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Hawaii RE : Please explain to me fee simple and lease
2/14/2012 8:15:16 AM
What is the RE tax rate, and what is a typical insurance premium on a 1000 sq ft house?
2/14/2012 11:17:03 AM
Fee simple: you own the land that the house you own sits on
Leasehold: you own the house (structure only), and someone else owns the land the house sits on, so you pay them rent for the land your house sits on (avoid this situation)
Leasehold: you own the house (structure only), and someone else owns the land the house sits on, so you pay them rent for the land your house sits on (avoid this situation)
2/14/2012 12:00:07 PM
Originally Posted By darealickt:
Fee simple: you own the land that the house you own sits on
Leasehold: you own the house (structure only), and someone else owns the land the house sits on, so you pay them rent for the land your house sits on (avoid this situation)
Fee simple: you own the land that the house you own sits on
Leasehold: you own the house (structure only), and someone else owns the land the house sits on, so you pay them rent for the land your house sits on (avoid this situation)
That's what I figured. Fee simple or forget it... Thanks...
We're kicking around the idea of buying a small condo. (under $200K)
Does HI have expensive home owners insurance like FL? (wind/ flood)
2/14/2012 1:11:54 PM
Originally Posted By MTUSA:
That's what I figured. Fee simple or forget it... Thanks...
We're kicking around the idea of buying a small condo. (under $200K)
Does HI have expensive home owners insurance like FL? (wind/ flood)
Originally Posted By darealickt:
Fee simple: you own the land that the house you own sits on
Leasehold: you own the house (structure only), and someone else owns the land the house sits on, so you pay them rent for the land your house sits on (avoid this situation)
Fee simple: you own the land that the house you own sits on
Leasehold: you own the house (structure only), and someone else owns the land the house sits on, so you pay them rent for the land your house sits on (avoid this situation)
That's what I figured. Fee simple or forget it... Thanks...
We're kicking around the idea of buying a small condo. (under $200K)
Does HI have expensive home owners insurance like FL? (wind/ flood)
I've never lived in Florida, only in Hawaii. Everything in Hawaii is expensive (except home heating costs), so I would assume it is high.
Which island were you looking to buy this condo on?
2/14/2012 3:38:00 PM
Originally Posted By darealickt:
I've never lived in Florida, only in Hawaii. Everything in Hawaii is expensive (except home heating costs), so I would assume it is high.
Which island were you looking to buy this condo on?
Originally Posted By MTUSA:
That's what I figured. Fee simple or forget it... Thanks...
We're kicking around the idea of buying a small condo. (under $200K)
Does HI have expensive home owners insurance like FL? (wind/ flood)
Originally Posted By darealickt:
Fee simple: you own the land that the house you own sits on
Leasehold: you own the house (structure only), and someone else owns the land the house sits on, so you pay them rent for the land your house sits on (avoid this situation)
Fee simple: you own the land that the house you own sits on
Leasehold: you own the house (structure only), and someone else owns the land the house sits on, so you pay them rent for the land your house sits on (avoid this situation)
That's what I figured. Fee simple or forget it... Thanks...
We're kicking around the idea of buying a small condo. (under $200K)
Does HI have expensive home owners insurance like FL? (wind/ flood)
I've never lived in Florida, only in Hawaii. Everything in Hawaii is expensive (except home heating costs), so I would assume it is high.
Which island were you looking to buy this condo on?
On Kauai. Appears to be lots of inventory so I should be getting a killer deal.
IIRC storm frequency is nowhere near as bad in HI as it is in FL so I'm guessing wind/ flood should be less in HI....
2/14/2012 4:55:36 PM
Originally Posted By MTUSA:
On Kauai. Appears to be lots of inventory so I should be getting a killer deal.
IIRC storm frequency is nowhere near as bad in HI as it is in FL so I'm guessing wind/ flood should be less in HI....
Originally Posted By darealickt:
I've never lived in Florida, only in Hawaii. Everything in Hawaii is expensive (except home heating costs), so I would assume it is high.
Which island were you looking to buy this condo on?
Originally Posted By MTUSA:
That's what I figured. Fee simple or forget it... Thanks...
We're kicking around the idea of buying a small condo. (under $200K)
Does HI have expensive home owners insurance like FL? (wind/ flood)
Originally Posted By darealickt:
Fee simple: you own the land that the house you own sits on
Leasehold: you own the house (structure only), and someone else owns the land the house sits on, so you pay them rent for the land your house sits on (avoid this situation)
Fee simple: you own the land that the house you own sits on
Leasehold: you own the house (structure only), and someone else owns the land the house sits on, so you pay them rent for the land your house sits on (avoid this situation)
That's what I figured. Fee simple or forget it... Thanks...
We're kicking around the idea of buying a small condo. (under $200K)
Does HI have expensive home owners insurance like FL? (wind/ flood)
I've never lived in Florida, only in Hawaii. Everything in Hawaii is expensive (except home heating costs), so I would assume it is high.
Which island were you looking to buy this condo on?
On Kauai. Appears to be lots of inventory so I should be getting a killer deal.
IIRC storm frequency is nowhere near as bad in HI as it is in FL so I'm guessing wind/ flood should be less in HI....
Good choice. Kauai is spectacular!
