BUYING A HOME ON THE BIG ISLAND?
Buying a Home is a Big Decision and Sometimes Things Can Go Wrong
Everyone envisions that living on the Big Island of Hawaii is simply paradise, and they are right. The trouble is that the properties are limited and the potential buyers are not, so unless you are working closely with a Realtor who has experience locating the right houses and getting the perfect offer presented to the seller, you will be frustrated when your dream home slips away.
Here are a few things that can go wrong when you are trying to buy a home on the Big Island of Hawaii.
Staying on Top of the Homes For Sale on the Big Island
Just because the Hawaiian lifestyle appears to be laid back, does not mean you have to take that approach when you are looking to buy a home on the Big Island. With limited properties to choose from, if you are not being aggressive, some other buyer and their Realtor have already found your dream home and put in a solid offer. While you were visiting the sugar cane mills, taking helicopter tours of the volcano, and enjoying a pig roast and luau, other buyers and their Realtors were working hard to put in bids before they lose the home. If you take the approach that there is always another home to choose from, as your window closes, so too do your choices of quality and affordable properties.
Hiring a local Realtor on the Big Island of Hawaii means you will have a knowledgeable liaison to help you with your home search who will work hard to meet your needs and help you to find your dream home. Consulting with a Realtor should be the first thing on your “To Do” list when looking to buy a new home on the Big Island. A local real estate agent will gather the details from you about what you want in your new home and they will begin searching and booking appointments immediately, allowing you to then enjoy more of what the Big Island has to offer.
Presenting an Appropriate Offer
One of the biggest mistakes that you can make when trying to buy a home on the Big Island of Hawaii is to insult the seller with a low offer. These sellers have pride in their home and easily get upset when you walk in the door and point out what you think needs improvement in an effort to haggle with the price. The seller will most often ignore your insights and refuse the offer because they feel you are trying to take advantage of them. Now if this was your dream house, you lose all leverage because even if you raise your bid, the seller has a bad taste in their mouth about letting you become the next owner of the property.
When you are working with a Realtor on the Big Island, they understand how to present offers to sellers in a way that get you noticed in a good way. Not only are the offers presented fairly so the seller feels you appreciate the property, your realtor will present documentation that you the buyer have all your mortgage commitment papers in order and are a serious buyer ready to close.
Trying to Buy a Home Without a Realtor
The biggest mistake anyone trying to buy a home on the Big Island of Hawaii will make is trying to find a property without the help of a local Realtor. Even if you collect every realty magazine on the island and drive through every neighborhood around the clock, you will lose out on your dream home to a potential buyer who is working with a skilled local Realtor. What you will discover working without a Realtor is that your slice of paradise already has a contract on it by the time you find it in a magazine or classified advertisement.
Your local Realtor has access to up-to-the-minute listings across the island, and can isolate certain listings that fall within your needs. No sooner does the property owner list the home, your Realtor will have scheduled a showing so you are one of the first to see and potentially bid on the listing.
Not Being Willing to Negotiate
One of the other things that can go wrong when you are looking to buy your dream home on the Big Island is your instability to negotiate could cost you. Perhaps you are firm that you can not go any higher than $300,000 for a house, so you close your eyes to anything listed above. What is happening is you are letting a huge amount of potential properties slip through your fingers without realizing. While you are focused on $being under $300,000 for a house, a realtor is looking at homes that sell for $325,000 – $350,000, knowing that the power of leverage and negotiation could result in the seller taking far less than the advertised prices.
So while you are hunting for cheaper homes, your Realtor has found a motivated seller who has their house listed for $337,000 and would be willing to take $300,000 from the right qualified buyer. This means your realtor is getting you more house for less, instant equity when you buy.
Assuming the House is Visually Perfect
Here is something that can go wrong with real estate sales that can cost you everything. Out of frustration, you find a house and put in a full price offer hoping to not get shut out again. You are willing to overlook a few issues to avoid losing yet another house. After closing, foundation issues or structural issues not found because you didn’t want to pay for a home inspection cost you all your investment. Your real estate agent will ask the tough questions and make sure you get that home inspection before putting down any of your money.
Being able to analyze the report by the home inspector, your agent can determine if the house is both visually and structurally sound, or if you just fell in love with a potential money pit.
Working with a local real estate agent will put you in the best position to avoid these potential issues and get you in the position to purchase your dream property in paradise. Avoiding these pitfalls is what the Big Island of Hawaii realtors do, so take advantage of their hospitality and expertise.