So you have decided to buy a home in Maui but do not know where to start? Well, you are right in choosing Maui to be your next home with all its tropical scenery and very relaxing ambiance. Now, I am going to give you some tips and tricks to help you in the process of getting your new house.
First, you need to distinguish between vacation home and a family home. If you are already living in Maui and had plan on moving into a new house, buying a family home is just like buying a real property in the mainland. However, buying a vacation house can be a little challenging and expensive. If you are set on buying a vacation home but do not have the capital to purchase in full price, avoid mortgaging your primary property to pay the price of your vacation home. Although vacation homes tend to have higher-than-average appreciation if you decide to sell them in the future, taking a second mortgage might lead you to financial troubles. However, if you really want to borrow money to buy a vacation home, you might need to take out another mortgage that gives you tax deductibles, otherwise it would not be too impossible for your taxes to ascend. Or you can have another option, which is to hold off until you get enough budget to purchase your dream Maui home outright.
Second, living on Maui is a little bit expensive than what you’ve been accustomed to in the city or mainland due to high state and local taxes. Some commodities are also priced a little higher due to rising demand. Whether you are purchasing a vacation rental or full-time home, make sure that you have a list of your expected expenses, including clothes and food allowances. In fact, it would be a great idea if you can work with a reputable Maui realtor to get some quotes, and have a strong data-backed recommendation whether you can afford a certain property.
Since we are now talking about working with a realtor, let me remind you that traditional home buying skills would still apply nowadays. In addition to those in the listings, a realtor can help you look for more beautiful options of properties to pick in Maui. Your realtor will also help you get through the rough roads of buying a real estate such as checking the location, inspecting the house, and even in pre-determining your taxes.
Next, you need to consider which neighborhood you would want to reside. Maui is a haven of beautiful neighborhood and I would not be surprised to find you too amazed to decide on the location. Nevertheless, you have a lot of choices. Just look here. If you want a huge front lawn or a wide backyard, the rural area would be a great place to settle. Upcountry Maui is also a wonderful location with several houses overlooking the dazzling Maui sea. But if you really want to be closer to the, you can choose a property near the beach, or near a school zone if you have kids studying.
When you finally have your home in Maui, make your first few weeks exciting by discovering its culture or better yet experience what island life is. As a tropical paradise, Maui’s culture is far off the city life. For example, you can find more houses made up of screened windows rather than air conditioning units. Nevertheless, you can have a lot of fun in several restaurants and try some exotic yet delicious foods. Fresh fruits and vegetables are very rich in the market and very economical. Of course, people in Maui are very friendly and hospitable. Here, you can feel love, warm, and a lot of friendship in the air.
I hope this handy guide helps you a lot. If you like to see more houses options in the market, you can check some wonderful properties here. Aloha!