When military service members PCS to Oahu, Hawaii, they have an opportunity to utilize their VA loan benefit and Basic Housing Allowance to purchase a home, on an island paradise. But purchasing a home on Oahu is quite different than buying on the mainland, so it is paramount to work with a real estate agent that can walk you through the process.
Buying A Home On Oahu
Not all experiences are the same, but we are helped by those that have gone before us. With that in mind, my client and active duty service member, Evelyne and I sat down to discuss how she came to decide to purchase a home in Mililani and some of the challenges she faced along the way.
To hear more about Evelyne’s experience, click here.
Immediately after receiving orders to Oahu, Evelyne knew that this was where she wanted to buy her first home, allowing her to remain on-island after service, or to hold onto an investment property. She also had her sights set on living in Mililani and never wavered from that decision. (Hear from Evelyne why she chose to call Mililani home.)
Long-Term Investment Strategy
It’s true; buying a home on Oahu is quite different than purchasing a home on the mainland, with sticker shock being one of the main distinctions. Land is a limited resource on Oahu, so many of our homes are smaller than those on the mainland and on smaller lots of land, but with higher prices. Adjusting to what your money will buy is something a lot of Oahu homebuyers experience when they first start searching for a home. Yet military service members have a unique opportunity to enter into the vigorous Oahu real estate market, using their military benefits. Framing the purchase of a home on Oahu as an investment in your long-term wealth strategy can assist in making a smart purchase for the “now” and the “later.”
Having spent 23 years as a military spouse, I know that planning and projection is a crucial component of every decision made. Consideration of what to do with the property once it’s time to leave the island should be a topic of conversation during the purchase process. Ask your agent if they have resources to assist you with Property Management, should you choose to hold onto your Oahu home. I am happy to say that Hawaii Life has a property management division that can assist homeowners with renting and managing their property.
Between competing on homes with multiple, over-asking offers, or navigating restrictive pet policies, Evelyne’s experience was not without some bumps. However, her vision was clear, and she never wavered from her “why.” In the end, it was her determination along with my due diligence that led to us successfully finding her a great home!
What is your “why” and how can you make your dream become a reality? Call me. I can help!
Joe k9
April 21, 2021
With the median single family purchase price of around or above 800K I do not know how any military family outside of a general can purchase a house even with money down because at 145K per year the DTI would sit at 31%. I wish with my orders there me and my family could buy. I just wish we could but I seems to be an impossibility!