Whether you are crossing your fingers for a PCS to Hawaii or you have been enjoying the island life for a while, you may be exploring the many housing options and wondering if you should buy a home or a condo. A real estate purchase is a major transaction, so it requires careful review of your finances, your short-term and long-term plans and the Hawaii real estate market. While there are many factors to consider, these are some of the reasons why investing in a new home in Hawaii makes sense.
Across the state, available land that can be used to build new homes is in short supply. Eventually, no undeveloped land that can be used for housing will be available. This means that the demand for existing homes will increase. As demand increases, you can reasonably expect housing prices to follow based on the basic laws of supply and demand. This makes real estate ownership in Hawaii a sound financial investment.
For the last several years, the media has been buzzing about the possibility of a rise in interest rates. Thankfully, interest rates are currently low, and this makes buying a new home more affordable if you intend to finance it. In fact, these low rates may make a purchase more affordable than you may assume right now, especially with the added benefits of VA home loans!
You may have heard that you are throwing your money away if you rent a home, and this is true. Each month that you pay rent to your landlord, you are getting nothing in return except for a place to live. On the other hand, when you make a mortgage payment on your own home, you are building equity. Keep in mind that your equity in the home increases as the property value rises and as your mortgage balance is reduced.
With a PCS to Hawaii, you may wonder if buying a home is a smart idea given the fact that you may not be on the island for an extended period of time. The reality is that a home in Hawaii could be a great investment after you leave. It can be easy to find long-term tenants to rent your home if you are reassigned to another area.
You can see that Hawaii is the perfect place to buy a new home. We are passionate about helping our clients find the perfect place to live based on their expectations, needs and budget. Are you ready to explore the beautiful possibilities available to you? Call our office today for assistance with your new home search.