Just about everyone dreams of investing in Hawaii real estate. After all, who wouldn’t love to own a piece of paradise? Investing in any kind of real estate, even after a very scary recession, is attractive for many reasons. For one, a home, condo, land parcel or other property is tangible; you can enjoy and improve on it as its value rises. On Hawaii’s Big Island, real estate can be an especially smart investment right now. Read on to see why you should consider it:
1. Affordability and availability: In general, real estate prices on the Big Island are more affordable than they are on the other islands, so investing in property here is probably more possible than you might think. A big reason for this is simply a matter of space: Hawaii Island is much, much bigger than its sister islands and it has a smaller population. Unlike crowded Oahu, where supply struggles to keep up with demand, Big Island towns such as Kailua-Kona are still small with room to grow as the economy improves.
2. A growing vacation rentals market: The Big Island — particularly in the western districts of Kona and Kohala — is becoming more well-known every year for being the ideal Hawaiian vacation destination, with sources such as TripAdvisor praising it for it’s tranquil weather, small-town charm, and authentic atmosphere. As a result, tourism is on the rise again after a lull during the recession, and business is booming for vacation rentals.
3. A real estate investor’s market: As the housing industry recovers on the island, now is the time to buy, even for a first-time investor. Current conditions include low interest rates, real estate prices that are still low but quickly increasing, and the fact that many in the industry haven’t caught on that it’s becoming a seller’s market yet. The result is a window of opportunity for people interested in Hawaii real estate investment that won’t last long.
Keep in mind that the real estate market anywhere is always fluid, and investing in a property on Hawaii does not guarantee a profit. If you are willing to do the research and pursue your dream of investing in a piece of paradise, than you may find that a property on the Big Island is the best investment you’ve ever made.