What I Wish Every First-Time Buyer on Maui Knew

I say this to almost every first-time buyer I work with, so I figured I'd finally write it down.

1. Get prequalified with a mortgage lender first. This is step one, full stop. Before you start drooling over multimillion-dollar listings, you need to know what you can actually afford. Your credit score, your income-to-debt ratio, and a handful of other factors all play into this, so it's worth getting your financial house in order before you apply — the better your numbers, the more buying power you walk in with.

2. Know your real "affordable" monthly number, not just the mortgage payment. So many buyers think affordability starts and ends with one number: the mortgage. In reality, you're also looking at utilities, property taxes, possibly HOA fees, and whatever else you're already paying monthly. If you're serious about buying, it might be a good time to take a hard look at those subscriptions you've been meaning to cancel anyway.

3. Understand what kind of property you're actually looking at. Single-family fee simple and leasehold condo are not the same thing, and the difference matters a lot. With one, you own the land under your home. With the other, you don't — you're leasing it, usually for a set term. Know which one you're looking at before you fall in love with a listing.

4. Learn what a CPR is before you need to ask. CPR stands for Condominium Property Regime, and it's one of those Maui real estate terms nobody explains to you upfront. It's sometimes buried in the public remarks at the bottom of a listing. If a property looks like an unbelievable deal, a CPR designation is often part of the reason why — so it's worth understanding what you're actually buying into.

5. Budget for closing costs on top of your down payment. This one trips up more buyers than you'd think. In Hawai'i, closing costs typically run somewhere in the range of 1% to 4% of the purchase price, covering things like escrow fees, title insurance, and lender fees. That's real money on top of your down payment, so plan for it early rather than being surprised at the end.

6. Look into local buyer assistance — it might apply to you. Maui County actually runs a First-Time Homebuyer Opportunity Program (Ho'okumu Hou) that can help eligible buyers with costs like closing costs. It's not something most people think to ask about, but if you might qualify, it's worth looking into before you assume you're on your own for every cost.

7. Expect to make more than one offer. Almost nobody lands the first house they offer on. You'll likely get outbid, or you and the seller just won't land on a number that works for both sides — sometimes more than once. It's frustrating, but it happens to literally everyone, and it doesn't mean you're doing anything wrong.

Buying your first home on Maui isn't like buying anywhere else - I know from personal experience - but going in well prepared, having good information & your eyes open makes all the difference. If you're starting this process and want to talk through where you actually stand, reach out — happy to walk through it with you.