When it comes to buying your first home, whether it's on Maui or not, you have a lot of things to consider. In fact, there are often enough decisions to make the process understandably daunting to many first-time home buyers. Fortunately, a little guidance can go a long way to streamlining your experience so you can focus on the joy of finding and purchasing your first home.
The first thing to consider is what you want out of owning a home on Maui. Are you looking to get away from unrewarding rent payments so you can put your money into home equity? Are you looking forward to the pride and freedom that comes with having a home that's all yours, and that you can customize according to your preferences? Once you get a good sense of what home ownership means to you, it should help you address the following questions.
1. What kind of home on Maui will best meet your needs?
If you're buying Maui real estate, you'll need to choose what kind of property works best for you, whether a single-family home, a condo, or even a multi-family option. Each choice is going to be different, so it's worth taking the time to weigh out the pros and cons of each. You may want to decide whether you'd like a pricier home that doesn't need any changes, or a bargain that lets you tackle the challenging (and sometimes fun) process of renovation.
2. What island house features are your top priorities?
The first answers to this question usually involve a certain quality of kitchen, of bathroom(s), and other things like storage and garage space. Your top priorities are important because it's so easy to get lost in the endless, seductive possibilities that you'll find in the real estate market. You'll be less likely to lose sight of your priorities if you establish them early on. While you're thinking about this, you may want to prepare yourself for some flexibility on some of your criteria as well. Where are you willing to compromise, or not?
3. What amount will your lender pre-approve you for?
Pre-approval is a vital step, especially as a first-time home buyer. Some make the mistake of shopping based on a guess or assumption of how much they will be qualified for. Getting pre-approved will give you a realistic set of parameters you can work through as you explore the properties on the market.
4. How much down payment can you afford?
This is where you'll want to evaluate how much you have in savings and what kind of assets you may be able to pull from. In addition, you'll want to think long-term on your mortgage and be realistic. Try Bankrate's "How Much House Can I Afford?" This can help you get started evaluating your financial reach.
5. Who will assist you through the process?
Working with a good Maui real estate agent is key, and we're not just saying that because it's what we do. We're saying it because Maui realtors know the market, which is especially important here in Hawaii, where things are a little bit different than on the Mainland. Realtors also know how to navigate through negotiations and the many steps of the purchase process, including obstacles that might trip you up if you're trying to go through it on your own.
Hopefully these five questions will help you to focus in on these key points to get you started down the rewarding road of home ownership. If you need additional guidance through your Maui home buying process, we'd love to assist you. We can help with all areas of Maui, but our expertise lies in South Maui real estate. Stay tuned for Part 2 in our first-time Maui home buyer series and mahalo for reading!
Researching the cost of living while you search for Maui real estate? If you're interested in the island's energy-related successes, there's been some buzz about the fact that Maui Electric Co. has recently been recognized as one of the top utilities - at 7th in the nation - for connecting stored energy to the grid.
In 2016, Maui Electric reported that 26% of the energy sold that year came from renewable sources, including wind, solar, geothermal and biomass. Some of these sources can fluctuate, especially wind and solar. It's no surprise that Maui Electric took major steps to ensure consistent energy availability thanks to its energy storage systems.
According to Smart Electric Power Alliance, Maui Electric's 17 watts of storage per customer throughout Maui, Molokai and Lanai put the utility company at No. 7 out of 412 total utilities throughout the nation. This kind of success is achieved through careful strategizing and planning, which will likely help provide a model for other utilities throughout the nation as they pursue their own energy storage goals.
One of Maui Electric's energy storage projects includes a battery system at their Wailea substation in South Maui. This is no surprise, given how many rooftop photovoltaic systems are installed in South Maui homes, businesses, hotels, etc. Solar energy is gathered in the day, and needs a good storage system to provide consistent energy throughout the night. South Maui was and remains a smart choice for their battery system.
Maui Electric has earned distinctions in the area of solar energy, for their installed solar watts per customer, no less than eight times. South Maui homes and condos are prevalent sources of solar energy because this part of the island is particularly sunny and clear, compared to other areas. If you're looking for real estate here, you've probably noticed (and we're not surprised!) if you enjoy the weather here as much as we do. As for your South Maui real estate search, if you need our assistance finding the right property for your needs, our contact information is located at the bottom of the page. Mahalo!
Searching for that perfect Maui home? If you want a combination of luxury and character, this Maui Meadows Kaimanu home could be the perfect fit. Perched on the lower slopes of Haleakala, below Ulupalakua Ranch and above Wailea Resort, this gem features splendid ocean and mountain views, not to mention a delightful viewing platform from which to enjoy them.
The home is located in the private, gated community of Kaimanu, which includes just nine designer homes in a 20-acre enclave. Each home is on a 2-acre lot, or in the case of this home, 2.05 acres. The living area consists of 3,863 square feet, including four bedrooms and four full baths plus one half bath. It also features a 2-car garage and an owned photovoltaic system to keep those energy bills down.
The finer points of the home are plentiful. The entrance opens to a soothing koi pond and a charming array of palms, plumeria and fruit trees. The ocean views span to the neighboring islands of Molokini, Kaho'olawe and Lanai. Up the slope, the mingling forests and fields of Ulupalakua are every bit as breathtaking as the sparkling blue Pacific. Both are particularly stunning in the early morning and at sunset. On clear nights, you can enjoy cooling breezes, and a galaxy of stars twinkling overhead.
To make the most of these arresting sights, you can lounge on the spacious lanai beside the tranquil swimming pool and spa, or you can make your way up to the rooftop viewing platform. It would make for a particularly nice spot to dine, especially because it has its own dumbwaiter, so conveniently, you wouldn't have to carry your food up the stairs.
This Kaimanu home was designed so that each room would open to the lanai, pool and spa area on the ground floor. This way, all its inhabitants and guests can enjoy the sights and conveniently access the outside. Other features of its design include Brazilian tigerwood floors throughout, spacious rooms, an excellent kitchen, and elegant island style details throughout.
This remarkable home is beautiful and rich with character, just waiting for the right owner to enjoy everything it has to offer. If it has piqued your interest and you'd like to explore more homes in the area, you can explore more Maui Meadows real estate for sale. We hope this property has helped give you some ideas about what you'd like and what's available in this area. If you're interested in this South Maui luxury home, or any other South Maui property, feel free to reach out to us. You'll find our contact information at the bottom of the page. Mahalo!
When it comes to buying your first home, whether it's on Maui or not, you have a lot of things to consider. In fact, there are often enough decisions to make the process understandably daunting to many first-time home buyers. Fortunately,… Continue Reading
Maui Electric 7th in Nation For Energy Storage
Researching the cost of living while you search for Maui real estate? If you're interested in the island's energy-related successes, there's been some buzz about the fact that Maui Electric Co. has recently been recognized as one of the top utilities… Continue Reading
Searching for that perfect Maui home? If you want a combination of luxury and character, this Maui Meadows Kaimanu home could be the perfect fit. Perched on the lower slopes of Haleakala, below Ulupalakua Ranch and above Wailea Resort, this gem features splendid… Continue Reading