What do I need to look for when purchasing a condo in Hawaii? It seems like a lot of the buildings are older.

Asked by AC, Honolulu, HI Wed Sep 11, 2013

What about special assessment fees? Maintenance fees increasing since the building is old. Is is best to try find a newer building?

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Don Dietz, Agent, Honolulu, HI
Fri Sep 13, 2013
There are a lot of older buildings, as well as newer ones and upcoming future ones. Often times, with older buildings, they have well funded reserves. Often enough to offset any needed repairs or updates. Many newer buildings are still trying to build up their reserves, so their maintenance fees are quite high. Also, many of the new buildings (within the past 10 years) have lawsuits with the developers, for construction flaws or corner cutting. Litigation in any building can often halt any financing or will make financing more expensive, in the way of higher interest rates or points.

It is best to analyze each building on an individual basis. A good Realtor is the best route to take, if you are not familiar with the area or the buildings.
0 votes
Kristi Takus…, , Honolulu, HI
Thu Sep 12, 2013
Each individual is different. Location, age, size, etc many things matter. The best thing to do is find an experienced realtor someone whos been in the business 10 years pls. Don't be affraid to ask questions. Remember the realtor or agent works for you! Brokers are much more experienced and educated than just RA. So ask around some RA have been in the business a long time too. You need to express what you want. And, our job is to find what you want and be sure you know all cost up front working with a lender.
0 votes
Nina Pfaffen…, Agent, Honolulu, HI
Wed Sep 11, 2013
Align yourself with a good Realtor who can navigate you through the pros and cons of each. Aloha!
0 votes
Holden Lau, Agent, Honolulu, HI
Wed Sep 11, 2013
It all depends on what you are looking for. We have a lot of older condominiums here Oahu, but we are also seeing a lot of new development in the very near future. I recently wrote an Article for Kakaako.com explaining what to look for when looking for a condo. Kakaako is a neighborhood on Oahu currently experiencing a lot of development. It is going to be the new urban hub of Honolulu. Take a look at the article. I think it will give you an idea of what to look for.

http://kakaako.com/stories/choosing-the-perfect-kakaako-cond…
0 votes
Baron Graham, Agent, Honolulu, HI
Wed Sep 11, 2013
There are many aspects to consider when purchasing a condo including age, condition, amount of reserve funds for needed future repairs. I'd be happy to get the process started for you.
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