Honolulu Condo Buying Tips

Honolulu Condo Buying Tips

The most comprehensive Honolulu condo buying tips for the people like you, who are wanting to learn more this amazing capital of Hawaii.

Condo living in Honolulu is an attractive option. In fact, since 2014, over 5000 new condos have been completed and sold in Honolulu. Also, within four years from 2019 – 2022, 4000 more condos are expected to be built and available for sale. If you’re interested in buying a condo in Honolulu, take a look at available condos for sale in Kaka’ako to get started.

Condos in Honolulu provide many of the amenities of apartment living. This include conveniences such as living in sought-after beachfront locations, access to pools, fitness centers, health clubs, as well as an on-site maintenance usually done by a third-party etc.

Depending on the size and location, condos in Honolulu are typically less expensive than single family homes. They are also more cost efficient with security, building maintenance, and landscaping. etc.

The median home value in Honolulu is $703,170. While the median price of homes presently listed in Honolulu is $630,000. Though, the median costs of homes that sold are $564,200. Also, the city’s median rent price is $2,200.

In contrast, the median sales price of condos in Honolulu is $441,000, a 13.1% increase from October 2018 when the median sales price was $390,000. If you’re interested in luxury condos, then take a look at Kaka’ako luxury condo analysis.  

In contrast, the median sales price of condos in Honolulu is $441,000, a 13.1% increase from October 2018 when the median sales price was $390,000. If you’re interested in luxury condos, then take a look at Kaka’ako luxury condo analysis.  

Key Things To Consider Before Buying A Condo Unit In Honolulu

Key Things To Consider Before Buying A Condo Unit

In Honolulu

The following Honolulu condo buying tips will point you in the right direction on how to find and buy the right condo property in Honolulu:

Location

Location is perhaps the single most crucial factor you’ll have to consider when you’re looking to buy a condo in Honolulu. While many condos are located right along the beach with magnificent oceanfront views, others are located further away. Considering why you chose to move to Honolulu, you may opt for a beachfront condo or not. In contrast, some condos are closer to areas with high commercial activities with nightlife, shops, and restaurants etc. Also, some condos are in very quiet areas.

Monthly Fees

Almost all condos in Honolulu have some form of fees requirements. For instance, association dues are often required to cover landscaping and maintenance but hardly covers all utilities. Before committing yourself into buying, find out what your monthly fees covers and exclude. Also, be diligent enough to find out if there are any planned increments soon. It’s up to you to decide if you’re comfortable with the fees or not.

On-site Manager

Some condos in Honolulu rely on hired staff such as an on-site manager to maintain common areas, resolve noise complaints, and solve several other common issues related to condo living.
On-site Manager
More so, an on-site manager can assist condo owners in ensuring that residents adhere to the rules and regulations of the condo association.

House Rules

House depends on where the condo is located. If you prefer condos located in very quiet areas, then opt for one with houses rules that restrict noises for many hours. However, if you prefer an area that is bustling with a lot of activities that can create noise, then choose a condo with fewer restrictions. Regardless of what you choose, be aware that once quiet hours are up, your neighbors have the absolute freedom to run wild with noise, and you can’t stop them.

Vacation rentals

Before buying any condo in Honolulu, find out if the association permits vacation rentals. Honolulu has a booming tourism industry which attracts millions of visitors regularly.
Vacation rentals
This makes vacation rentals very attractive. So, make sure the condo you buy allows vacation rentals. Some are known for permitting a 30-day minimum.

Reputation of the condo association

If possible, have a conversation with present condo owners to learn more about the leadership of the condo. It’s also an opportunity to figure out how finances are handled. Find out if the association has a dependable financial reserve if people in the condo are pleased with the association. Also, find out what the association expects from members. All these will make it easier for you to make the right decision about if the condo is the right fit for you or not.

Storage spaces

If you always need a space to store large items, you’ll have to consider storage spaces that can accommodate larger items. Some condos in Honolulu have minimal spaces, while others provide storage closets or even garages. Regardless of what you think, make sure the condo you choose can store large items. You never know what you may decide to buy later on.

Pet Restriction

If you always need a space to store large items, you’ll have to consider storage spaces that can accommodate larger items. Some condos in Honolulu have minimal spaces, while others provide storage closets or even garages. Regardless of what you think, make sure the condo you choose can store large items. You never know what you may decide to buy later on.
Pet Restriction
Also, if you don’t like being anywhere around pets, consider a condo with strict pet restrictions. Some condos allow only dogs and some other animals. Others allow only cats and some other pets. Also, some condos in Honolulu only allow pets based on their weights.

Amenities

As a result of fierce competitions, most condo associations in Honolulu provide similar amenities. However, there’s always some slight difference or even major ones sometimes. So, don’t hesitate to visit as many condos as you can, and if amenities are similar, check their conditions. You’ll observe that some are better maintained than others.

Do you prefer Leasehold or Fee simple?

You’ll have to make up your mind to either opt for a leasehold condo, which allows you to buy the right to lease the unit for the precise length of time. Though the purchase price is often lower, take note that the lease may not renew after it expires. Also, if you intend to convert the unit into a fee simple, that’s if it’s an option, you may be required to pay an additional amount of money. This is often a unique home buying option and may seem confusing. However, in some situations, it could turn out to be an easier way to buy a condo in Honolulu.

Final Thought

For many first-time homebuyers in Honolulu and beyond, buying a condo is often a great choice because it offers numerous benefits similar to buying a home but with fewer responsibilities. This makes condo ownership in Honolulu a coveted long-term investment. Considering the fact that condos are located in various areas in Honolulu, all you have to do is find one that is more suitable for your lifestyle and finances.

2 Comments

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    Briansok

    March 26, 2020 at 12:45 pm Reply

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    Briansok

    April 5, 2020 at 11:56 pm Reply

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