First Time Home Buyers

Do your homework. Determine what you want - how many bedrooms, approximate square footage, and which neighborhoods you prefer. Drive around selected neighborhoods at different times of the day and night to check on activity and noise. If you have just relocated, or are thinking about relocation, rent first to see if you really like the area.

Think about condominiums and townhouses. These are typically more affordable and may suit your lifestyle: typically there's little upkeep, you have neighbors - likely other singles - close by, and you may have access to community facilities, like a pool or workout room. But you'll also need to consider you probably won't have much privacy outdoors or any type of back yard. You'll also need to factor in how much you'll pay for your homeowners association fees.

Spend time comparing mortgages to get the most advantageous plan for your requirements and financial situation. The usual down payment is 20% of the offered price in cash. Also you need to have about 2% to cover closing costs. Other expenses to be aware of may be taxes, PMI, Leasehold rental, Conversion fee and monthly maintenance fees. If you feel that you may not have the means at the moment, don't despair, there are creative ways around financing your home.

Get pre-qualified for a mortgage before you begin looking at homes. Not only will this give you an exact price range for your purchase, but pre-qualification letter will add a great deal of strength to your offer.

Find an agent who has your interests at heart, and that you can communicate with about all aspects of buying a home. Bear in mind that as a buyer in Hawaii you usually don't pay your agent commission, the seller does. Stay in close contact with your agent and clearly express your needs. You'll want to be notified as soon as a home that fits your criteria goes on the market.

Keep in mind that there's no such thing as the "perfect" home. Instead, set priorities. Determine what you're willing to sacrifice, especially if you're in a tight market.

Bid competitively. Keep in mind you'll likely be competing against other offers. If you're in a tight market, it's not the time to see how low the seller will go.

Call us Toll free at 877 329-6871 or locally at 329-6871 for friendly, reliable service

Real Estate Consultants of Kona • P O Box 4711, Kailua Kona, Hawaii, 96745, US. Harold Meltzer Broker