Pros & Cons Of Purchasing A Home In Oahu

Thinking about buying a home in Oahu, Hawaii. Whether you’ve never owned a home or it’s been a while since you’ve purchased, let’s talk about the pros and cons of buying.

Pros of Buying a Home

So if you’re considering buying a home in Oahu, Hawaii, let’s review some of the Pros first. 

1. Your wealth can grow as you build equity in your home. Experts from the Home Price Expectation Survey believe that we will continue to see an increase in home equity through 2024!

2. You gain tax advantages. Mortgage interest is tax-deductible. You can talk with your accountant for more information. This can mean significant tax savings when owning a home.

3. According to Corelogic, rents are rising, and mortgages are going down.

4. You can stabilize your payments. Monthly mortgage payments are relatively steady if your loan has a fixed interest rate, while your landlord can always increase your rent.

5. You’ll have a place for your family to live and grow. You can also decorate and renovate your home however you’d like to create your dream home.

6. Gain a sense of community. Homeowners are often more involved in their communities; many homeowners work together for better schools and less crime.

Cons of Buying a Home

Now, I have to be honest here, I could go on about the benefits, but let’s think about the Cons when purchasing a home in Oahu, Hawaii.

1. You need keep maintenance costs in mind. It takes money and work to keep a home in good condition. It’s sort of like your car. If you don’t change the oil, the car can blow up.

2. Owning a home can tie up your cash, and selling a house may not be possible during the first few years of ownership. Moving is more difficult and complicated, and you may not have as much flexibility in choosing a new job location.

3. Your home can fluctuate in value. There is no guarantee that your home will increase in value. In fact, it could decrease in value.

4. Obligates your finances. When you buy a home, you are obligated to make that monthly payment no matter what, so it’s always a good idea to have a bit of a nest egg as a backup for a rainy day.

Want to Know More?

So there you have it. But let’s be real — buying a home can seem scary.  Call me today at 808-489-2541 and let me guide you through every phase. We take out all the worries and pressure so that you can make an informed decision.

Don’t forget to stay connected with me on social media (Facebook, Instagram, YouTube) for the latest updates and information on Oahu real estate.