Housing costs/property taxes

[jonw68]

Hi all,

Im moving to hawaii and want to buy an appartment.

Can somebody tell me what the costs are to buy an appartment $400 to $500k. What are the approximate property taxes on Oahu?

Are there any other hidden costs that I should know about?

Thanks in advance.

Jon

[matapule]

Go to: http://www.oahure.com/

Select an area, select a building, and then everything for sale in that building is listed, often with pictures of the unit. Additional information includes property tax, homeowners dues and what they include, and recent sales. The site is a goldmine of information.

[leashlaws]

:( Speaking of.......I HATE August (February too but not as badly). I am
grateful to own a home but those are property tax months, August has
homeowner's insurance so it's a double whammy!:eek:

[tutusue]

Leashlaws...can your lender create an impounds account for you? That way you pay 1/12 of your prop. taxes and insurance with your monthly mortgage payment and the lender pays those bills. Another option is to open a savings account, money market account or money market fund and pay that 1/12 amount into it each month. Unfortunately, there's no way to get around paying those expenses so it boils down to finding the best and easiest way to do it...psychologically! :D

[leashlaws]

Leashlaws...can your lender create an impounds account for you? That way you pay 1/12 of your prop. taxes and insurance with your monthly mortgage payment and the lender pays those bills. Another option is to open a savings account, money market account or money market fund and pay that 1/12 amount into it each month. Unfortunately, there's no way to get around paying those expenses so it boils down to finding the best and easiest way to do it...psychologically! :D

Thanks for the tips! It's such a great forum here that everyone is so helpful!
I just plan well for August to be sure and February usually seems to just
work o.k. too. My SIL was saying that in CO you can pay all your taxes at
once which why anyone would want to do that is beyond me! Off topic
but in the "what's for dinner" thread I wanted to know what you had at Bali
that was especially good!

[IslandTrust]

For Hawaii tax rates, click here http://www.tfhawaii.org/taxes/property.html

[tutusue]

[...]Off topic but in the "what's for dinner" thread I wanted to know what you had at Bali that was especially good!
Oh, I missed that earlier, leashlaws. Sorry. Every once in awhile, and for some unknown reason, unread HT threads get marked as read so I miss 'em! Anyway, I replied!

[owensct]

Aloha,

Just a few things we have learned from experience since we started looking. I moved here in February and my wife arrived in May. If you have any other questions I can help with let me know. I did post some basic facts in introductions, just do a search on my id owensct.


1. ALWAYS ALWAYS ALWAYS get a home inspection, if we hadn't we would have bought places that had major problems. The houses/condos here tend to have hidden issues.

2. Property condition, take it with a grain of salt. One place we were looking at said above average, but the home inspector said it was close to a tear down.

3. Most lenders will not lend on a property that is in below average condition.

4. Most insurance agencies will not insure a place that is in less than average condition, thus making it impossible to close escrow.

5. If you get a place close to the water you’ll need to do research to get homeowners insurance. Depending on how close to the water it is a lot of companies will not insure the property.

4. If you’re looking to buy a teardown for the land or a vacant lot most lenders require 25% of the asking price down, which can be a hefty amount.

[Amati]

Hi all,

Im moving to hawaii and want to buy an appartment.

Can somebody tell me what the costs are to buy an appartment $400 to $500k. What are the approximate property taxes on Oahu?

Are there any other hidden costs that I should know about?

Thanks in advance.

Jon

And besides all the other advice going on, be sure to become familiar with the concept of lease land vs fee simple land. If you don't already know the differences, you'll want to become educated on what those terms mean before you start house hunting (and don't just trust a realtor trying to make a quick sale to tell you the drawbacks of lease, do your own homework!).

[Jim75]

Here's a recent article you might find interesting. Be sure to read the comments offered by various readers as the page scrolls on down past the article. The comments are continued on a second page, also. Food for thought.

http://www.honoluluadvertiser.com/apps/pbcs.dll/article?AID=/20080814/BUSINESS/808140355/1071&ref=patrick.net

[cyleet99]

Thanks for the "food for thought." Interesting read, especially the comments. More reasons we will wait a while and work on the savings accounts. :)

[Janette]

What so bad about August in hawaii?

[Leo Lakio]

What so bad about August in hawaii?August and February are the two months when property tax payments are due (I'm guessing).

[Janette]

O right when we have tax on everything over here in the uk including pay tax on house, food, phone bills, petrols, gas, electrice, just about everything is as tax on it, which I thing I speak for every Uk pple its a dam rip of and bloody dear do.

[leashlaws]

August and February are the two months when property tax payments are due (I'm guessing).

Bingo!:):eek:

[Leo Lakio]

O right when we have tax on everything over here in the uk including pay tax on house, food, phone bills, petrols, gas, electrice, just about everything is as tax on it, which I thing I speak for every Uk pple its a dam rip of and bloody dear do.You forgot to mention your television sets - do you still have to pay a license fee on your sets (which goes to fund the BBC), or is that no longer the case?

