There are certain places that spring to mind when you think about investing in property. There is London with it’s incredibly in demand houses and apartments, and Hong Kong, which is one of the most desirable places to live in the world. Or, you might dream that you one day own a hotel or a casino on the Las Vegas strip. Hawaii, in contrast, doesn’t sound as good. Yes, it is markedly hotter than some of the previously mentioned (London) and more exotic. But, is it a place to be spending your life savings on a property? Is Hawaii worth the risk? The answer is yes, and here’s why.
House Prices Are Lowering
And they have been on the decline for some time. While no one can predict what is going to happen in the future, you don’t have to if you take your chances now. But, because the market has been on the low side for some time, the odds are that it won’t be making a revival anytime soon. There are plenty of places to make a killing, from Kaneohe to Honolulu. In fact, Kahala real estate in Honolulu is quite upmarket and reasonably priced at the moment.
Space is at a Premium
The big boys are moving in to make a killing. Over the past couple of years, big hotel companies have been snapping up land should there be a boom in demand. If you have the ability to buy land now, you could turn a fortune in the not too distant future. Everyone will want their hands on that land, and they will pay a pretty penny to take it off your hands. Or, you could set up a hotel complex and milk the cash cow for as long as possible. Even the locals are buying second homes in anticipation.
You Can Always Rent
Even if it doesn’t go to plan, you can always rent out the property to make a nice sum of money each month. As space is in demand, there will always be tenants looking for affordable places to live. You, of course, have just the solution. All you have to do for the time being is set the rent at the level or repayments on the loan. As long as you are paying off the loan, you have plenty of breathing space for the future. It is almost like a win-win situation.
Interest Rates are Low
Most people need money to make a purchase of this size. Unless you have a few hundred-thousand dollars lying around the house, you are going to need to see the bank manager. The problem is that the interest rates make the repayments almost unaffordable. Yet, because we have been through a recession and the government wants to increase spending, interest rates are low. At the minute, you would be paying back far less every month than you would normally. There has never been a better time to take money from the banks!
Plus, there are plenty of choices. You don’t have to buy the first property you see as there are great properties all around the islands. The question is, why wouldn’t you buy property in Hawaii?
