3 Top Reasons To Buy Real Estate In Hawaii Instead Of Rent

Dated: 06/29/2014

Views: 716

Besides moving to a place where everyday is Gorgeous with Tropical Flora & Fauna growing naturally around you, smelling the fresh Salt air from the Pacific Ocean, or eating fruits & vegetables from your own garden, these are 3 of my best reasons to Buy your Home in Hawaii instead of Rent.

Home Exemptions for Buyers who plan to Live in their Home Full-time or as a Principal Residence - Discounts on Real Property Taxes

Hawaii loves when people spend more time here in the islands- so much so, that they will give an abundance of Home Owner Discounts to those who claim their Hawaii Home as a Primary or Principal Residence.  Here is a Link to the List of Home Exemptions that are possible to get your Real Property tax value Discounts:  http://www.hawaiipropertytax.com/exemptions.html
Over 60 years old?  Maybe you have a VA or Disability?  You may qualify for even more than the normal Homeowners Exemptions.  Check out the Link above to see all the possible types of Exemptions.

Saving on HARPTA Tax for Home Owners when you Sell Your Primary Hawaii Residence

When a Homeowner goes to sell their Primary Residence in Hawaii, there is a HARPTA or Hawaii Real Property Tax Withholding that a Seller needs to sign during the Escrow Process.  If you can prove that you have lived in the home as a full-time Resident of Hawaii, you may be exempt from this Tax.  Here is the Link to the HARPTA information that may be helpful to you if you are thinking of Selling:  http://tax.hawaii.gov/forms/a1_b3_6harpta/

Control of Your Monthly Payments

When you own your home, you are more capable of controlling the Monthly Mortgage payments.  If you can pay Cash for your home, you can control even more of your income & expenses.  When you rent a home, you typically have a 6-month or One Year Lease, where a Landlord or Lessor will prepare a Rental Agreement that states how much you agree to pay during your Lease.  Once the Rental Agreement ends, you may have the option to renew the Lease, and the Rent amount could stay the same.  Or the Landlord may increase your Rent once the agreement ends.. just because they can, this may leave you and your family in a predicament to move or pay more.
In Hawaii, our High Season runs between October and February, and during that time the Rents typically increase so the Seller/Owners can take advantage of the higher potential to make more money.  If your Rental Agreement ends during the High Season, you may want to consider looking at your options before High Season, so you aren't forced to fluctuate your monthly payments, or move when its difficult to find another rental at the same price point or location.
If you would like to learn more about Owning a Home in Hawaii, give me a call!  I can direct  you to First-Time Homeowner Discounts, as well as Discounts for Special Needs.
I look forward to helping you, your family & friends!  Blessings from the Big Island!
.. Is Hawaii Calling You Home?  Follow Your Heart.. Trust Your Intuition..
Claire K. Bajo RS SRES CNE | 808-756-4874 | [email protected]
22 Years in the Real Estate Industry
Spiritual Real Estate | Intuitive Fiduciary
Holistic Chamber of Commerce - Hawaii Chapter
Law of Aloha Spirit HRS 5-7.5

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