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.
Over the past 40 years, Hawaii homes have gained in value, on average, five percent a year. In the last five years alone, Hawaii homeowners have gained an average of $116,500 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.
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 last year 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.