From beautiful views to gorgeous beaches, to perfect weather, to being surrounded by nature: it’s hard not to love everything the Big Island has to offer. So, you and your family have decided to find one of the many beautiful Waikoloa or Kohala homes and make it your own. But do you rent your new Hawaii real estate, or do you buy? Here are a few tips to help you decide which is right for you.
When To Rent
Renting can be a great option, particularly for the shorter-term. If you’re looking to live in your Hawaii home as a vacation home, renting is definitely going to be the better option. The average per-night rate for vacation or home rentals was an estimated $170 in 2015, compared to $244 for a hotel.
However, if you’re looking to live on the Big Island long-term, renting still might be the best option for you. Renting gives you the possibility of seeing more of the island by moving more frequently than you would be able to while buying and selling properties. If you’re wanting to prioritize flexibility and mobility, renting is going to be far more practical than buying.
When To Buy
If you’ve decided to make Hawaii your forever home, buying is going to be the most advantageous. Over time, rent can end up costing more than buying outright, so if you’re expecting to stay in Hawaii for several years, talk to a real estate agent to see which option will be more cost-effective.
Besides the cost differences, there are several other benefits to buying your dream home. If you eventually choose to move, you may be able to sell for a profit. Real estate in Hawaii has been a thriving market for several years, meaning your home may be worth more later on. If you do decide to stay, you will have the security of having your own home that you own, instead of renting from a landlord.
Looking to buy your dream home in Hawaii, or perhaps looking for Hawaii long term rentals? Contact us for plenty of Waikoloa homes, Kohala homes, and other properties on the Big Island.