Here are 7 frequently asked questions about real estate on Maui. Not all of these questions are pron to only Maui, but real estate in general. We hope this helps you with any questions or concerns you may have.
What is The Difference Between West Maui, South Maui, Upcountry, etc?
Maui is known to have a wide variety of different climates depending on the area you are. People looking for a vacation rental are recommended to look in South Maui and West Maui. Both places also offer homes, but more residential areas are in Central Maui. Upcountry is mostly residential other than some condominiums. For more information on different areas around Maui, check out the video below!
There are many different terms for the word escrow depending on where you come from. The general meaning of escrow is “when a property is under contract and pending sale”. When you hear someone say escrow officer or coordinator, that just means they are the closing agents.
What is Maui Real Estate Tax Info?
Maui tax rates are a little different than the mainland. The tax rates here are determined on how you use the property. There are three tax rates that are seen the most here: home owners tax, apartment or apartment rental tax rate, and vacation rental property tax. Taxes go from July 1st to June 30th every year. For more information on how to avoid paying unnecessary tax, check out the video below!
What is The Value of a View in Real Estate?
A perfect ocean view will drive up the value of you home or condo buy hundreds of thousands of dollars. Everyone is looking for the perfect view to accommodate their new Maui home. Many people who are renting are visual so seeing a beautiful view is a real seller. However if the view is a budget breaker, people may turn to the less expensive option. For more a more in depth explanation about the value of views on Maui, feel free to check out the video below.
For most condo complexes on Maui the maintenance fees cover water, sewer, trash, common area, exterior building, hazard and risk insurance, and some even cover cable. There are a couple complexes that will cover electricity on top of the maintenance fee. However for the most part you are responsible for electricity, mortgage (if you have one) and property tax.
If you are an absent owner, there is no need to worry. There are many services and providers here on Maui that will take care of your property while you are away. For rental properties there are rental management companies, etc. It is very common, so there are many different companies to choose.
Signing VS. Closing VS. Recording
On Maui during the signing process, we do not sit down at the same table and do table closings. Your paperwork is sent out to you and you sign it with a mobile notary or in the office. Closing documents are the ones that are closed after signing. Recording is when Honolulu officially records your documents in the state files. Possession transfers occurs after the recording is complete. For more information on the process of these steps, check out the video below.
Please feel free to email us any questions you may have about real estate on Maui or just in general!