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How to Evaluate a Luxury Hawaii Real Estate Deal
9 Tips to decide if an offer is GOOD vs. GREAT
Remember it is now a Buyer's market in Hawaii - even the high-end property
owners are more flexible in negotiating the sale of their Luxury Hawaii
Property.
Before you make Luxury Hawaii Real Estate Deals, and buy homes in Hawaii:
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Talk to the neighbors who live in the community. Also, try to view the
properties at different time of day and the week. The neighbors know better than anyone what it is like to live in the area.
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See what kind of people live around: students, new families, retired folks etc.
Are they the type of people you or your targeted renters would be comfortable around?
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Find out how the market is doing in that area.
Even if you made $50,000 at the time of your transaction, if the market is falling or you can't get renters,
you'll be losing equity and having to put more into the investment every month
before you're able to get any return on your investment.
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Survey rental rates in the neighborhood.
What the home is worth or what you paid for the home and how much people are willing to pay
in rent in that particular neighborhood don't always match up.
- Consider holding costs.
Just holding the property while you're evaluating and deciding on what you want
to do with a property can add up.
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Don't make or accept an offer on Luxury Hawaii property, if the market
(appraised) value is less than the offer price less the closing and
immediate repair costs.
Closing costs, depending on the types of financing can run as high as 3% of the
purchase price. Unexpected repairs uncovered in the home inspection that
either need to be done immediately or soon also can mount to sunbstantial
funds. Trust your Luxury Hawaii Property agent, they know all the facts on
each property and will advise you when there are better opportunities out
there..
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Find out how long the property has been on the Luxury Hawaii Real Estate market.
The great deals don't tend to be available very long, but in the luxury market,
good long term investments can be made when a seller has had the home on the
market for an extended period of time. The seller often converts to a
Motivated Seller!
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Look at it from the seller's view: Why are they selling? Are they a Motivated Seller? (Someone who HAS to sell their
home, already has purchased another home, is having to relocate?)
Motivated sellers are easier to negotiate with, give the best concessions, and are
usually more cooperative because you’re helping them reach their goals.
- Look for problems!
Problems are opportunities because if you can fix them at a reasonable price, there is
profit involved in the immediate increased equity of the home.
Speak to your Luxury Hawaii Real Estate agents for assistance in finding the
best values in Hawaii properties for the most successful investment.
We understand that buying Luxury Hawaii Real Estate is a process that must be
managed correctly and we would like to assist you in accomplishing your goals
for luxury home ownership in Hawaii.
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