Common Mistakes by Hawaii VA Home Buyers

1. Not working with a realtor who knows the VA process
   • From contract language, the loan process, property selection, and transaction timeline purchasing a home using a VA loan requires knowledge specific to a VA transaction. Talk to your realtor and ask how the process is different from purchasing with a conventional mortgage. It will save you time and ensure you the best shot of owning a home.
2. Not working with the right lender
   • Not all banks & lenders offer VA loans. Some lenders and loan offers specialize in them. Ask your realtor for referrals and talk to them. Ask them questions about the process, time frames, closing costs, etc. The loan officer should be able to walk you through the process from acceptance to closing.
3. Not finding the right property
   • If you’re looking to buy a fixer upper with a VA loan you’re going to be in for a rough transaction. Since VA loans can be 0% down loans and they are guaranteed by the U.S. Department of Veterans Affairs (VA) they are required to meet certain levels of property condition. A VA appraiser may red flag items that will need to be addressed before closing. Even simple things such as chipping paint could be an issue.
   • Many VA buyers in Hawaii choose to purchase a condo or townhouse. Due to various guidelines condos and townhouses need to be VA approved in order to purchase using a VA loan. Click the link below to see VA approved condos.
   • VA Approved Condos
4. Not knowing closing costs
   • Because of the nature of VA loans and the ability to purchase with 0% down “cash to close” sometimes becomes an issue. If you are not able to receive a credit to offset closing costs then you may need to bring some money to the table. This is why #2 is important. Ask your loan officer to take different interest rates into account and give you an idea of what costs you will need to cover.
5. Too much debt
   • One of the most common mistakes of all buyers is having too much debt. There is a certain debt-to-income (DTI) ratio that all borrowers must meet in order to qualify for a loan and VA borrowers are no exception. Large monthly car payments can drastically affect your qualification. Talk to a VA approved lender and get pre-qualified.

Today I had the opportunity to view the recently completed Collection Townhomes.

The Collection Townhomes

The Collection Townhomes are the 3^rd element of the The Collection. The first two elements being The Tower and The Lofts. All three elements come together to create The Collection community which sits right between Kakaako and Downtown, across the street from Restaurant Row.

The Townhouses consist of 14 three-bedroom luxury residences, each with their own private entry, attached 2 car garage, and private rooftop deck. The Collection Townhomes are a truly unique piece of Honolulu Real Estate and offer alternative living to all the new high-rise projects while still being in the heart of the city.

The Kitchen is outfitted with state-of-the-art Gaggenau appliances and brings together the open kitchen and living room design.

The Rooftop deck is a perfect place to entertain large parties and can be designed to the owner’s taste. The rooftop deck can even accommodate photovoltaic (PV) panels to help offset the electricity bill.

As of writing there were 9 units still available. The total square footage of the units is approximately 2,900sqft. The average unit includes 1,835 sqft of interior space, a 396 sqft garage, 560 sqft roof deck and a 106 sqft lanai. There is one slightly larger unit which there is only 1 remaining. The price range of the remaining inventory is $1.695 - $1.795 million.

Just closed the 1st transaction of 2017! A great 1 bedroom, 1.5bath, 1 parking unit with washer & dryer, and AC.It even had a walk in closet! This listing at Princess Kealoha in Makiki went into escrow in less than 1 week with only 1 open house. Before listing we installed new appliances,flooring, and painted. Makiki is a great neighborhood for home buyers. See my Makiki Neighborhood page to see current listings. If you're looking to sell see my Home Valuation page to receive a Free Home Valuation.

Makikiis a great neighborhood for 1st time home buyers. This listing drew 5 offers,all at asking or above. In this market you must be ready to buy and pull the trigger. The 1st step is getting pre-qualified.Contact Me to get the process started Today!

Last week, CNBC ran an article quoting self-made millionaire David Bach explaining that not purchasing a home is "the single biggest mistake millennials are making" because buying real estate is "an escalator to wealth.”

Bach’s warning to Millennials:

"If millennials don't buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter."

"As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!" – The Automatic Millionaire, David Bach

David Bach is a self-made millionaire who has written nine consecutive New York Times bestsellers. His book, “The Automatic Millionaire,” spent 31 weeks on the New York Times bestseller list. He is one of the only business authors in history to have four books simultaneously on the New York Times, Wall Street Journal, BusinessWeek and USA Today bestseller lists.

Real Estate Advice for Millennials:

• Talk to a lender to get pre-qualified
  • "Actually do the math. Look and see what things costs, starting with the smallest options. This way, you're really clear on your goals and you won't just say to yourself, 'I'll never afford this.'"
• Start out small
  • Bach mentioned: "oftentimes, buying your first home means you're not buying your dream home,"
• Use a good real estate agent

Aalii

Aalii will be Howard Hughes’ 6th building in Ward Village. Aalii is designed to meet the high demand for condos in the $400,000 - $1,000,000 range and will feature 751 units, 100 of which will be designated as “Reserved Housing Units”. The tower was designed by San Francisco’s Solomon Cordwell Buenz, (also designed Anaha) with local partner Ferraro Choi and Associates Ltd..

