Hawaii is a very fast-growing state located on the United States mainland. Before you buy a house in Hawaii, you should be familiar with fee simple and leaseholds so that you know where your property falls.
Fee simple means that you get to own the house itself as well as the land on which the house is built. On the other hand, leasehold means that you own the improvement on the land but not the land itself. Most of the leases are normally for 55 years in which you or your heir negotiate with the owner who may or may not renew the lease. Visit Hawaii Trusted Realty for amazing selections.
There are six various property types offered in Hawaii namely multi-family homes, townhouses, condos, mobile, single-family, and farms.
A multi-family home is simply a residential property that has 5 or more units where more than one family can reside. Apart from that, it should also have a kitchen and a bathroom for each unit.
Townhouses simply refer to the architectural style of a home and how it's built. They are usually built as standalone and if they have a common thing with the neighbor, then it’s the wall. This type of housing is built in urban centers and sold at a premium. People tend to love them as they are cheaper than single-family houses.
A condo is different from the other properties since they come with ownership. The owner of the condo owns that unit but shares other common facilities such as a pool and gym. Condos are governed by HOA in the United States that makes decisions on all the unit areas and owns the common area within which the condo is located.
These are simply houses that are manufactured in a factory and have wheels. They can be towed but this rarely occurs. The good thing is that they are cheap and can be rented as well as owned. Mobile parks also exist where one can pay for the land where it is located or you can opt to have it on your permanent property.
This type of housing is different from others as it’s a unit that stands alone with no other on top or below it. It also does not share a wall with any other unit. Its owner typically owns the house, as well as the land on which it sits. This simply means that you enjoy privacy and have a large space of your own.
A farmhouse is typically a property amidst an agricultural setting. Here you will find that you are surrounded by a very large landscape such as food crops, flowers, and even trees, and is mainly located in the rural area.