Key Factors When Purchasing Land For A Home On The Big Island
Buying a magnificent luxury home or estate on the Big Island is definitely exciting, but for some there’s simply nothing like buying a parcel of land on which to build the home of your dreams. Spending time on your lot, envisioning your life in a home that’s designed for your family’s needs and lifestyle, seeing it all come together; it is a magical time. All of that said, it’s important to be realistic and to know what factors impact cost, the best locations for purchasing land, etc.
You’ve probably already figured out that land in a prime location such as oceanfront parcels will cost more than a lot in higher risk area such as a lava zone or other location that is off the grid. From cheaper parcels to those that cost $2 or $3 million per acre and everything in between, our Big Island real estate brokers can direct you to those that are within your budget and desired location.
Prices per square foot are higher on the island than in the mainland. Lots of upscale or high-end homes in the U.S. mainland are priced around $150 to $200 per square foot, however on Hawaii’s biggest island you should be prepared to spend up to $700 per square foot if you intend to build a luxury home with the resort qualities you would see in a magazine layout. If a modest home without all of the luxurious amenities is more your style, you can probably build for around $250 to $300 per square foot. It all depends on how basic or high end you want to go.
What other factors may impact the cost of land or how much it will cost to build a home? How close your property is to a historical site, whether it must be excavated and ease of accessibility for construction purposes are all factors that could impact cost. Additionally, costs will increase if electricity or water aren’t already available at the parcel of land. The materials you choose for construction can also greatly affect price, however it’s important to keep in mind that the air near the ocean is highly salty and therefore corrosive, which may influence the decision you make in terms of building materials.
How long will you have to wait to enjoy your new home? This depends on a few things. In the mainland U.S. it typically takes three or four months to build a home. You can expect it to take anywhere from eight or 10 months to as long as 18 months on the island depending on the size of the home, how complex it is, whether work has to be done on the land to ready it for construction, how long you have to wait after submitting the building permit, availability of contractors and subcontractors, weather conditions and more.
Yes, the wait can seem like forever when you buy land on the island on which to build your dream home. Is it worth the cost, effort and wait? Absolutely. While you may be able to build a home quicker in another state, you won’t experience life in paradise as you will living on the Big Island. Whether you are in search of the perfect piece of land, a spacious family home, a condo, or a magnificent estate count on Mauna Kea Realty – A Hawaii Life Company to make realizing the dream easier and less frustrating!