Who wouldn’t want to live in a neighborhood that was once the playground of royalty? That’s just what the beaches of Waikiki are and although this neighborhood in the city of Honolulu is still one of the most favored vacations spots of anywhere on earth, it is also home to thousands who live in Waikiki condos. The prices of condominiums in Waikiki are based on several factors among which would be the proximity to the beaches, the age and condition of the condo and of course the amenities provided as part of the condo package.
Near Perfect Temperatures Year Round
Have you ever dreamed of living somewhere that never gets too hot or too cold and that the average highs and lows are the same year round? That’s what most people consider to be an island paradise and that place is Waikiki. With cool ocean breezes there is rarely a need to run the air in the summer and you will certainly never need heat in the winter.
The average high temperatures are usually in the mid 80’s and the average lows never fall below 64 degrees Fahrenheit. Real estate in Waikiki may be a bit higher than in other coastal areas in the United States, but when you consider the advantages of living in a near perfect climate where you rarely pay for climate control, that cost is minimal in comparison.
Waikiki Condos as Investment Properties
Even if you aren’t yet in a position to leave your job and uproot your family to this island paradise, buying a condo in Waikiki can be a fabulous investment for your future. Perhaps you are looking for a vacation hideaway to stay in once or twice throughout the year or simply want to rent it out to cover the mortgage you would most often have on the property.
In either case, one thing is for certain. Real estate in Waikiki will surely not depreciate as in so many areas of the country. Not only is coastal property becoming harder to find but the prices are going up accordingly. You have probably heard the old real estate mantra, “Location, location, location” and there is no finer location than the pristine beaches of Waikiki.
Checklist for Condo Hunting in Waikiki
Although you may find a beachfront condo in Waikiki at a price you can afford, there are certain condo association rules which may prohibit you from purchasing that specific unit. If you have younger children or pets, some condos may have restrictions in this regard. Some communities are for ‘seniors’ 55 and older while some may not permit pets. Others may have bylaws prohibiting renting your condo while some may allow rentals with the approval of the condo association.
You will also want to discuss with your agent any condo fees, maintenance fees and any other fees and/or taxes which may not be apparent when looking at the MLS or an online advertisement. Some condominiums require you carry a certain amount of condo insurance in the event of any natural or manmade disasters. After all, the value of the entire complex is directly related to the value of each and every unit.
Even so, buying a condo in Waikiki is much like making an offer on a condo anywhere else in the United States, except that it is located on one of the nation’s prime pieces of real estate. If you can find a condo here that fits your budget and is not restrictive in its bylaws, then you have found your little piece of paradise.