Do you dream of owning property on Maui?
Are you unsure what to expect during the buying process?
Here are five things you should keep in mind when purchasing property in Maui:
Maui is different from the mainland.
Buying a home on an island 4,000 miles away is a little different than buying a home down the street! To be successful, you’ll need a Maui real estate agent. Your agent can inform you of the market, take you on virtual showings, work within the Maui time zone to get more accomplished, and help you finance through Hawaiian banks and walk you thru the entire buying process.
There are lots of location options!
Are you looking for an ocean oasis, or a more country feel? What about land with acres to use however you want?
Where you buy not only affects the home’s current and future value, but it also affects your lifestyle. Your agent will be able to conduct a more targeted home search if you outline your preferences in neighborhoods and nearby amenities. Here’s a checklist of items you should consider and communicate to your real estate agent:
- What side of the island do you prefer to own?
- Proximity to the airport
- Proximity to restaurants, shops and beaches
- Health care facilities
- Golfing, hiking, beaches
- Length of time you plan to live in the home
Maui has several desirable neighborhoods. Get a feel for each neighborhood by checking out the area pages at the bottom of our home page.
There are multiple property types.
Maui features condo, single family home, land, investment property, and interval ownership types. While condos and homes may be straightforward, what you can do with land depends on the zoning, investment properties can allow for short-term rentals and require management, and every interval ownership has its terms and conditions. An agent can make sure you understand the requirements for each property.
There are two types of land tenure.
There are two different forms of land tenure in Hawaii - leasehold and fee simple. If your property is fee simple, you own the property and the land it sits on, similar to real estate on the mainland. If your property is leasehold, however, you own the property but not the land and must pay the landowner lease rent. Also with leasehold, there‘s no guarantee the landowner will renew your lease at the end of the term.
What does financing look like?
We recommend getting pre-qualified with a Hawaiian bank rather than a bank on the mainland. Mainland banks cannot fund on short term rental properties. Getting pre-qualified is the first step in owning a property in Hawaii if it is not a cash deal. You’ll want to:
- Contact your agent and they can connect you with several lenders, mortgage specialist to start the pre-qualification process.
- Fill out a loan application, get pre-qualified and eventually pre-approved
- Once you are pre-qualified and know the amount, we can set you up to receive listings within your price point so you don’t miss out on any potential dream properties.
Discover Maui Beachfront Homes for Sale!
Robyn and Mark can prepare you for the entire home buying process and educate you along the way! They're available 24/7 to answer any questions and can make what seems like an intimidating process simple, easy, and quick.