When you’re in the US military and you’ve received a PCS, it can be chaotic and stressful. It’s another added level of stress if you’re moving to Oahu from the mainland. Investing in a single-family home in Oahu is typically an excellent investment because Hawaiian properties almost always appreciate. There’s plenty to know about purchasing a single-family property in Oahu when you’re part of the US military. Here are the top five things to know.
1. Choosing your Oahu Community
Even if Oahu is not a long-term solution for you, or you suspect you’ll eventually be stationed elsewhere, finding a community you love in the meantime is vital. There are many great neighborhoods with great amenities, beautiful beaches, and relaxing atmospheres.
There are several military bases on the island, including:
Army bases at Tripler Medical Center, Scholfield Barracks, Fort Shafter, and Wheeler Army Airfield
Marine Corps locations include Marine Corps Base Hawaii in Kaneohe Bay, Pu’uloa Range Training Facility, and Camp H. M. Smith
Coast Guard locations, including USCG Air Station Barbers Point and USCG ISC Honolulu
Navy bases at NCTAMS PAC, Joint Base Pearl Harbor-Hickam, and Naval Magazine Lualualei
Finding a great neighborhood that meets your family’s needs for the foreseeable future that is close to your base can take a little bit of legwork. Still, it’s worth the effort to find a place you love. Working with an area expert realtor will make the job a lot easier.
2. A Hawaiian Property is a Solid Investment
Buying a single-family home in Hawaii is a dream of many people. Many individuals visit the island for a vacation and decide they want to stay, so they decide to move. With preserving nature and limited space, housing is always competitive, and values continuously rise. Every real estate market has ups and downs, but the Hawaiian market is steadily heading upward over time. In June 2019, the median price for a single-family home was close to $800,000. By May 2021, it had reached $980,000. Everyone dreams of moving to a Hawaiian island to live life in paradise, and the housing prices reflect that.
3. Consider your Budget
Living in Oahu can be expensive, primarily if you’re located near any major tourism area. On top of your mortgage, you need to consider many fees and bills and work into your budget. Some of these fees include:
- Property Taxes
- Utility bills including electricity, water, internet, cable, etc.
- Property upkeep, including renovations or repairs
- Purchasing new furniture
- HOA fees
Consider and work all of these fees into your budget to ensure you can live comfortably as a member of the military.
4. Getting a Mortgage
As a military member, you’re able to apply for a Veterans Affairs loan for your mortgage needs. VA loans allow current military members and veterans an affordable way to buy a home without hassle. There are many benefits to using the VA loan, like no down payment and no extra private mortgage insurance. In a market such as Oahu, where single-family home prices are quite high, this is the lifeline for many people to become homeowners. Where you’d otherwise need a large sum of money to purchase a home, you can easily become a homeowner with the 100% financing offered with the VA loan. It’s easier to qualify for this loan versus a traditional mortgage, and the closing fees can be added to the total value of the loan.
5. Use Oahu Military Real Estate
Buying a single-family home in Oahu is a dream many people have. If you’re in the market to relocate to Oahu, visit Oahu Military Real Estate. We have made the process of finding your next Oahu home as easy as possible. We’re experts in the Oahu area, and we’ve worked with plenty of military members to help them find the perfect home for their families.