Recently, the team at Oahu Military Real Estate just had a veteran and his wife sign for his home in paradise! They bought an amazing home in Kapolei with their VA home loan benefit! It was even right near his base!
It was totally ideal for their growing family. Living in Kapolei, they are near schools, their favorite stores, their favorite restaurants and the commute was perfect for them. It is an incredible feeling to sign for a home that you earned!
The veteran could not be happier to be getting his keys. It almost did not happen. Someone else would be living in his ideal home in Kapolei. After everything was official, the Oahu Military Real Estate Team had to ask: “What stopped you from buying at first?” what he said was both funny and familiar.
He said: “I really wasn’t going to buy at first. You look at the prices, you see a number four and five zeros after it at minimum!”
We hear it over again: “It is too expensive to live here!” and we understand. The median sales price is five-hundred or even six-hundred-thousand dollars! Hawaii is an interesting place to buy real estate because the land is more expensive than the actual home itself. Veterans see the prices and they second guess even buying at all. What we have to say to that is: this is an investment. It is an investment for your family and yourself. The high prices are certainly a turn off for most people, but its no where near the biggest reason we hear.
Without a doubt, the number one reason for not buying in Hawaii is: “I am only going to be here for three years…” When you leave Hawaii and you go to your next duty station you are going to say the same thing. We know what you are thinking “When I retire, I will use my VA benefit to buy a house.” That is not a bad idea, however, you lose a very important thing when you retire, the BAH money, to help you qualify for a more expensive home. Meaning there is what we like to call “The Cost of Waiting”.
Yes, there is a cost to wait to buy a home while on active duty, and it is a HEFTY cost when you consider the BAH you lose by waiting till retirement. Over a 3-year tour in Hawaii, you lose one hundred thousand dollars in BAH that can go towards qualifying for a home in Hawaii. You heard us correctly, one hundred thousand dollars in BAH is the cost to wait.
Okay, we know that sounds like a salesman pitch. Do not get us wrong, you are going to do what is best for yourself and your Ohana, and we want you to! BUYING is NOT for everyone.
If you have stumbled across this blog post it is probably because you are at the very least thinking about buying a home. In the end, it is FEAR that stops people from buying, this is the biggest purchase you will ever make, there will of course be some hesitation and doubt along the way. Do not let fear stop you from buying a home in paradise.
If you want to check out homes in Kapolei, click here..
Get in touch with the team an see if buying is right for you, click here.