses for them to process transactions concerning properties. The Hawaii Real Estate Branch (REB), under the Professional and Vocational Licensing Division (P&VLD) of the Hawaii Department of Commerce & Consumer Affairs (DCCA), is the one responsible for licensing, education and regulation of potential licensees.

Obtaining the real estate license

Hawaii-based individuals seeking to obtain a real estate license in Hawaii are subject to the following general requirements:

1. Applicant must be a United States Citizen or a national/alien legally permitted to work in the Unites States of America, and should be 18 years at the time of the filing of the application.

2. A social security number must be provided to verify applicant’s identity and for compliance with federal laws that require it to be recorded on the application license.

3. Applicant must hold a record or have a reputation of competency, honesty, truthfulness, financial integrity and fair dealing. Should any applicant be doubtful of his being inadequate on such attributes, he can apply to the Real Estate Commission for a preliminary, non-binding decision to receive an advise whether an application is approved or not. This prevents an applicant from starting his pre-licensing education requirement and taking the examination. This procedure however, is only consultative and does not bind the commission to subject or appeal. If preliminary decision does approve of an application, the applicant must still proceed with pre-licensing requirements before applying for his license.

4. Complete application for licensure should be submitted within two years of passing the salesperson’s or broker’s examinations. Applications are issued to successful applicants at the test site and must be received by the Commission within two years; otherwise such will be considered unsuccessful and are subject for a retake of the examination.

Real estate salespersons are also expected to fulfill the following conditions:

1. Education – Meet the pre-licensing requirements – the appropriate Commission approved pre-license course – given in Hawaii preceding the examination. Otherwise, they can apply and obtain a “Pre-licensing Education Equivalency – Real Estate” from the Commission. Applicants must then be able to meet any one of these categories :

a. Licensed in another state – must hold a current license that was active within one year prior to the date of the equivalency application as a salesperson or broker in another state with similar or superior pre-licensing education requirements as determined by the Commission

b. Law degree – must be a graduate of an American Bar Association accredited law school

c. Real Estate or Business Major – graduates with Bachelor of Arts or Science degrees, with business or real estate majors, from accredited colleges or universities.

d. College course – must have completed at least six semester credits on real estate, business law, real estate development or finance courses from accredited colleges or universities.

e. Professional designation – hold a professional real estate designation or other recognized certificate as accepted by the Commission.

2. Examination – pass the salesperson’s license examination. Apply directly to the testing agency to register for the exam. The Hawaii Real Estate Candidate Information Bulletin will be distributed to those who have passed pre-licensing education course (salesperson or broker) and to those who have been issued a Pre-licensing Education Equivalency Certificate. Walk-in testing is not allowed.

Real estate brokers need to fulfill these additional conditions

1. Salesperson or Broker License – applicants must hold a current Hawaii real estate salesperson’s license or a current estate salesperson or broker license in another state or jurisdiction recognized by the Association of Real Estate License Law Officials, with an equivalent real estate licensing law as determined by the commission.

2. Experience – Brokers must have an experience of at least three years of the five years prior to submission of the experience certificate application, as a full-time Hawaii-licensed salesperson associated with a Hawaii-licensed broker. They must be certified by the principal broker or broker in charge to have practical real estate salesperson experience. The applicant may request for a determination of equivalency for the experience requirement based on real estate salesperson license experience or current real estate broker license in another state or jurisdiction recognized by the Association of Real Estate Licensing Law Officials, with an equivalent real estate licensing law as determined by the commission.

Licensees can proceed to an online pre-licensing educational course after satisfying all the requirements. After being licensed, they must still attend ten hours of continuing education for two years before renewing their license every November 30th of every even numbered year. Failure to renew licenses by the 1st of January of the consecutive year can be a cause for a real estate agent’s license to be canceled. As with previous steps of the application, certificates of completion of the education should be presented upon the renewal of a license.

Tips for new agents:

• New agents and real estate salespersons should strengthen their network and try to take hold of memberships into associations which can provide them services that would assist their business and link them to possible clients in the market. The real estate industry can be quite tight in Hawaii and a lot of buyers demand for an agent to be a member of a legitimate organization, to avoid fraud.

• The rigidity of the processes involved make it hard to obtain real estate licenses; Hawaii red tape also makes it advisable for salespersons and brokers to keep track of their licenses’ validity and continuing education for easier processing.

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Kauai’s distance from the main island Oahu is ninety-five miles or approximately 152 kilometers. Some of its areas are accessible only by air or sea. This makes it a perfect escape for people who are willing to live outside the usual hustle and bustle of a city. The location is most ideal for investors who would want put up exclusive hotels and resorts, or for well-heeled personalities who just want a luxurious hideaway or simply for retirees who have all the money to spend on a vacation house in paradise.

Multi-million properties in Kauai

When money is not of the matter, the following real estate properties for sale in Kauai should be very well-considered:

1. 7480 Koolau Road

The Kahu’aina Plantation in Kilauea is a sprawling 360 acre beach front property, suitable for accommodating an extravagant single estate or multiple large family estates and is surrounded by ocean and mountain views. It is valued at sixty four million dollars with an equally hefty annual property tax of $117,833.

