How To Buy a Condo in Hawaii from a Hawaii Real Estate Agent ~ Call 808-298-2030

(exciting music) – Number two, you must decide the location of the condominium. And it really falls into two categories: condos that are located
directly on the water, and those that are back a street or two. Generally speaking, the
ones that you can rent out for a short-term vacation
rental are on the beach. The long-term condominiums tend to be a street or two back from the ocean. My personal recommendation
is, get a condominium that is on the water
and has an ocean view. That is going to create the most enjoyment for you and your family, and will also have the most demand when it comes time to rent that out, whether it be short-term or long-term. Okay, let’s talk a little
bit about financing your new, Hawaiian condominium. As a general rule of thumb, if it’s a vacation-rentable property, the banks are going to
consider that a second home or an investment property, which will mean you’ll need to put down a minimum of 25 to 30%. Usually it’s 30%. If it’s a long-term property
that has a certain percentage of long-term residents living in it, then sometimes that can
qualify as a primary residence and a regular, conventional loan, where you can put down
as little as 1 or 2%, depending on what program you qualify for. As a general rule of thumb,
I tell people to expect to have to put down 25 to 30% for a vacation-rentable
condo in the state of Hawaii. If you need to work with a lender, it’s very important to work with one that is local here in the state of Hawaii and is used to all the ins and outs, and all the different rules that apply to lending here in the state. I’d love to put you in touch
with my favorite ones, here, that have done a fantastic job for my clients, over the years.

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