Is it better to buy or rent Oahu real estate?
My husband and I were faced with that question when we moved here in 2004. Like other military reserve families, we intended to stay only for a few years... Until we fell in love, that is, and decided to never leave Oahu. We are certain that, for us, the decision to buy, over renting was a good one. This is true, even in light of the market bubble and slight downtown we had over the past 10 years, from which the market has now completely recovered. And we know many people who were in our situation who are now kicking themselves for not buying, or not buying sooner.
There are many factors to consider when determining the financial benefits of purchasing over renting. Some of the benefits of owning Oahu real estate are: potential appreciation, tax savings, and positive impact on credit scores, and also, the prospect that some day you will have the home paid off and be living for free!
A benefit of renting is the flexibility to be able to move easily, if it is not the right area for you or if your job changes. Also, in some cases, you may be able to live in a nicer home for the same money out of pocket than you could if you purchased. On the downside, in a rental, you cannot usually make the place your own, with extensive home decor and improvements, but are under the landlord's rules about what you can do and not do to your home.
This calculator may help you to analyze the financial aspects of the rent or buy decision as to Oahu real estate.
BUY OR RENT CALCULATOR - This is a great tool!! Check it out.
In many cases, the decision to purchase a Hawaii home will win out over renting. If that is the situation with you, please don't hesitate to contact Home Shoppe Hawaii to assist with your Oahu real estate purchase.
Yvonne Jaramillo Ahearn, Esq. (PB) 808-721-8088