Isaac Toussie on Hawai'i Real Estate
An article by Isaac Toussie, distilling his many years of first-hand experience as a professional housing developer. This time, Isaac Toussie focuses on whether a site visit is warranted for you out-of-towners. Understandably many of you who are interested in Hawaiian properties are not actual residents. While not unheard-of, should you, too, buy without taking a look at all?
Consider the Island of Oahu, with its beautiful beaches and weather all the year round. It has now become a popular destination for retirees. If you’re looking to live there, it makes perfect sense for you to visit first. But as an investor, do you really care, as long as you know that the local market is hot?
Let’s take a look.
But first, a disclaimer: what follows is but Isaac Toussie’s personal opinion, and should in no way be construed as professional advice to be used in making any business decisions, for which the properly qualified people, such as lawyers and accountants, should always be consulted when the consequences can be momentous. So simply take it for what it is, and no more: the views of Isaac Toussie, as informed by my experiences in the industry.
Now, as can be imagined, there’s simply no substitute for first-hand experience. If you have never visited Oahu before, you really don’t have an idea as to what the island is like or what it is all about. Sure you can read information pertaining to Oahu online or view any number of photographs, but you know that there just isn’t anything like experiencing something for yourself. Also, you can visit several properties during your stay, and there are even specialty tours catering specifically to out-of-town buyers!
Of course, all of this costs money, and in Hawaii, it costs a lot of money, sometimes almost comparable to major metropolises like New York or London. It’s hundreds of miles out across the Pacific Ocean, after all, a short string of very small islands dominated by highlands. This is why a rather large number of new Oahu homeowners have never even visited the island before they moved into their new homes. When buying houses, many try to save money every which way they can, which often means eliminating travel expenses.
And thanks to the internet, it’s easier than ever before to work with a local real estate agent to find the right Oahu property. They will often conduct remote video tours for you, which, depending on the technology employed, could almost make you feel as if you were right there yourself. As an investment vehicle, such properties will not always need a personal visit for you to make money on them.
