The No. 1 American Dream is still Home Ownership
Why buy rather than rent? Simply being able to decorate a home and have it exactly the way you want it isn’t really the best reason for buying. Owning a home has significant financial and long-term benefits. Here are five good reasons to buy a home in Hawaii:
In Hawaii, real estate has consistently appreciated over the years. The demand for land is constantly growing as the population grows and, with a limited supply of land in Hawaii, the prices continue to increase over time. For the majority of Hawaii homeowners, their home will be their biggest and most beneficial investment.
As a homeowner, you can deduct the interest you pay on your mortgage, your property taxes and any points you may have paid on your home loan. There are also credits that allow homeowners to deduct some of the costs involved in buying a home or purchases you may have made for your home.
When you are renting, the money you pay the landlord is money you’ll never see again. However, with a mortgage, each payment you make is to your benefit because you are building equity in your home. This means with each payment, you are truly owning more of your home. With enough equity built up in your home, you can borrow against this equity for future expenses like college tuition or that special family trip abroad.
When you rent, there is always that concern about what will happen when your lease is up. Will the rent amount be increased? Will the landlord sell the property? Making the investment in homeownership means greater stability for yourself and your family becoming established in the neighborhood of your choice.
Benefit to your Children
Hawaii homes will probably continue to become more expensive. So why not invest in a home today that could represent a substantial benefit for your children in the future. Many of our parents struggled to pay for a home they bought 50 years ago for $25,000 never thinking it could be worth $900,000 or more today. We can only imagine what home prices will be in another 50 years.
As mortgage rates continue at the prevailing low rates, now is the time to do the math to see if you can afford to buy versus renting. While owning your first home may seem to be out of reach, the staff at CU Network Services can help you break down the numbers to see if owning a home is an achievable goal. They have guided many first-time homebuyers on the path to homeownership. Call 529-4599 for a no-obligation appointment or stop by the office at 681 S. King Street.