[Janette]

You forgot to mention your television sets - do you still have to pay a license fee on your sets (which goes to fund the BBC), or is that no longer the case?


Yes ur right I completely forgotten that sorry and for the money that we spend on it what do they put on but rubbish and repeats.:mad: its is madness.

[Leo Lakio]

what do they put on but rubbish and repeats.:mad: its is madness.Yet, we seem to eat up BBC programming here in the U.S., mostly on our public television networks. Put a British accent on the air, and we Americans seem to think it lends an air of authority - never sure why that is, but we often seem to be taken with that accent.

Then again, there's "Coronation Street," which is very popular in Canada. But I apologize - I'm getting us way off the topic here.

Thanks for the confirmation, leashlaws. Here in Seattle, they come due in April & October, so we get statements in mid-February & mid-August.

[Janette]

Yet, we seem to eat up BBC programming here in the U.S., mostly on our public television networks. Put a British accent on the air, and we Americans seem to think it lends an air of authority - never sure why that is, but we often seem to be taken with that accent.

Then again, there's "Coronation Street," which is very popular in Canada. But I apologize - I'm getting us way off the topic here.

Thanks for the confirmation, leashlaws. Here in Seattle, they come due in April & October, so we get statements in mid-February & mid-August.


Bloody hate Coronation Street its film in my home town of Greater Manchester at Granada Studios,, what I give to drop on that progamme,:mad:

[MadRussian]

5. If you get a place close to the water you’ll need to do research to get homeowners insurance. Depending on how close to the water it is a lot of companies will not insure the property.

On NJ shore some beach houses (that cost around $300K - $500K) has insurance wich cost around 20K - 30K a year!!! ... add 15K property tax :eek:

4. If you’re looking to buy a teardown for the land or a vacant lot most lenders require 25% of the asking price down, which can be a hefty amount.
I think it's common practice everywhere.

[tutusue]

[...]
5. If you get a place close to the water you’ll need to do research to get homeowners insurance. Depending on how close to the water it is a lot of companies will not insure the property.[...]
The standards might be a little different for condominiums, altho' I'm not sure. I own a small oceanfront condo in Makaha. We got a direct hit from hurricane Iniki in 1992. I currently have the same homeowner's policy as I did when I bought the place in 1987. Possibly that's because I have yet to file a claim! ;) I know others in the same complex who don't have insurance either by choice or they've been told no. It sounds like those owners didn't look beyond one insurance company. Again, it could be based on claims history, too.

I bought a studio condo last year on the outskirts of Waikiki, across Ala Moana from the ocean...less than a block away. I had no problem insuring it. AAMOF, the association of owners recently voted in favor of mandating that all owners must have the HO-6 policy with minimum coverages set by the board. A lot of research was conducted by a committee before this idea was presented to the association.

I also carry hurricane insurance on each condo. FWIW, I pay approx. $300 per year per condo for the total of both the homeowners and hurricane policies.

[MadRussian]

tutusue: What's your condo fee? What's included in condo fee?

[tutusue]

tutusue: What's your condo fee? What's included in condo fee?
Makaha...339/mo....water, sewer, trash, cable tv, security, grounds maint.; the usual inclusions.

Waikiki...300/mo...same as above with the addition of hot water and central a/c.

[matapule]

I also carry hurricane insurance on each condo. FWIW, I pay approx. $300 per year per condo for the total of both the homeowners and hurricane policies.

Tutu, what is the deductible on the hurricane policy?

[islandguy]

We have been looking to buy a home also. We live on Helemano Military Reservation (Army) and we pay $2118 a month RENT to live on the base. Contrary to FALSE BELIFS OF THE LOCALS, all MILITARY FAMILILES on the island PAY RENT. If you live in any MILITARY HOUSING COMPLEX, YOU ARE PAYING RENT. Housing is no longer "free" and has not been for a LONG LONG TIME! See http://www.acq.osd.mil/housing/ Real rent, real taxable income added to our check, and taken OUT. It amounts to about $74k each tour. Problem is most stuff here on the north shore that is AFFORDABLE, are 25 year old CONDOS for $220k. Then you have to pay the yearly property tax. We might just stick with renting.... let me know how YOUR SEARCH goes...

[Nords]

Contrary to FALSE BELIFS OF THE LOCALS, all MILITARY FAMILILES on the island PAY RENT. If you live in any MILITARY HOUSING COMPLEX, YOU ARE PAYING RENT. Housing is no longer "free" and has not been for a LONG LONG TIME! See http://www.acq.osd.mil/housing/ Real rent, real taxable income added to our check, and taken OUT.IslandGuy, I'm under the impression that the military's "Basic Allowance for Housing" (BAH) and "Cost of Living Allowance" (COLA) are not taxable. What part of the military's leave & earnings statement is the "real taxable income added to our check"?

It amounts to about $74k each tour.
People might have a different impression of the money if we knew how long a tour you're referring to. An 18-month special/deployment tour? The two-year minimum activity tour? The three-year area tour?