BUYING A HOME Hawaii is infamous for expensive real estate, requiring deep thought and financial resources for purchasing a home. Aside from high real estate prices, downsides include home maintenance expenses, orders sending you elsewhere, fluctuating real estate values, being forced to rent your house out when you are deployed, and hiring someone to manage it. However, buying a house off base is another housing option in Hawaii. Historically, Hawaii homes have always appreciated 3 to 15 percent per year. The Veterans Administration (VA) loan and the ability to use BAH towards the monthly mortgage payment are two other financial aspects that might make buying a home in Hawaii make sense during a military assignment. VA Loans are an attractive financial option, as no down payment, no Private Mortgage Insurance (PMI), and no perfect credit scores are needed. VA Loans also typically have competitive interest rates. In Hawaii, VA Loans can be used to purchase existing single-family homes (in livable condition), newly-constructed homes, a condominium in a VA-approved project, a multi-family home (up to 4 units), or a land lot. The Specially Adapted Housing (SAH) Grant offers an additional home financing option to military members and veterans with certain disabilities and for certain home buying circumstances. A professional, reliable home buying team is important when securing the right home for you and your dependents, if applicable. A Hawaii-licensed real estate salesperson or broker, a mortgage broker, a lender, an accountant, a termite inspector, a home inspector, insurance agents, an escrow agent – and your loved ones – are all some of the people involved in the Hawaii home buying process. Choosing a Hawaii home should consider must-haves, such as size and storage and location (like schools, Arrival 54
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