It’s normal to be excited about buying your first home – especially when it’s on beautiful Maui. But this is also a major investment, so you will want to take a breath, curb your enthusiasm a little, and start planning. Begin by asking yourself these questions:
Do I know what I want?
It’s important to have a clear idea of what you’re looking to buy. Maui offers an extensive array of luxury homes for sale from beachfront single-family homes to condos in golf communities to sprawling properties in Upcountry Maui. With so many options to choose from, it might get overwhelming if you don’t already have an idea of what you want.
Figure out what type of home is right for you by considering the kind of lifestyle you want to have. Do you live to surf? Then a beachfront home in the North Shore might be perfect for you. Want easy access to shops and restaurants? Consider a house or condo in West Maui or South Maui.
Do I know my budget?
You’ve chosen the type of house and neighborhood you like. Now you need to get your finances in order and see just how much you can spend on your first home on Maui.
Figuring out your budget involves computing your monthly expenses, income, and debts. You also need to consider future homeowner expenses (such as property insurance, taxes, and maintenance) as well as moving costs. It’s a good idea to see if Hawaiian banks have better interest rates than the regular banks you usually go to so you can find the best deal.
At this point, you will want to get pre-approved for a mortgage. This will tell you what your likely price range will be and make the house-hunting process easier.
What do I know about Maui real estate?
It’s best to know the lay of the land. Ask yourself what you know about the Maui real estate market. If the answer is not much or none at all, then it’s best to get a real estate agent to help you. A good realtor will help you understand the Maui real estate market better, advise you on available properties, and ultimately make it easier for you to get the home of your dreams.
Do I have a good real estate agent?
Having a good real estate agent makes buying a house a productive, enjoyable experience. They will look out for your best interests, negotiate on your behalf (a must because of Maui’s highly competitive market), and be there for you every step of the way.
Qualities to look for include excellent communication skills, local knowledge, professionalism, technological savvy, and an eye for detail. You can get an idea about whether or not an agent is up to the task by looking at their previous clients’ reviews online, asking about their references and interviewing them yourself before hiring them.
Need help finding the right Maui property for sale? Just give us a call at 808-214-0302 or send an email to greg(at)isleluxury(dotted)com.