2/15/2012 12:23:29 AM
That's good you're checking on insurance rates. If you will be buying a condo, beware of the association dues/maintenance fees. The more amenities the complex has (pool, tennis courts, community center, elevator, etc.) the higher your monthly maintenance fees. These fees tend to increase every year.
Find a good realtor as many have licenses but little experience.
Find a good realtor as many have licenses but little experience.
2/15/2012 5:26:37 PM
Originally Posted By darealickt:
Good choice. Kauai is spectacular!
Originally Posted By MTUSA:
On Kauai. Appears to be lots of inventory so I should be getting a killer deal.
IIRC storm frequency is nowhere near as bad in HI as it is in FL so I'm guessing wind/ flood should be less in HI....
Originally Posted By darealickt:
I've never lived in Florida, only in Hawaii. Everything in Hawaii is expensive (except home heating costs), so I would assume it is high.
Which island were you looking to buy this condo on?
Originally Posted By MTUSA:
That's what I figured. Fee simple or forget it... Thanks...
We're kicking around the idea of buying a small condo. (under $200K)
Does HI have expensive home owners insurance like FL? (wind/ flood)
Originally Posted By darealickt:
Fee simple: you own the land that the house you own sits on
Leasehold: you own the house (structure only), and someone else owns the land the house sits on, so you pay them rent for the land your house sits on (avoid this situation)
Fee simple: you own the land that the house you own sits on
Leasehold: you own the house (structure only), and someone else owns the land the house sits on, so you pay them rent for the land your house sits on (avoid this situation)
That's what I figured. Fee simple or forget it... Thanks...
We're kicking around the idea of buying a small condo. (under $200K)
Does HI have expensive home owners insurance like FL? (wind/ flood)
I've never lived in Florida, only in Hawaii. Everything in Hawaii is expensive (except home heating costs), so I would assume it is high.
Which island were you looking to buy this condo on?
On Kauai. Appears to be lots of inventory so I should be getting a killer deal.
IIRC storm frequency is nowhere near as bad in HI as it is in FL so I'm guessing wind/ flood should be less in HI....
Good choice. Kauai is spectacular!
Except for it being Hawaii's hurricane bullseye.
2/17/2012 9:56:31 PM
Why is there so much lease hold in HI?
2/18/2012 1:17:08 AM
Originally Posted By AASG:
Why is there so much lease hold in HI?
Why is there so much lease hold in HI?
Many of the properties are in ooooolllllld family trust funds. There are a handful of families that go back tot he 1800s that own a ton of land that has property on it.
2/18/2012 12:48:41 PM
Originally Posted By Brundoggie:
Many of the properties are in ooooolllllld family trust funds. There are a handful of families that go back tot he 1800s that own a ton of land that has property on it.
Originally Posted By AASG:
Why is there so much lease hold in HI?
Why is there so much lease hold in HI?
Many of the properties are in ooooolllllld family trust funds. There are a handful of families that go back tot he 1800s that own a ton of land that has property on it.
Any idea of the details of most leases? Do they get revoked in 99 years or something? Is it really as simple as being a renter and you can get evicted in 30 days?
I've seen some crazy deals, like beach front home for $100,000, but it was lease hold.
2/18/2012 7:43:24 PM
Originally Posted By AASG:
Any idea of the details of most leases? Do they get revoked in 99 years or something? Is it really as simple as being a renter and you can get evicted in 30 days?
I've seen some crazy deals, like beach front home for $100,000, but it was lease hold.
Originally Posted By Brundoggie:
Many of the properties are in ooooolllllld family trust funds. There are a handful of families that go back tot he 1800s that own a ton of land that has property on it.
Originally Posted By AASG:
Why is there so much lease hold in HI?
Why is there so much lease hold in HI?
Many of the properties are in ooooolllllld family trust funds. There are a handful of families that go back tot he 1800s that own a ton of land that has property on it.
Any idea of the details of most leases? Do they get revoked in 99 years or something? Is it really as simple as being a renter and you can get evicted in 30 days?
I've seen some crazy deals, like beach front home for $100,000, but it was lease hold.
Most leases are long term but you may be buying in the middle of the lease. My first house here (1986) had only 15 years left on the lease and the bad thing is you can (at least at the time) only get a mortgage for the duration of the lease. You can imagine the monthly payments.
There are laws here restricting what the property owner can do when the lease is coming to end. There are limits on how much the new lease can increase and limits on how much they can sell the land for if they want to convert to fee simple. Not saying you can't get raped but they just can't show up one day and say GTFO.
2/23/2012 2:48:11 PM
You may also want to investigate which trust holds the lease if you go that direction. There are trust, such as Queen Liliu'okani's (which is an excellent trust benefiting orphan and destitute Hawai'ian children) that do not want to sell if at all posible as they get their revenue from the lease money. Others may be disolved when the lease is up and you don't know which way it goes.
As a side note, the State of Hawai'i tried to require these various trust to 'have' to sell when any lease was up. It was an attempt to break up all the various trust in Hawai'i, but it did not become law.
As a side note, the State of Hawai'i tried to require these various trust to 'have' to sell when any lease was up. It was an attempt to break up all the various trust in Hawai'i, but it did not become law.