Location

Located at 987 Queen Street, Honolulu, HI 96814, the project site is located adjacent to Honolulu’s planned future railway and walking distance from the proposed Kakaako rail station. Aalii will be right in the heart of Ward Village right next to Ae’o and Whole Foods Market.

Building

Aalii will be a 42 story building with 751 units. Most of the units will be “market” units with 100 units being “Reserved Housing Units”. The building will consist of studios, 1 bedroom, and 2 bedroom units ranging from 300sqft to 900sqft.

Amenities

There is a planned large amenities deck which will include barbecue areas, a swimming pool, kid’s pool, and playground. The building also features fitness centers, private rooms, and lounges. There will be a “sky lounge” recreation space and a penthouse fitness center on the 42^nd floor.

Aalii will include secure resident bicycle parking and storage on the ground-level and exterior retail bicycle parking near retail areas. Ground-level amenities will include a resident’s dog park occupying approximately 1,940 square feet as part of the pet-friendly design.

Contact Me to receive updates for the Aalii project.

* All Photo renderings and information subject to change. Please check with sales office for updated information

The Block 803 Waimanu is Kakaako’s newly announced condominium project with 66 Residential units designated as “Reserved Housing Units”. Building & Unit RenderingsThe building will be 7 Stories tall with a total of 153 Units. The BLOCK is a modern, mid-rise, urban living building with studios and 1 & 2 bed units in single story “flat” and 2-story “loft” street front layouts. There are 82 Parking spaces for designated units utilizing a mechanical parking system*, and secure bike/moped parking.

LOCATIONThe location is on Waimanu Street directly between BMW of Honolulu on Kapiolani and The Imperial Plaza Condo building.

Main Qualifications

1. Is at Least of the Age of Majority (18)
2. Does not have a majority interest in a principal residence
3. Does not have a spouse or dependent child who has a majority interest in a principal residence
4. Is the owner or lessee and occupant of the Reserved Housing Unit (Hawaii Resident & Owner Occupant)

Other qualifications may apply.

PRICE

Price Ranges for Reserved Housing Units consist of Studios, 1 Bedrooms, and 2 Bedroom units and Range from $318,340 - $619,413. For Reserved Housing Unit Price list Click HERE

Floor Plates & Floor PlansUNIT SELECTION PROCESS

Sales are on a first-come-first-served Basis. Applications are available for pickup on January 7, 2017 at 10:00am, applications will be accepted no earlier than January 28, 2017 at 10:00am, and unit selection will begin on February 25, 2017.

A completed Reserved Housing Application will include:

1. Notarized affidavit of Intent to Purchase and Reside in a Designated Reserved Housing Residential Unit
2. Notarized Affidavit of Eligibility to Purchase a Reserved Housing Unit
3. Loan Pre-Qualification Letter (From project lender)

View the Reserved Housing Announcement HERE

Get Started Today!

I have helped clients through the process of applying for reserved housing and would love to help you. From obtaining an application, getting pre-qualified with a project lender, to completing and submitting an application. I can help walk you through the process. Feel free to Call, Text, or Email me at (808) 351-8394 or email me in the link below.

Contact Me Today!

* All Photos and Information Courtesy of The Block 803 Waimanu. Please check with sales office for updated information

Just Sold – Makiki 1 Bedroom | Princess Kealoha

Closed 12/16/2016 – $405,000

FABULOUS VIEWS & GREAT CROSS BREEZES from this high floor unit located on the cooler side of the building! Nicely renovated 1 bed/1.5 bath with RARELY available 2 parking stalls!! Spacious & open layout renovated in 2012 w/ new counters & cabinets, appliances, flooring, & bathroom vanities. Enjoy the views from this huge lanai complete with add’l storage. Located in the heart of Makiki, this is convenience at its best! Contact Me if you're interested in finding a unit such as this.

Just sold this great home in one of our favorite neighborhoods, Waialae Nui Ridge! We received multiple offers at our asking price. Contact me to learn more about the current real estate market!

900 Development LLC’s 7.4-acre planned subdivision will be the first gated community in Mililani in over a decade. The development will consist of 51 single family homes and will target multi-generational households.

For more info contact me at (808) 351-8394 or JosephC@BetterHawaii.com

Photo and videos courtesy of 900 Development

* I do not represent the developer nor am I part of the sales team. I make no representations on their behalf. If you want information directly from the sales office I urge you to contact them directly. If you would like me to help represent you as your real estate professional I would be happy to meet with you. 

Recently released, the New Kapiolani Residence Condominium! Located at 1631 Kapiolani Boulevard this new condo will be a 45-story, 485 unit condo with 292 units being offered as Affordable Housing under the Hawaii Housing Finance and Development Corporation "HHFDC" to owner occupants who meet their guidelines. There are studios, 1, 2, and 3 bedroom units starting from $272,000 - $587,000.

The sales process will be handled through a lottery system. In order to get into the lottery, there will be a mandatory seminar on June 25th for all applicants interested in purchasing an affordable unit. If you are interested in attending the seminar just email, text, or message me for more details. 

Application packets are now available and are due by August 31st. The sooner you get in touch with a project lender the better. If you're interested in checking out the sales office just let me know what days and times work for you and I would be happy to set up a tour.