Where Is the Cheapest Real Estate in Hawaii?

Living in paradise comes at a price and this cannot be truer for Hawaii, which has some of the most expensive properties in the country. What’s more, the cost of living in the Aloha State is around a third higher than on the mainland. Still, this should not put you off buying a property on one of the major islands Oahu, the Big Island, Maui, Kauai and Molokai. Check out the places with the cheapest real estate in Hawaii, by local standards, of course.

Hilo, the Big Island

This beautiful old town has a center full of shops and restaurants, while being surrounded by beautiful nature. The Liliuokalani Gardens and Wailuku River State Park are right at your doorstep. The best part of all is that the median home price is $301,300.

Waikele, Oahu

The median home price in this town is $414,400, but you have to keep in mind that the real estate market is quite diverse and therefore you can find both cheaper and much more expensive properties. Homebuyers should know that Waikele is known primarily for its good schools and friendly community.

Waimea, Kauai

If you want to enjoy relaxed country living, then this small town may be the right place for you to buy a property in Hawaii. The median home price of $403,400 makes Waimea the cheapest town on Kauai when it comes to real estate. While it has only two supermarkets, it’s on the edge of the magnificent Kokee State Park.

Waianae, Oahu

This small community is far away from the hustle and bustle of Honolulu and boasts some of the best and least crowded beaches in Hawaii. Kapolei with all its enmities is fairly quick and easy to reach, however. The median home price is $308,900 which is over two times lower than the median for Oahu.

Wailuku, Maui

This is one of the cheapest places to live on the island popular with its resorts. While the median home price of $566,500 may seem a bit steep, it’s among the lowest on Maui. The town is peaceful and has a very slow pace – you can walk and cycle literally everywhere.

Ewa Beach, Oahu

This town currently offers some of the best value for money when it comes to Hawaii real estate. The median home price of $598,400 is expected to rise at a steady pace in the coming years. The main reasons for this are the family-friendly setting, the spacious homes and the wide variety of amenities, from beaches and community swimming pools to golf courses.

How to Find Down Payment Assistance For Nurses

How does it feel when you’ve spotted the perfect home and you are sure that covering the monthly mortgage and bills won’t be a problem? It feels great, right? Unfortunately, the problem comes when the lender requests a down payment. In most cases, nurses are not in a position to pay the down payment as requested. Could this mean you are not lucky?

Not quite. Today, there are more than 2000 down payment programs that will come to your rescue as long as you meet eligibility requirements. These requirements have to do with credit, occupation and income. It is unfortunate that many people are not aware of down payment assistance programs or assume that they can’t qualify.

How can you find a down payment program?

If you conduct a good online research, you’ll find a couple of down payment resources that have a calculator to show you if you are eligible and what you need to do to be eligible. You can find a variety of listing services that have an icon on the various properties that qualify for down payment assistance programs.

Nurses are advised to consult their lender or real estate agent for programs available in their counties since they change from time to time.

Types of Home down payment programs

Down payment programs

These types of programs are mostly about soft mortgages or grants. You can get benefits such as forgivable loans, deferred payments and 0% interest rates. With such a program you can get assistance in the form of tens of thousands of dollars to use for down payment, principal reductions, closing costs and the like.

When buying a property in certain areas that are designated by housing finance agencies, you will enjoy the benefit of higher assistance amounts and more lenient income requirements.

Affordable First Mortgages

Some of the housing finance agencies that are at state level provide first mortgages that accompany down payment assistance programs. The good thing about these mortgages is that they offer an affordable interest rate and a reduced closing fee.

Who offers down payment assistance programs?

  • Housing authorities
  • Employers
  • Cities and counties
  • State Housing Finance Agencies

A high percentage of first-time home buyers encounter difficulties with the purchase due to down payments. Fortunately, there are thousands of homebuyer programs that are available to offer assistance to nurses and other civil workers. Just ensure that you meet the eligibility requirements and you’ll be good to go.

How to Invest in Vacation Rental Property

best places to buy vacation rental property
A vacation home that brings rental income is a dream come true, but how do you buy one? Use this quick guide on how to invest in vocational rental property to help you prepare. Let’s begin.

Select a Place

Consider your preferences, but don’t forget to evaluate each location from the point of view of an investor and think in perspective. How long is the peak season and what is there to attract potential visitors during the low season? How popular is the place compared to other vacation spots nearby and ones that are further away, but are considered to be its major competitors? How is the local tourist industry developing?

Do Market Research

Once you know where your vacation rental property will be, you should go over the listings on popular websites to get a clear idea of the sales prices. Check how the inventory and the number of sales have been changing over the past six months to one year to get a clear understanding of the market trends. The next step in this research involves going through the rental rates to try to estimate how much you will be able to charge tenants. It pays off to take into account the vacancy rates at any given time and any cyclical changes in the rental property market.

Crunch the Numbers

Check your credit score to determine the size of the mortgage you will take out. Calculate any other expenses you will have on a monthly basis along with your mortgage payments such as association fees and property management fees. The next step is to determine how much you should charge for the vacation rental property to cover your costs. Then compare this number to the current rental rates that you’ve already researched to get an idea of your profit margin. The financial aspect of the investment planning process is the most important and most
complex, so it makes sense to use expert help.

Pick a Property

It’s natural to make your personal needs and requirements a top priority, but don’t forget that the place should satisfy those of potential tenants too. The location is naturally the top factor to base your choice on. The ideal rental property should be close to the major attractions. The more beds and baths there are, the better, but the comfort of the guests is important too. The view is another key factor to take into account. A property offering amenities that could provide for a great vacation during the low tourist season has a greater earning potential.

Prepare for Renting

It’s common for vacation properties for rent to be included in special rental programs, so the owners don’t have to do anything to attract guests. Still, sharing about your place on the social networks and possibly creating a blog where you describe your vacation experiences could prove to be an effective marketing move which doesn’t require any spending on your part.

Finally, experts recommend that you stay on your vacation rental property for a week or two to get a feel of what it’s like and make any changes and improvements, if needed. Then you just have to wait for your investment income to start pouring in.