February 25, 2024 Homeworks Hawaii, Planning, Permitting
What are my Options When I Inherit a Home In Hawaii?
Inheriting a home in Hawai‘i can be overwhelming. In the wake of a passing family member, it is already hard. So, understanding the basics will help you navigate your options more easily. Common questions about inheriting a home in Hawaii come down to whether you should keep it, rent it, or sell it. For 30 years, Homeworks Construction has been building and renovating homes in Hawaii. These are areas of discussion that they often have with their clients.
Is the Home you Inherited in Good Condition?
Assess the Current Condition “Kupuna are often unable to keep up with regular maintenance, so deferred maintenance can mean bigger issues,” said Marshall Hickox, President of Homeworks Hawaii. From retaining wall repairs to termite damage, deferred maintenance can mean expensive repairs. We highly recommend a thorough home inspection before making any decisions.
Inheriting a Home in Hawaii: Sole vs. Shared Inheritance
Finding consensus among family members about how the property will be used, and the roles and responsibilities of each family member can be difficult. You may need to seek legal advice. You must discuss usage and occupancy, and determine how financial responsibilities will be shared. One family member should be appointed to manage maintenance, repairs, and construction management. Discuss exit strategies should a family member want to withdraw from ownership, as well. Seek legal and financial advice for long-term planning, trusts, and establishing an ownership structure or LLC if the inherited home in Hawaii is shared.
Short-term and Long-term Goals for an Inherited Home in Hawaii
Depending on the condition of the home, you may need renovations. Determine if you plan to live in, rent, or sell the home. Choose high-quality materials that will last. Additionally, the style is determined by your goals. “If you plan to rent the property, it’s important that the style not prevent potential renters from seeing themselves in the space,” said Hickox.
Renovating vs. Rebuilding Your Inherited Hawaii Home
“We provide potential clients with an assessment of the structural integrity, electrical, plumbing, and overall condition of the home before anything begins,” said Hickox. “Our process to determine whether to renovate or build new depends on multiple factors and our project team communicates with the owners to complete a comprehensive evaluation that satisfies their goals and budget,” Hickox continued. Furthermore, create a checklist if you have questions about whether your inherited Hawaii home should be rebuilt or renovated.
Preserve Memories from Your Inherited Home
Whether it is the exposed beams in the original plantation home or the trees in the backyard, certainly make a list of any features that you’d like to preserve. Retaining some elements from the original home through the construction process may be important to you.
Inherited a Home but you are Living Outside of Hawai‘i?
Living outside the state means managing affairs remotely and traversing local laws. Homeworks Construction serves their remote clients by conducting Zoom walkthroughs and using a project management dashboard to provide progress updates. “Between our design staff supporting selections and our 3-D rendering software and project management system, we can easily manage remotely,” said Hickox.
Inheriting a Home: Expenses and Budget in Hawaii
Understand your expenses and establish a budget early. Firstly, consider property taxes, insurance, maintenance, as well as any outstanding mortgage payments. Basically, this means your current mortgage payments and the mortgage payments on the home you inherited. These expenses will impact your choices.
Inheriting a Home in Hawaii: a Summary
Ask the right questions to save time and money. Homeworks Construction works to understand your goals, guide you toward the right investments, and provide you peace of mind no matter how you choose to manage your property. Their design-build team approaches every project with aloha and understanding. Call for a free consultation or email us.
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