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everyone keeps avoiding the fact that there is a real estate bubble, just like we saw with the stock market. Interest rates will rise, foreclosures will sky rocket, and home prices will nose dive. Whatever you do, do not buy real estate unless you plan to hold for 10 years or more. Investers are running for the hills, you will get trampled on your way into the market and crushed like a bug. Wait this one out 20-30% will be the time to jump back in the market.
The same can be said for most major cities everywhere. I still see a small percentage of people investing. If you are gonna invest, do it in a cheap location that has room to appreciate!
NAH, let me explain something. People do not always go for "cheap real estate". They go somewhere they LIKE. They don't choose areas BECAUSE they're cheap. They go where they LIKE. You can't make a living somewhere just because it's cheap -- you'll be miserable and bored. If you go somewhere you like and rent, IMO it's worth it. Hawaii is expensive, but it's worth it for many people who don't want to restrict themselves to "cheap locations" like Oil City or anything like that. People pay big bucks for good locations and that's just life.
The thing is if you invest and not actually live there then your wasting money. I know a few who invested in south FL yet they live in another state while house prices are still going DOWN
The thing is if you invest and not actually live there then your wasting money. I know a few who invested in south FL yet they live in another state while house prices are still going DOWN
It's not exactly "wasting money" if one's out-of-state investments generate a positive cash flow.
If I were going to invest, id be investing in Vacent land, it appreciates more than a house and also you dont have to insure vacent land. Most of the value is in the land in expensive areas.
even if there was a 20-30% drop in the next few years, it would leave most people out of the buying pool in HI....it's not just the mortgage and rent that is high here...gas, food, utilities are outrageous! i just can't help but think there are so many other places in the US that are beautiful with a great lifestyle..at a reasonable price...in my opinion Hawaii is very overated. no question it's beautiful..but..very different to live here than to visit...
there's a great article in the sat. honolulu advertiser about living expenses on the islands...it breaks it all down pretty well....basically the bottom line is 33% of islanders are not self sufficient here....www.honolulu (broken link) advertiser.com...interesting reading!
I've lived in Hawaii for 10 years and am currently in the process of relocating to Northern Virginia. So far, I'm not impressed with the so called lower cost of living one is supposed to find on the Mainland.
After months of research I've discovered that Virginia house prices are comparable and property taxes are higher. I'm not even touching upon their "personal property tax." So far I've found that the only comparable homes we can afford in Northern Virginia are 45 miles away from my husband's work. We're currently 20 miles away from his work. So, not only am I losing my great weather, lovely beaches and friendly people, my husband gets a much longer commute, surrounded by grumpy, uptight people.
Now, to be fair, my home will be 1,000 square feet larger (if we do buy 45 miles from his work). However, we can only afford to ship a small fraction of what we own, so we're gonna be sitting on the floor in our new big home.
No, Hawaii isn't for everybody and I definitely wouldn't recommend folks move here. After all, most Mainlanders leave within a few years of coming and seem to complain the whole time they are here. Ironically, those who hate living in Hawaii the most, beg to come back.
For me though, I'm grabbing at sand to stay and you'll see my slipper marks as my husband drags me to the plane. I'll always feel I'm lucky to have lived Hawaii for 10 years. I only wish it could be 20.
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cheap housing
Lucky I Live Hawaii
