What You May Not Know About Buying A Condo On The Big Island
Many people are interested in buying a condo on the Big Island rather than making the financial investment in a single family home, or simply because they prefer not to deal with the yard work and maintenance of a home. As knowledgeable Big Island luxury real estate brokers we feel there are a few things you may not be aware of if you’re thinking about a condo; we’ll enlighten you below.
Some HOA (Home Owner’s Associations) have extremely strict rules. From parking restrictions to pool areas that don’t allow “adult” beverages and even what your children can or cannot do in the complex, you’ll want to know about all of the rules before determining if the complex is right for your needs and lifestyle.
Are short term rentals allowed? Maybe you’re thinking about purchasing a condo so that you can use it as a vacation rental and rent it to others. Some complexes may allow short term rentals, while others do not. A lot of people like to rent a condo for a week when vacationing, so a complex that allows nothing shorter than a 30-day rental won’t work for you. Again, check out the HOA rules. Your Hawaii real estate agent can be very helpful in this area, as most are familiar with the rules of various complexes.
Will it be easy to sell your condo when you get ready? Probably not. Most condos and complexes undergo numerous repairs and replacement of materials, particularly those located close to the ocean where the salt air results in corrosion. Are repairs needed, and does the Board have the reserves to make the necessary repairs? Every detail can impact the price a buyer will pay, and it can be an arduous process.
Are you a pet person? If you love your pets and consider them members of your family, be aware that many condos do not allow pets. There are a few complexes that do, but the majority do not. This can be a very important factor for those with beloved fur babies.
Some people love the condo way of living, while others would prefer to forego all the hassle and choose a single family home instead. At Mauna Kea Realty our Big Island luxury property brokers can connect you with the home, condo, estate or land that meets your criteria and will enhance your life. Give us a call today for the expertise, knowledge and guidance to help make buying a property easier and less stressful.