2. 3580 Anini Road

The price tag is twenty four million dollars and the only acceptable term is cash, for this beach front residential property in the north shore of Kauai. This property is holds a piece of the coastline; 400 feet of white beach sands and a 1.29 acre lot of first-class modern design house by the late Thomas Bingham. It features multiple outdoor living areas, four private suites, formal dining and living rooms, an executive office, six full baths, a gourmet kitchen and lots of outdoor space for vehicles, kayaks and surfboards. Anini Beach is maintained calm all-year round by the largest contiguous coral reef in Hawaii, making it perfect for swimming and snorkeling, while outside the reef surfers can get their fill of the high waves native to Hawaii. Adding to the already steep price of this real estate property in Kauai is its annual property tax which amounts to $30,216.

3. 3620 Kilauea Road

Greens, coconut trees and the magnificent sunset on Secret beach are the prime attractions of this real estate. The 87.1 acre property fetches 21 million dollars, and boasts of four home sites, two guesthouses, and a pool house and even features horse facilities for the enthusiast. Views are that of the coastline, mountains and ocean. Top the 21 million dollar price with its annual property tax: $18,362.

4. 6950-B Koolau Road

A gated entrance, paved roads and electricity come with this plantation home which sits magnificently on 147 acres of grassy land facing the sea. Moloaa Bay Ranch has a functional, fully computerized water system for irrigation purposes which gives this property a lot of potential. The price is at 20 million dollars with the annual property tax amounting to $21,267.

5. Valley Home #20 – Kauilani of Princeville

Perched on top of a ridge in Anini and on a parcel of land considered to be the most prestigious area of Princeville, Kauai, this 2.5 million-dollar piece of Kauai real estate for sale is the best definition of living in opulence in Hawaii. Ceilings are 11 feet in the living and dining areas and are wired to maximize surround sound. Three bedrooms, three and a half baths, a well-furnished kitchen with black granite slab counter top and built-in upper and lower cabinetry and top of the line built-in stainless steel appliances are amongst the finest features of this condo. A two car finished garage and a cascading water feature at the front yard seals the deal for the skeptic buyer. The annual property tax is surprisingly low at $6,328.

6. 4-820 Kuhio Highway – Waipouli Beach Resort

This penthouse facing the ocean is probably the best unit in the Waipouli Beach Resort complex. Within the 1,158 square feet are prime views of the ocean, cutting edge furnishings and stainless steel appliances, three bedrooms and three baths. Water features, shops, restaurants and spas are all within proximity. For aspiring vacation rental owners, this even makes the price of 2.2 million dollars more attractive as all bookings, photography and website also become their property. Its annual property tax is at $2,433.

7. 366 Papaloa Road – Hale Awapuhi

When the feel of an authentic home is preferred than the comfort of a condo, this property in Hale Awapuhi will satisfy any buyer. At 1.9 million dollars, this luxurious condo unit includes a lanai space, its own beach access in front of the unit, elegantly designed with beech wood and marble floors, Jacuzzi tubs and custom lighting features. Two bedrooms and three baths would also demand for payment of $11,395 as annual property tax.

8. 5-2151 Kuhio Highway – River Ranch

This is what you want when you’re looking for Kauai real estate for sale blessed by nature. A parcel of land in Kilauea lying on over 1,400 acres of lush rolling riverfront, surrounded by tropical hardwood mahogany trees and a stunning view of the mountain which is a paramount choice for those who would like a more natural way of approach to living the dream. Equestrians and horse lovers would find that this 137 acre property has first class horse facilities. Modern facilities like underground utilities and solar power provide for the recently constructed western style barn its necessities, while the decking and lanai connects the interior to the exterior. It is valued at almost 8 million dollars, with an annual property tax of $3,290.

9. 3471 Anini Road – Unit A

Situated on a private ocean bluff, Unit A features a panoramic view of the sea and mountain. Best suited as a private getaway, this piece of paradise comes with a hefty tag of 6.9 million dollars. It is an appropriately priced investment which includes the Secret beach, the Kilauea lighthouse and most of the Anini reef, for investors willing to splurge solely for breathtaking views. Annual property tax is at $35,798.

10. 5460 Koloa Road

Ideal for a shopping center, hotel, medical complex or housing, this 5.4 acre land located in center of Old Koloa Town is a venture that radiates easy profits. Bordered by the main street of Koloa, this piece of Kauai real estate for sale is equipped for mixed usage and is widely accessible. It is offered at 5.9 million dollars, with an annual property tax of $28,055.

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Points to consider

The cost of living in Hawaii differs slightly depending on which of the islands you decide to reside in on. Honolulu and Kona, for example, are the major cities flocked by tourists so the cost of living in these areas is higher than that of the other less visited islands.

• Housing – rent in Hawaii vary all throughout its six major islands. In Oahu where there may be more job opportunities, housing is expensive whether one buys a property or rent. In smaller cities and communities, housing is still very manageable but may take two hours before reaching any of the world class beaches and the upscale city. Purchasing a property however, is more advisable than renting out. Although prices are still quite expensive, one could opt for financing to acquire a property that may increase in value and become an asset for the future. One should expect to pay high prices altogether, as Hawaii was once recognized to be third highest in the world housing market.

