Mistakes are a part of life, and that rings true when it comes to buying an estate in Hawaii. Fortunately, there are several things you can do to avoid gaffes and enjoy a smooth-sailing home buying experience. Here are some of the most common mistakes in buying an estate and how you can steer clear of the blunders.
- Jumping into the home search without doing research.
Looking for the right home without doing your homework beforehand can lead to what can ultimately be a time-consuming and expensive process.
Before you look for a home, it’s incredibly important to identify three things: location, price range, and type of property. We know you’re looking for an estate, so determine where you want it to be located and the type of financing you need to purchase the property you want.
- Skipping the pre-approval process.
Another thing you need to prepare before you look for a mansion is your mortgage pre-approval. In Hawaii (and other parts of the country), sellers of luxury properties are more inclined to show their properties to pre-approved buyers. Not having a pre-approval letter to show can close your doors to what might be your dream home.
Obtaining a mortgage pre-approval can take at least three to four weeks, and can even take more time if you need to pass additional requirements. Hence you should take care of this step early on, preferably before you start shopping for an estate. With a pre-approval letter on your hand, luxury home sellers will most likely entertain you.
- Buying a home with a real estate agent.
Buying a home on your own is totally doable, but if you’re unfamiliar with the real estate landscape in Hawaii or a specific housing market, this can spell trouble and stress for you.
There are many benefits to hiring a local real estate agent, specifically one that specializes in Hawaii estates. For one, he or she will show you the best properties that match your specifications. Most of all, he or she will help you understand the local market so you can truly get your money’s worth.
- Not timing your purchase.
If you don’t do your research, you also won’t be able to time your home purchase. This can lead to you paying more or you missing out on your dream home.
Like in other markets, there is a peak season for buying and selling homes in Hawaii. Your real estate agent will help you determine whether the market you want to invest in is a buyer’s market or a seller’s market. He or she will also relay important information about current market conditions. By doing so, you’ll be able to time your purchase and increase your chances of finding the best property that fits your criteria.
- Skipping the home inspection.
When an estate looks great and up to your standards, it’s easy to make the decision and forego the home inspection. Skipping this step doesn’t always lead to consequences, but it can derail the home buying process if things were found out to be not what they seem. It can lead you to spend more money on the property, or prolong the whole process entirely. The worst case scenario is the sale might not even push through.
Home inspections are a necessary step in purchasing a home. It helps you make sure you’re getting your money’s worth. If any issues were found early on, this will give you and the seller ample time to re-negotiate and settle things. Ultimately, you’ll be saving money and time.
Learn more about home buying in Hawaii
I have a comprehensive buyer’s guide that will brief you about purchasing residential real estate in the Aloha State. If you’d like to learn more, you’re welcome to contact me at 808-214-0302 or greg(at)isleluxury(dotted)com.