Hawaii attracts thousands of new residents from around the world due to its stunning beaches, sun-soaked weather, and rich culture. But investing in a real estate property in Hawaii does not come cheap. The high demand in the housing market, low inventory of construction materials, and a desirable climate make real estate prices in Hawaii more expensive than most other places in the country. It is for this reason that many new residents have resorted to renting.
But if you ask real estate experts, most of them will agree that buying a home in Hawaii makes more sense than renting. Here’s why.
Your Rent Payment Is Now a Savings Account
When renting, you are putting money towards your landlord’s retirement. But if you buy a home, you are building equity. The cost of housing in Hawaii is pretty expensive. But if you come to think of it, those who own those million-dollar properties all over the islands are the diligent homeowners who have been wise enough to invest in home properties years ago.
Aside from building equity through monthly mortgage payments, any improvement that you make for your home will increase the value of your property even more and will increase your profit once you decide to sell the property in the future.
No One Can Evict You From Your Property
Anyone who has experienced receiving a notice to vacate knows how stressful the experience can be. And take note that being evicted is not just for those who are causing trouble to their landlords or missing a few rent payments. Your landlord has the right to evict you for various circumstances.
If you are paying a month-to-month lease, the landlord can decide to sell the property or even choose to move into the property themselves anytime they want to. For those on an annual lease, this can be possible year after year. While you can always choose to move to another property, the process of finding a new place to move in can be such a hassle.
Your Mortgage Payment Remains the Same
If you bought your home on a fixed-rate loan, your monthly mortgage will remain the same today as it will be after 10 or 30 years. Although the cost of insurance, taxes, HOA fees, and home maintenance costs will most likely increase with time, you will not have to worry about your landlord increasing your rent each year because of high market demand or other reasons. Remember, your landlord has every right to increase the rent if needed.
Your Home is Entirely Yours and Everything In It
There are many rules in renting that will not apply to homeowners. As a homeowner, you own everything in your house, and you have the freedom to do whatever you want to it. If you want to change the color of the walls, go ahead and do so. You do not need to ask permission from anyone. If you’re thinking of replacing the carpeting in your bedroom, feel free to do so.
Renters do not have the same freedom as homeowners do. You may be able to make minor changes, but this requires permission from the landlord. Also, you cannot benefit from whatever modifications you have made to the property should you decide to move to another property. But if you own the house, for as long as you don’t break any association rules, you are free to do anything you want! You can get creative and decorate or paint your home without causing any trouble.
So, as you can see, buying a home in Hawaii definitely makes more sense than renting. It might require a hefty amount of investment, but it’s worth it, given all the many benefits that come with it. Real estate properties in Hawaii are always in high demand. Should you wish to sell your home in the future, you can be certain that you will gain a huge amount of profit. Even if you choose to have the property rented, many will be interested, especially if the property is in a prime location.
Work with a Real Estate Agent Who Knows the Hawaii Market
Now that you know that buying a home in Hawaii makes more sense than renting, it’s time to start looking for a property to buy. But one of the most important things to remember when investing in the Hawaii real estate market is to work with professionals who know the market so well.
If you want to invest in a property in Maui, we would be happy to work with you. The real estate market of Maui is not like any other, and we can help you navigate the market and offer expert advice when it comes to buying a property on the island. In a hot market like Maui, you need to work with someone who will be your advocate when negotiating with sellers.
As expert realtors in Maui, we have dealt with people from around the world who have shown interest in living on the island. We are very familiar with the market and can help you search for a property suitable to your needs or preferences.