If you offered people the chance to spend the rest of their years living in a tropical paradise, most would already be looking at airfare prices and trying to coordinate getting their things transported there before you can finish your offer. The thought of waking up to a tropical beach not too far from your doorstep is a very tempting offer. Whether starting out your life or wishing to live what remains of it in paradise, you can’t find a better place to live. And with Hawaii being a collection of islands, it is easy to find a piece of property on one of them that isn’t too far inland so you can enjoy the peaceful vibes that come with living by the ocean. Truly, it is the destination to go to if you just want to enjoy all of the beauty and splendor that only those native to the islands have come to know.
Choosing to move to Hawaii is not the hardest part of the decision process. The hardest comes with deciding where and how you will live. You may be only visiting for a year or two, or you may have made the bold choice set down roots on one of these luscious islands. This will be one of a few critical factors that will help you pick out what to do. There are only two options on the table for those who are going to be there for longer than a quick getaway, and this article will help you figure out which one is right for you.
Buying in Hawaii
If your plan is to live out the rest of your years (or at least for longer than the foreseeable future) in the great state of Hawaii, then you will probably want to look at purchasing a home. By doing so, you don’t have to worry about the length of a lease, or the probability of the value of land rising and causing your rent to increase. Also, you will be able to find more privacy without someone living above, below, and even to the side of you.
Still, there is a lot that goes into purchasing a home. First, you will need a down payment. The unspoken rule of home buying has been 10% of the house’s price, but that is not a rule set in stone. There are cases where new home owners were able to purchase their little slices of heaven without giving more than 5%. And with the price of living in Hawaii being comparable to living in most major metropolitan areas (New York, Los Angeles, Dallas, etc.), it can be difficult to save up a large amount before you are in your 60s. However, there are government programs available for those who are first time home owners and may not have as much saved up as they would like to. Make sure to do as much research on all financial aids and ideas as soon as you know you are ready to start looking. It is better to be ahead of the game than falling behind.
Once you have your money in line, now you need to look for a house. Be sure to find one in an area you are looking for. The closer you are to the sea, the more metropolitan the area will be. The beaches of Hawaii are just one of its many popular destinations. If you are looking for a more rural lifestyle, look further inland. This will put some space between you and the sea, but it will give you the peace and quiet you are looking for. Also investigate the property to see what other financial obligations that may come along with it, like dues to a Homeowner’s Association (HOA) and homeowners insurance.
Even if you have gone through the process, secured the money, and are comfortable with the other financial obligations that come along with your dream home, you should still take a moment to truly think about if this is the right place for you. With renting, you don’t have to worry so much about if you don’t like the area because there is a time limit while you are there, and once it is up you can move away to a new spot. When buying a home, you are choosing to stay in the area permanently. You are setting down roots, and it will be an equally long and exhausting process to move. So, take the additional moments at the beginning of this adventure to ensure this is what you want so you don’t have any regrets later.
Renting in Hawaii
Do you know that your time in Hawaii is limited? Are you already planning not being there for less than 5 years? Then purchasing a home may not be the best option. Buying a house, even in Hawaii, can be a lengthy process and can make the process of buying to then turn around and have to sell make the time out there not worth it. Instead, look at the option of renting a space while staying in luscious Hawaii.
By choosing to rent, you are taking a lot of the headaches that come along with buying and owning a home and tossing them into the crystal clear waters of the ocean. You don’t have to spend hours working up your financial plans to find a house. There are just as many apartment complexes and condominiums as there are grains in the sand of the beautiful beaches that surround each island. Just find one in an area that you are wishing to stay in that fits your budget and call the landlord to arrange your stay.
Another advantage to renting a place instead of purchasing is the maintenance issues. If you own a home and something breaks, you, as the homeowner, must either figure out how to fix it, call someone who is a professional to do it, or simply learn to live with the issue. This can be costly in both supplies and time. However, with an apartment, you merely have to call the complexes’ maintenance crew and put in a work order to have them come do it for you. Most things are covered under the terms of your lease and will not cost a penny.
The only true downside to renting, whether in Hawaii or wherever, is the lack of authority that you may have in the space you’ll be staying. Perhaps you want a pet to help keep you company. You may have found the perfect one, but if your lease doesn’t allow for pets, then you’re just out of luck. Or they may cost outrageous fees and add additional charges to your monthly rent that may make it impossible to have one. There is also the issue of personalizing your home. Adding floating shelves or even painting can be denied to keep any damages made to the property to a minimum. Be sure to look over your lease thoroughly to see what is permissible, negotiable, or just plain not allowed.