• Utilities (water, gas, electricity and heat) – costs of electricity is the almost the same as that of mainland, and rented homes or apartments usually include the water bill on the rent. Hawaii has only two seasons, with very little changes in temperature throughout the year. Summer is from May to October and temperatures could be averaging 29 degrees Celsius in daytime, while winter starts from December to April with temperatures ranging from 25.6 degrees Celsius in daytime. Air conditioning and water heating could be minimized or even be rendered unnecessary.

• Commodities – Hawaii is yet to attain some food self-sufficiency and the decrease on the reliance on imported materials has yet to be realized, increasing the area’s cost of living. Hawaiian foods that have to be shipped or freighted from the mainland will remain costly. Suppliers have to keep stocks in bulk and have to always keep them fit for human consumption and procedures for keeping such are expensive as well. Dock strikes and farm production fluctuations from mainland US are also contributing factors for prices of goods sold in Hawaii.

• Health care – while the Department of Health boasts of affordable, appropriate, accessible, available and assured quality of health care, it is still advisable for residents to work instead towards prevention of illnesses. Serious health issues and emergencies can only be better treated on big hospitals and they could be as far as the next island.

• Education – the University of Hawaii ranks 7th on the list of the highest tuition fees of the 75 state universities in the United States of America, where local students pay almost twice the amount of money they would on mainland universities. This contributes greatly to the island’s cost of living. Hawaii students have had to migrate to the mainland to enroll in universities that impose little, or sometimes no tuition fees. Private schools are still very much preferred than publics schools, but are expected to differ incredibly in the quality of education. Public schools greatly suffer from being underfunded and have the least number of school days in a year, compared to mainland public schools.

How to get around Hawaii’s cost of living

1. Plan carefully before you migrate. Families could go and survey the islands first for the costliest and cheapest places to relocate to, and take it from there. Consider whether it is wiser to rent or to purchase a property. Assess how much of comfort can be compromised for the price of practicality. Take into account the proximity of an area to schools, parks, hospitals and grocery stores, and the availability of public utility vehicles, so one could control and reduce petroleum costs.

2. Get employed right away. The only way one could keep up with the high cost of living in Hawaii is to immediately get a job. Job listings are always present in the local papers so looking for one is not at all difficult. Some areas have more job opportunities compared to others so being aware of such can boost one’s employment chances. Also, there is a large demand for skilled workers in Hawaii so electricians, plumbers, carpenters etc., have bigger chances of scoring jobs.

3. Make the most of Hawaii’s tropical weather. The weather is almost constant and is pleasant all throughout the year, there is no need for heating or too much air conditioning. The weather doesn’t call for a change of wardrobe every season so expenses on clothing are greatly reduced. The climate is also ideal for sustaining a small garden, so one could plant some vegetables in the backyard instead of buying them from the market, lowering your cost of living. Hawaii produce could also be a passable source of extra income, while consumption of naturally homegrown fruits and vegetables are undeniably healthy and could lessen illnesses in the family.

4. Change your lifestyle. If going on dinner outs, clubbing and shopping are essentials for one’s lifestyle, then living in Hawaii is going to break the wallet. One should be moderate and try to go easy with their spending. Since moving to Hawaii is like moving to a paradise where everything is naturally accessible, individuals who desire to relocate should change their city lifestyle with a simpler, country-like living. Outdoor activities such as canoeing and surfing are a lot more inexpensive than clubbing, and promote good exercise and well-being. Innovation and substitution will work wonders for the smart shopper. Learning how to prepare gourmet home cooked meals and using produce grown from the garden or purchased from local farmers, as well as keeping updated about sales in town to better save money, are good, practical measures to dodge the high costs of living in Hawaii.

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If you’ve always wanted to open a bed and breakfast, Hawaii is a spectacular location. A plantation style home set on beautiful landscaped grounds would be perfect for this purpose. The plantations of Hawaii offer beauty, history and lots of room for your family and guests. Maybe you want a place to spend your annual vacation. A luxury condo or oceanfront cottage is a great choice. You may even want to look into a timeshare, which offers convenience and is cost-efficient for vacationers. There are also apartments where you can live if you are not sure about buying property but need somewhere to stay without a long-term commitment.

The first thing you will need to do is decide where you want to settle. The main islands all have their own benefits and advantages. The best thing to do is tour each island and see where you feel most at home. If you are buying for investment purposes you may want to consult an expert who can tell you the most potentially lucrative areas in which to own property. You will find there are areas catering to tourists on vacation as well as quieter areas for locals who don’t care for all the hustle and bustle. Hawaii is a multifaceted Pacific jewel just waiting to be explored and enjoyed.

When you’re ready to start looking at properties, you will need a Hawaii real estate agent to guide you. You may want to inquire with more than one agent to get the widest selection of available properties. A realtor with experience knows what and where the prime properties are and can help you find the best possible piece of real estate to meet your individual needs. Whether you want a vacation home, investment property or personal residence, Hawaii is an exceptional location.

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