Expenses You May Not Have Considered Before Buying Your Hawaii Home

If you know me, I like reading and learning (culinary school for 2 years, energy management now master gardening). I’ve decided to renew my California Real Estate license, so I’ve been frantically taking some continuing education classes online.

The “school” that I’ve enrolled in, First Tuesday, has some interesting articles that I found myself perusing. I especially liked one about expenses that one may not consider in purchasing a home. There are the basics: mortgage, insurance, taxes.

Unexpected Hawaii Home Expenses

Here are a few that you may/may not have considered:

• Water heater maintenance/repair/replace: Maintenance should happen yearly. This will greatly enhance the lifetime of your unit. Units may need to be replaced every 7-10 years. Plan for $150/year or up to $1,000 or more to replace.
• Trash collection: On Maui, this is approximately $250 per year.
• Pest Control: Depending on your location, quarterly may be okay. Monthly may be the norm. This could add up to $1,000/year.
• Roof: …is a biggie. Generally a new roof will last between 25-30 years. Expect some repairs here and there $500/year or at least maintenance $150/year. New roofs range between $8,000-$25,000+ depending on the material.
• Painting: Some people prefer DIY. For me, painting ranks up there with moving…just write a check. Paint should last 10 years, but could cost $3,000 professionally or at least $800 to DIY. Touch ups will probably be much less $100/year.
• Pool: Have you ever said, “I’d love to have that backyard pool.” If you’ve ever had one, they become tired fast. I considered it for a minute and after doing a cost analysis, opted for a fish pond. Pools require weekly maintenance, chemical purchase and additional water and electric costs. This could add an additional $5,000 per year.
• Central air conditioning: This is another biggie. Between yearly maintenance $200, additional electricity ($$$$), and if a replacement is needed $3,000-5,000. This is one expense that ceiling fans can easily replace. But if you must, consider the cost.

Now that I’ve shared with you some of the unexpected costs that come along with home ownership, you can enter into the purchase a bit more educated than before. Let me know if I can help.

Ken Molina
808.344.6421
ken@hawaiilife.com