Buying Your New Home
When you consider buying real estate on the Big Island of Hawaii, it’ll be wise to study maps of the island, because it has varying landscapes and different temperatures and very diverse terrain.
Also, on the Big Island there are two active volcanoes, Kilauea and Mauna Loa.
Kilauea ranks among the world’s most active volcanoes and its eruptive activity has been continuous along the East Rift Zone.
Mauna Loa is the largest active volcano on the planet, but has not erupted since 1984.
Please see below for updates from USGS – Hawaiian Volcano Observatory.
Another unique feature of houses on the Big Island are catchment tanks and cesspools or septic tanks, that you need to consider.
Most homes in Hilo and Kona are connected to municipal water systems. The majority of homes in Puna District or some other areas need catchment tanks.
Sewer connected homes are still in limited areas on the east side of the island.
Before you can begin to search for a new home, you need to determine your budget and estimate how much you can afford. One of the most important factors in figuring out your financial budget is getting pre-approved for a mortgage.
Here is the financial steps you’ll need to take to guide you towards your new home.
1. Calculate your budget.
2. Apply for a mortgage/paperwork/loan application
3. Obtain Pre Approval from Lender to determine amount of mortgage you are eligible for and determine budget
4. Search begins – I will show you multiple listings
5. You find the house you want
6. You make an offer
7. Upon acceptance of your offer, escrow opens, lender begins processing application
8. Lender provides booklet of estimated closing and related costs, and requests an appraisal of home, a credit report and verification of employment and assets.
9. Have the property inspected
10. Sign final closing documents, and Lender disburses funds to closing agent
11. Appropriate documents recorded at local recorder’s office.