Real Estate Transaction Costs in Hawaii
Cost Calculation
Title Guarantee of Kona provides a transaction Cost Calculation tool, this is a helpful estimation of what your fees may be in addition to the purchase price of real estate.
The transaction costs for real estate in Hawaii vary depending on several factors, including the location, size, and type of property being purchased. However, some common costs that you can expect when buying real estate in Hawaii include:
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Closing costs: These are fees associated with the closing of the sale, such as title insurance, escrow fees, loan origination fees, and recording fees.
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Inspection fees: You may choose to have a professional inspect the property to identify any potential issues. Inspection fees can vary depending on the type of inspection and the size of the property.
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Appraisal fees: A property appraisal is typically required by the lender to determine the value of the property.
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Legal fees: You may choose to hire an attorney to represent you in the real estate transaction. Legal fees can vary depending on the complexity of the transaction and the attorney's hourly rate.
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Property taxes: Property taxes are typically paid by the buyer in Hawaii, and are based on the assessed value of the property.
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Homeowner's insurance: Homeowner's insurance is typically required by the lender to protect the property and your personal belongings.
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Moving expenses: You may incur costs for moving your belongings to your new home.
These are some of the common transaction costs associated with buying real estate in Hawaii. The exact costs will vary depending on the specific property and your individual circumstances. It is important to work with a real estate agent and/or attorney to help you understand the costs and plan for them as part of your budget.
