In the Hawaii market, is an older home as good of a value as a new home? Roy and Betty go over some of the potential gains as well as the pitfalls that can come along. Check out out latest Maui Video Blog today! - Ask our Maui experts!
Betty: Let’s see, next one of the…Yeah this is actually a great question that’s come up quite a few times in the last couple of weeks, which is “is an older home as good of a value as a new home?” And that a variety of people have blogged us with that question.
Roy: That’s a good question. It’s the old story, location, location, location. That could be. Again, you should have expert advice in trying to make this determination. There’s a lot to be said for an older home in a great location versus a newer home in maybe a not so great location.
R: So depending on what you want and what you’re looking for, again, you know, yeah it could be a great value.
B: I agree. It’s really a very interesting question, in that, in California, I know that many homes have been purchased that were older and then the person makes the decision to tear it down and start over, which by itself is kind of interesting. We have seen that already in a couple of ocean front homes, where somebody buys a whole older home. It seems like it’s going to be perfect but by the time they take a look at what it will take, they end up tearing it down or going down to a certain point in the structure and doing a total rebuild but there is nothing like an older, sweet oceanfront home or Lahaina homes.
R: Right, and again there are a few pitfalls; you could be under new setback regulations. Again, consultant an expert. We can help you find a good consulting engineer as well as direct you to better areas to find an old home.