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How to find the right property in Haiku, Maui

Hawaiian Arboretum

Haiku is a small town that rests on the North Shore of Maui some 14 miles east of Kahului. Between its local surfing scene and lush tropical greenery, it’s a great community for people who want some distance from the bustle of urban life as well as Maui’s busy tourist hotspots.

Plantation-style houses, grand villas, and modern tropical homes make up the majority of real estate options in Haiku, Maui. Each of these property types promises a different living experience primarily because of where they are often found.

Small to medium-sized single family homes are mostly concentrated along the town’s main thoroughfares–Haiku Road, Kauhikoa Road, and Kokomo Road. Meanwhile, most of the bigger lots and estates rest on the town’s side streets or on larger parcels of tropical forest and grassland, which are somewhat removed from Haiku’s centers of activity.

HOW TO FIND THE RIGHT PROPERTY

If you’re exploring real estate in Haiku, Maui, it’s important to choose a home that complements your lifestyle, fits your budget, and provides a comfortable living environment.

Buying property is a major life event that will largely dictate your day-to-day living and financial situation for years. It’s one of the most significant investments you’ll ever make, so finding the right one is crucial to ensuring that your investment pays off both financially and emotionally.

Take the time to carefully assess your options and follow a structured process to increase the chances of finding a property that you’ll love for years to come. This article outlines the essential steps to get this right, with an emphasis on assessing the property features.

1. Check your financial situation

Before you begin searching for properties, first assess your financial situation. This will help determine how much home you can afford and guide you in setting a realistic budget. Consulting with a financial advisor or mortgage broker can provide clarity and help you create a financial plan.

Review your savings, income, and outstanding debts. This is a solid starting point that will help you set a budget and inform how much you can comfortably spend on a mortgage each month. Keep in mind that the amount of down payment you make impacts your monthly mortgage amortizations and other mortgage terms.

Check your credit score. Lenders will use your credit score to determine the interest rates and mortgage terms to offer you. A higher credit score generally leads to more favorable loan terms, potentially saving you thousands of dollars over the years.

2. Set a budget

Once you’ve assessed your financial situation, set a budget for the property purchase. It should be based on what you can afford and not just what you qualify for in a mortgage. There are both upfront costs and regular homeownership expenses to account for.

Upfront costs may constitute the following:

Homeownership expenses are regular costs you incur to maintain the home in addition to your monthly mortgage. These may include:

3. Hire a real estate agent

Hiring the services of a real estate agent is one of the most valuable steps you can take when searching for real estate in Haiku, Maui. An agent with extensive experience in the local market has a deeper understanding of the community and its market trends. They can also advise about neighborhoods that will likely meet your needs and give you access to off-market listings that don’t show up in an independent search.

4. Determine your must-haves and nice-to-haves

Before you start your search, it’s important to determine what you’re looking for in a home and distinguish between what you need and what you want. Create a list of must-haves or your non-negotiables. These could be the number of bedrooms, proximity to a school, or a specific amenity like a spacious kitchen or smart home security system. This way, you can systematically eliminate options that don’t meet these criteria.

In addition to your must-haves, it’s also helpful to list down your nice-to-haves. These are desirable features whose absence isn’t necessarily a deal-breaker. For example, you might want, but not need, a swimming pool or a mid-century modern house. Clearly differentiating between your must-haves and nice-to-haves will help you avoid buying a property that’s priced beyond your budget or doesn’t meet your basic needs.

In creating these lists, take your lifestyle and long term goals into account. If you’re a couple planning to have a child, you might want to prioritize larger square footage and being close to a school. If you’re searching for a retirement home, consider looking for single-story residences or properties with accessibility features.

5. Attend open houses and go to home viewings

Once you know your budget and the home features to look for, it’s time to start visiting properties that fit your requirements. Open houses and home viewings are an excellent way to see if a property meets your expectations or if it just appears good on pictures. When it comes to truly understanding how it would feel to live in a space, nothing can replace the experience of physically exploring the property yourself.

When attending an open house, take the time to examine the home as closely as you can. Pay attention to the layout, the condition it’s in, and any potential issues that might need addressing. If you can, it’s a good idea to visit the property at different times of the day to observe how the light changes.

It also helps to bring a checklist of items to note during your visit, ticking things off as you go along:

Make a checklist and take down notes: Remember your list of must-haves and nice-to-haves and tick them off as you walk through the property. Take note of the different items listed in the previous section and jot down what you liked and didn’t like immediately after inspecting. You might be viewing multiple homes, so a system of notes and checklists can help jog your memory later on.

Take pictures: An online listing or brochure has a limited number of photos, and these are likely meticulously curated to showcase the property in its best light. Snap photos of every room, exterior feature, and any issues you might find with the property.

Ask questions: While you’re there, don’t hesitate to ask the agent any questions about the property. Some key inquiries include:

6. Conduct a home inspection

It’s always wise to have a professional home inspection conducted before closing a sale. A home inspection is a crucial contingency to include in a purchase contract, ensuring that the completion of the sale depends on the inspection’s results. If significant issues are uncovered, you and the seller can negotiate who will cover the costs of repairs or improvements. You might request a reduction in the purchase price, a credit towards closing costs, or have the seller take on part or all of the repair expenses. If an agreement can’t be reached, walking away from the sale might be the best course of action.

Your real estate agent can connect you with a trusted home inspector and even manage the inspection process. Be sure to thoroughly review the findings and discuss the next steps with both the inspector and your Realtor.

7. Check the neighborhood

The neighborhood is just as crucial as the property itself, both for your lifestyle and for the long-term profitability of your investment. Take time to explore the community by walking or driving around, and engage with the locals to get a true sense of the area’s character. Ask important questions about factors that could affect the neighborhood’s appeal and future value.

Here are a few key considerations:

8. Make an offer

Once you’ve found a home to your liking, work closely with your real estate agent to determine the appropriate offer price based on market conditions, the property’s value, and your budget. Your agent can provide insights into recent real estate transactions in Haiku, Maui and help you craft a competitive offer that’s within your financial comfort zone.

Be ready to negotiate since the seller will likely make a counter offer. Stay flexible and be open to compromise on certain terms, but also set clearly defined boundaries to avoid overextending yourself.

9. Close the deal

Once your offer has been accepted, it’s time to close the deal. This process usually takes more than a month and involves finalizing the mortgage and signing the necessary paperwork. During this period, you’ll be working closely with your lender, real estate agent, and ideally a real estate lawyer to ensure that all legal and financial requirements are met.

Before closing on a home, you’ll also have the opportunity to do a final walkthrough of the property. This is your chance to ensure that the home is in the agreed-upon condition and that any repairs or changes have been made as per the contract.

Once everything is in order, you’ll sign the closing documents, pay any remaining fees, and receive the keys to your new home in this piece of paradise.

FIND THE PERFECT HOME IN HAIKU, MAUI WITH DAVID FUTCH

Finding the right property in Haiku, Maui, is a journey that requires careful planning and the right support from local experts. David Futch knows the ins and outs of Haiku’s housing market, facilitating the transaction of land, luxury, vacation homes, and waterfront property on the Valley Isle for more than 30 years now. Call 808.280.9600 or email him here to talk about your real estate plans in Haiku.

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