How to Determine Your Non-Negotiables When Buying Oahu Luxury Real Estate

How to Determine Your Non-Negotiables When Buying Oahu Luxury Real Estate

The beautiful houses and condos that comprise the Kahala real estate market on Oahu are some of the most luxurious on the island. Buyers from all over the globe have invested in these properties for a variety of purposes. Some have chosen to relocate to this island paradise. Others have purchased Kahala real estate for investment reasons. You’ll also find that there are a great number of buyers who use their Oahu home as a spot to vacation. No matter what your reason for considering Oahu luxury real estate is, you’ll want to invest carefully and wisely. The homes and Kahala beach condos offer a lot for buyers, but knowing what you want before you invest is the first step you should take.

The first step is setting a firm price point

Before you start combing the listings for Kahala Beach condos for sale, you will need to know what your budget will allow you to buy. This is easily done with a visit to a mortgage broker. These professionals will use your income information from your W2s and recent tax returns, as well as data from your current credit report.

From there, your broker will determine your income-to-debt ratio. This number will show a bank how much money you can borrow for a home without much risk of going into default. A pre-approval letter will be generated, giving you and your agent a place to start.

Knowing how much home you can afford is going to be your first non-negotiable. Begin by looking for homes that are under this amount, as sometimes there will be multiple interested parties that will put in offers on homes that exceed the listed price.

This is the most important non-negotiable, as it is one that will be roadblocked by the bank if you try to exceed it. But now that you have this number established, it will be time to make a very important list that will pave the way to discovering what your other non-negotiables are.

Next, you will want to make a list of must-haves for your future home

What does your new home have to have? Most buyers will typically begin by figuring out how many bedrooms and bathrooms the home will need to have. From there, think carefully about what dealbreakers would look like. Do you require a lot of storage space? Is proximity to the beachfront vital? Are you looking for a property that is maintenance-free?

Many who purchase luxury real estate on Oahu are looking for the latest technology to be included. The Internet has come a long way over the last decade, making smart home technology a feature important to a growing number of high-end real estate buyers. If this fits your description of an amenity your new home must have, look only for properties that have the latest upgrades.

If you’re looking for a condo, you’ll also want to know what your non-negotiables for the condo association will be. What are the dues? Are common space amenities important to you?

From there, consider what you will need out of your future neighborhood. Do you need it to be walkable? Is proximity to popular shopping and dining options important to you and your family? If you have younger children, you might have the quality of the schools and the distance to family recreation at the top of your list of needs.

No matter what you place on this list of non-negotiables, it will be critical to share each item with your real estate agent. Armed with this information, your agent will be able to quickly narrow down the available properties on the market to create a personalized list that includes only ones that match your curated criteria.

It’s important not to confuse your list of must-haves with one that includes your wants. It’s recommended to supplement your non-negotiables with additional items and amenities you want a home to have, but won’t necessarily be deal breakers if you find a home you love without them.

Teaming with a real estate agent will facilitate the buying process

Buying a home in any market can be a frustrating experience. In a seller’s market, in particular, you’ll find yourself competing against other buyers for a limited supply of houses and condos. Additionally, it can be both challenging and time-consuming to narrow down the available housing stock to only ones that carry your non-negotiables. It’s strongly recommended to consult with a real estate agent like Elise Lee from the very beginning of the buying process. Doing this will save you time, stress, and potentially a lot of money.

A real estate agent in Oahu will be able to quickly find you homes that have all of your non-negotiables. These agents will also be able to use their negotiating skills to get you the absolute best price for any house or condo on the market. Utilizing this set of tools an agent brings to the table can make a big difference in what you will pay at closing.

You’ll also find that a great real estate agent will simplify the entirety of the real estate process. They will have important referrals for you as well, putting you in touch with the various other professionals you’ll need along the way. These include home inspectors, finance companies, and closing attorneys.

Ready to invest?

The decision to buy or sell any property is one that should be carefully considered. As a buyer, you will want a dedicated agent who will not only find you the Oahu home of your dreams but also use their negotiating skills to get you the best deal possible. As a seller, you will greatly benefit from an Oahu real estate agent marketing your listing to qualified buyers, helping you to get the most at closing. Whether you are buying or selling, consider a consultation with Elise Lee. Her experience helping buyers and sellers on Oahu will be put to work in making your real estate transaction seamless and stress-free.

Work With Elise

Elise brings a fresh, creative international perspective to her Luxury Real Estate, Concierge & Interior Design career. She chairs the Honolulu Board of Realtors® City Affairs Committee, is on the Board of Directors for the Hawaii Economic Association, an Officer in the Confrérie de la Chaîne des Rôtisseurs Hawaii Bailliage.