Most people will agree that investing in your own home is one of the smartest financial moves you can make. That’s even more true for investing in a home in Hawaii.
Owning a home in Hawaii can help you to build wealth over time in two ways: Home appreciation and tax savings.
Home Appreciation
Over the past 40 years, Hawaii homes have gained in value, on average, more than five percent a year. From 2017 to 2022 alone, Hawaii homeowners have gained an average of $341,000 in home equity, thanks to steady price increases.
Because Hawaii has a perpetual housing shortage, and because there is strong international demand for a “piece of paradise,” homes in Hawaii will hold their value over time.
How much are you paying your landlord instead of investing in yourself? Try our Rent Accumulation Calculator.
Tax Savings
As a homeowner, if you itemize your tax deductions, you can deduct your mortgage interest payments from your annual taxes—on loans up to $750,000. For example, if you took out a $600,000 mortgage at a rate of 4 percent, then you can deduct $24,000 in interest from your tax return—instantly lowering your taxes!
These are just a few of the benefits of owning your own home in Hawaii—not to mention the satisfaction you’ll have in knowing that you’ve made a sound investment in your future in one of the most beautiful places on Earth.
To learn more about the benefits of owning a home in Hawaii, attend a Locations First-time Homeowners Seminar. Register for an upcoming seminar.
