Is it better to rent or own real estate with your hard-earned money? Unless you live in a car, boat, or some other form of housing, real estate is something worth considering now if you haven’t already.
Everyone has a lot of common interests in life: everyone eats, drinks, laughs — the list goes on and on. Everyone likes pretty songs, pictures, stories. Whatever it is, everyone likes something. Everyone also has a gift that s/he may or may not discover in his/her lifetime. Folks are going to find out about themselves one way or another whether it’s through seriously looking at themselves in the mirror or figuring it out through trial and error.
My intention here is to remind all of you healthy, active locals of the benefits of owning a home as opposed to renting a home in Hawaii. Now, more than ever, is the time to own a home. With this new year, I hope to lay out reasons for why it’s important to capitalize on the opportunities right here in Hawaii, right now.
2009 is a year of change. As you know we have a new president and new approaches to living cleaner and healthier. On the cusp of a new decade, both new and experienced homebuyers are eager to understand the latest trends in real estate. Out of all the new things happening in 2009 my favorite is the new housing market. During the last quarter of 2008 we have witnessed numerous new homeowners taking advantage of the buyers market we are in right now.
Let’s face it. There are some really great things about renting. As a tenant, you are not responsible for the mess you make, the light bulbs you break, or the dryer that you burn up. As a renter you will never have to worry about the value of your assets. You won’t have to get all the tax deductions associated with having a mortgage. And (my personal favorite) you won’t have to worry about all the capital gains tax you would make over the next 5 to 10 years depending on how long you live Hawaii.
We are in a transitional period. While things look grim to some, others like ourselves couldn’t ask for a better formula. Today, the market is filled with motivated sellers who are entertaining reasonable offers. The mortgage lending industry has tightened its guidelines drastically to make sure only qualified homeowners can buy. The real estate prices are dropping, making buyers — qualified or not — more interested. More people are going to be moving to Hawaii in the next decade.
Now let’s get down to business. One of the main advantages of owning a home is that you will not have to answer to anyone. Ever been your own boss before? How did that feel? There are also healthy tax benefits for homebuyers, as interest on your mortgage can be written off. Owning your own home is like making the best investment in your lifetime: you’re returning equity to yourself; your money is not going down a drain. People’s belief that renting stands for “Return Equity Not to Tenant” is one of the truest statements today. As opposed to other prices in the nation, housing prices are appreciating here in Hawaii, and it is crucial to capitalize on this trend now, when prices are as low as they’ve been for over five years.
So, to summarize: owning a home gives you the peace of mind that you have been seeking. While you may have cold feet now, take that leap of faith and trust your instincts. It may appear to be a huge cost to you, but think about what you’re getting in terms of financial freedom in the long run! Home owning really is part of that “American Dream.” Feel free to contact me for more information (milyak808@gmail.com).
Tags: Great Buys, Opinion, Real Estate
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