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Re: Hawaii + Owning vs. Renting house
Buy.bagelhead wrote:Any off-the-top-of-the-head or detailed thoughts are greatly appreciated!
Well, I don't really know, but in a situation distantly related to yours, that's what my wife and I decided on in 1994, here in Hawaii. We had rented for over 20 years (in Kaimuki), but in the early 90s, I noticed that our savings rate had dwindled to nothing, and then our landlord told us he would be raising our rent in 1994 from $800 to $1000 per month. Saving nothing and facing the prospect of ever increasing rents, we decided that we just couldn't afford to keep renting. We looked for a place with a down payment of $250k (our savings) and a mortgage of $1000/month and, finally, found one (way out of town).
But that was a different era, and our combined income, $60k, was much less than yours.
Greg, retired 8/10.
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Re: Hawaii + Owning vs. Renting house
BH, if you are planning to stay in Hawaii for rest of your life, buying is the way to go.
If you are a short timer (5 to 10 years), renting is better.
I am assuming you are on Oahu.
Aloha
If you are a short timer (5 to 10 years), renting is better.
I am assuming you are on Oahu.
Aloha
Re: Hawaii + Owning vs. Renting house
In my experience, it's rarely a good idea to buy property in a place you've never lived before. So if you've been in Hawaii for awhile, enjoy it, and plan to stay, then I would vote to buy. If you're moving there for the first time, have only been there for a short awhile, or have mixed feelings about it, then I would vote to rent. Sometimes the flexibility of renting can be priceless.