The Secret to Affording Your DREAM HOME in HAWAII

What’s the secret to affording your dream home in Hawaii?

Typically, in Hawaii, it is difficult to buy your dream home as your first home. First, buy a good starter home that you can afford. If you live in this property, you don't need that much for a down payment, and you can put as little as 3% down. During the time you own the home, you are slowly paying off your mortgage, the property is increasing in value, and you can get tax write-offs.

So, if you sell your property and it has gone up in value, you not only get the down payment from the original purchase but also the appreciation + how much you paid down the mortgage. You can use the net proceeds from this sale as a down payment on a bigger home.

For example, you put 3% down on a $500k property which is $15k, and the property doubles in value to $1m over the years. Now you have $515k + how much you paid down the mortgage that you can use as a down payment on another property. In other words, your $15k has turned into $515k plus your mortgage paydown.

You don't need to buy your dream home on your first purchase. Start with something reasonable given your income level, let the market increase your home value, sell that property and use the proceeds as the down payment for your dream home. Not only will you have the proceeds from the sale, but it is likely that your income has increased as well, so you can afford a larger mortgage. Repeat this process until you get your dream home.

Let us know any questions you have about buying a home in Hawaii 🤙🏼

➡️ BHGRE Advantage Realty (RB-17242)
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📱 (808) 864-9000
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