PCSing to Hawaii and have questions? Our Locations Military Specialists are here to help--here's their top three must-know tips for PCSing to Hawaii.
1. Maximize your military housing benefits to invest in real estate
Here's a quick rundown of how:
- Check out your VA Loan Benefits: If you qualify for a VA loan, you can borrow up to $721,050 for a home with no down payment or mortgage insurance required.
- Use Your BAH Allowance: By budgeting and planning correctly, you can keep your mortgage payment within your monthly BAH allowance.
- Take Advantage of Historically Low Interest Rates: Low interest rates combined with your VA loan benefits means lower interest payments.
2. Your Stay May be Short Term, But Your Investment is Long Term
Although you may leave Hawaii after a few years, it doesn't mean that you'll have to sell your home. Hawaii is one of the hottest real estate markets in the United States, so you should hold on to your real estate investment as long as you can. Remember, you'll own property in Hawaii, a place where 45,000 armed forces personnel move to and from every year (and that number's expected to increase over the next few years, too). Coupled with the 8.3 Million tourists each year, you'll have ample options for renting your investment property.
3. Be Prepared: Know the Market and Your Options Before Moving
One thing Locations' clients face when they move to Hawaii is being unprepared and having to pay above average hotel and rental prices. To avoid having to navigate the most expensive rental market in the United States, contact a Locations Military Specialist at least 60 days before your move. Your agent can also help you get pre-qualified for a VA loan. Know that closing on a home will take between 30-45 days, so the earlier you start, the better.
For more information, see Military Relocation to Hawaii.