Have you always dreamed of living in Hawaii? Certainly, this dream includes your own beautiful house. Owning property anywhere in the world is a good investment, especially this applies when the destination of your dreams is highly sought after place. However, there are pros and cons of buying property on Hawaii. If you plan to purchase a house on this heavenly island, there are some things to take into consideration before you sign the papers.
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The main advantage of buying property in Hawaii is the location. As you know, Hawaii is an extremely attractive tourist destination for its beautiful beaches and landscape. It has a large number of sunny days per year and interesting traditions. You will never get tired of Hawaii delicious cuisine or going to the beach. It is also a great place if you wish to rent some parts of your property to tourists. Just make sure to prevent damages to your vacation rental if you decide to go to this path. In addition to this, you can earn a pretty decent amount of money, which can help you to pay off your mortgage.
Pros of buying property on Hawaii
There are of course many other advantages when it comes to buying property in Hawaii.
- As it was already mentioned, you can only expect warm weather.
- There are numerous amazing beaches in Hawaii that deserve your attention. You can enjoy swimming in the ocean, sunbathing, and water sports such as snorkeling, surfing and many more.
- Hawaii is a good place if you are looking for a job in the government or military.
- You can expect low sales tax.
- Diverse culture. This does not affect your home buying process, but once you have purchased your house, you can meet many interesting people with different backgrounds.
Cons of buying property on Hawaii
The location and weather may seem like a perfect combination for your new house. However, there are a couple of disadvantages when buying property in Hawaii.
Hawaii has a large number of volcanos. Some of them are active and they may cause problems. For example, Kilauea continues to erupt and it poses a threat to the town of Puna. When you are looking for a location for your new house, you need to check the volcano activity in the area. The best way is to check the news of Hawaiian volcano observatory weekly update. There you can find all the valuable information about safety in your region. In addition to this, West Hawaii and Kailua Zone are fairly safe since they have not experienced an eruption for a long period of time. If you do not want to try your luck, then you should see what Zone 9 has to offer since the last eruption was 60,000 years ago.
Free simple vs Leasehold
When you wish to own a home in Hawaii, here is what you need to know in order to make a successful purchase.
- Fee Simple. If you plan to buy not only a house but land as well, you should choose a fee simple. A fee simple buyer has complete rights over his or her property. This means they can sell it, give it away or do anything and everything they wish.
- Leasehold. In Hawaii, much of the land is owned either by the Federal government or the State of Hawaii. You can sign the documents with them where it is specified for how long you will have the contract and what you can do on that land. After the contract expires, everything on that land goes back to the lessor in most cases.
The cost of living in Hawaii
Buying property in Hawaii is not the only expensive thing you will have on your plate. The cost of living in Hawaii is quite high. Unless you have a high paid job, you might have to give up on certain luxuries. One of those would be air conditioning. When you come to Hawaii as a tourist, you can enjoy air-conditioned rooms in a hotel. However, when you are a homeowner in Hawaii, it gets pretty expensive. For this reason, look for a house that is elevated on the island. In most cases, the temperature can be up to 10 degrees cooler than down by the ocean. It is a quite good way to save some money. In addition to this, you can also save money if you hire one of the Maui moving companies for your relocation.
Buying property on Hawaii might not include a huge house
If you are coming from the mainland, you probably own a huge house with five rooms and three bathrooms. However, the situation is a bit different in Hawaii. Much of life is spent outside, which means the size of the house does not really matter. Who would want to be closed in their house when you are surrounded by beautiful nature? The answer is no one. That is why many residents prefer to spend their time enjoying the sun and the ocean. For this reason, do not come to Hawaii expecting to find a large house but rather be prepared for downsizing. Unless you have a large amount of money at your disposal, then you can buy anything you like. Lastly, f you have a problem with packing your things, you should hire professional packing services.
Owning a house
As you can see, there are many pros and cons of buying property on Hawaii. You can enjoy the beautiful weather and beaches every day. Many people dream of having a house near the ocean, and you can have that if you purchase a property in Hawaii. However, there are also some downsides to buying the home of your dreams. Be aware of all of them before you make your purchase final. In any case, do not be afraid if this is what you really want, but rather go for it!