Top Reasons Why Hawaii is a perfect place to buy a Rent to Own
Beaches! Wouldn't it be idyllic if you could permanently stay among the beaches, wake up to the sound of the waves and sip pina coladas while you stare at the sunset? Well, you can in Hawaii! While it would be impossible to make a list of all the beaches in Hawaii, Waikiki and Punalu'u beaches on Oahu and Ho'okipa on Maui are extremely popular among tourists and residents alike.
Oahu building boom! Home to Honolulu, the state's capital, Oahu is the most populous island in Hawaii. Over the past two decades, it has witnessed a rapid surge in the real estate market. In Kapolei alone, the number of residential units have tripled since the 1990s. Simultaneously, new condos and beachside houses are being built in Honolulu, Kakaako, and Diamond Head.
Readily available health insurance! The Hawaii Pre-Paid Health Care Act requires employers to offer health insurance benefits to employees working more than 20 hours per week. As a result, Hawaii has the second-highest insured rate in the country. Thus, 92% of Hawaii residents have health insurance, and with the employer mandate, the entry barrier for new residents is low.
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Islands! In Hawaii, you have not one but six islands to choose from: Oahu, Maui, Lanai, the Big Island, Kauai, and Molokai. Every island has a distinct culture, history, and lifestyle. If there is one thing that remains the same, it is the vibrant spirit that these islands exude.
Aloha lifestyle! The Hawaiian islands are very unique, thanks to what has often been called the Aloha spirit. People in Hawaii are community-oriented, and they believe in enjoying life. There is a famous saying on the island of Maui that strikes at the heart of their beliefs: "Too much, not good. Plenty, all right!"
Luxury houses! Hawaii has one of the largest luxury real estate markets in the entire country. The average cost of opulent condos, beachfront villas, and oceanview penthouses can run several million dollars. It's also a favorite among the who's who of Bollywood and celebrities, including Oprah Winfrey, Owen Wilson, and Pierce Brosnan.
Water sports! Beaches and water sports go hand in hand. If you have always been a water sports enthusiast, Hawaii will be your dream come true. There are as many water sport options as you can think of, from surfing at the North Shore to kayaking, snorkeling, canoeing, and scuba diving.
Cultural diversity! Hawaii is a perfect example of a melting pot culture. The culture of Hawaii is an eccentric blend of native Polynesian and modern influences and the best part is that everything coheres harmoniously. Living in the midst of such diversity is a phenomenal experience, the quality of which is only enhanced by the unique spirit of the islands.
Unique homes! It's no secret that houses don't come cheap in Hawaii. The median home sale price in Oahu is close to $600,000--among the highest in the country. But on the bright side, a house in Hawaii is one of a kind and it will be worth every penny you spend on it.
Progressive taxation! Hawaii's 12-tiered income tax system ensures parity among residents. State sales taxes are a low 4% and property taxes average a little over $1,000 per year. At a total individual burden of 10.1%, the overall tax share is just slightly higher than the national average of 9.9%.
Awesome climate! If you live in Hawaii, you will be greeted by bright, sunny days throughout the year. The weather almost never gets extreme. Rainfall is scant, and humidity levels are low.
Rent your vacation home! Since Hawaii is a major tourist destination, you can always expect returns from your house, even when you're not living there. Vacation rentals have become extremely popular among tourists, and you can rent your house for anywhere between $100 to $5,000 a day, depending on the location and amenities provided.
Great food! Owing to the diverse ethnicity of people, a wide variety of cuisines is available in Hawaii. This strange but delicious fusion of American, Chinese, Portuguese, Polynesian, and Korean foods makes for a lot of fascinating dishes.
Volcanoes! Where else will you get a chance to flirt with active volcanoes? Hawaii was born out of a string of volcanic eruptions many centuries ago, and the Hawaii Volcanoes National Park is home to three active volcanoes.
Renting is the norm! Since property prices are sky high here, a majority of the people prefer to rent houses, at least in the beginning. More than 40% of the homes in the islands are rented. If you are sure about settling down in Hawaii, it's better to have a long-term goal and look for rent-to-own houses. This way, a part of your rent will be considered a form of down payment.
American royalty! You don't have to travel all the way to England to see royal palaces. There is one right here in Hawaii. 'lolani Palace was once home to King Kalakaua and is the only royal palace in the U.S.
Nature! Hawaii is more beautiful in reality than even what you see in movies. The mountains, volcanoes, beaches, and vast stretches of uninhabited land will make your senses scream with joy.
Less expensive housing options! While you could easily spend a few million dollars on real estate in Hawaii, there are areas where prices are relatively cheaper. In fact, you can rent a 2- or 3-bedroom apartment in some parts of Honolulu for close to $1,500.
Pearl Harbor! Located on the island of Oahu, Pearl Harbor occupies an important place in American history. You can pay homage to the brave soldiers by taking one of the many tours and visiting memorials and museums dedicated to them.
Turn your life into a vacation! Life in Hawaii can be an unending vacation. You don't have to wait for the holidays or even the weekend to have some fun or unwind. Just head over to the beach anytime you want, partake in local festivities, and enjoy your life!
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