The median price for a single-family home in May 2018 was $740,000 and the median household income is about $74,000. That means that not everyone can jump into a median-sized mortgage in Hawaii.
However, more could probably afford a $250,000 mortgage.
Check out these current listings to love.
Here’s what you can buy on Oahu for less than $250,000 right now.
Condo-tels are a great buy for first-time investors because it’s like the mortgage that self-pays. Near the Ala Wai canal, this well-appointed 247-square-foot guest room is for sale at the Hawaiian Monarch in Waikiki for $219,000.
Condo-tels are popular investment properties and can be managed by the hotel rental service, which means they do the work. They handle the advertising, booking, rental and management of the unit. These units are popular amongst college students, as well as American and Japanese visitors.
Ten years ago, these units were selling for around $100,000. So, you can imagine what it will be worth in just a few years if you bought this today. Meanwhile, you’ve successfully managed a loan, built a history of making payments on time, built up equity in your property, and your tenant or visitors have been paying your mortgage.
In a few years, you could sell this and roll the proceeds in to buying a $500,000 home. Here’s what you can buy today in the ballpark of half-a-million dollars today.
This oceanfront two-story condo at Pats at Punaluu in Hauula is $548,000 for a spacious 1,900 square feet. That’s an unheard amount of sprawl space for this price. It can be used as a short-term rental or long-term lease. The condo would also make a great weekend getaway for a family who lives in town and wants to escape.
Once you’ve arrived at this point in your real estate adventure, a $1 million mortgage may not seem as daunting as you once had thought. A $500,000 investment has just become your stepping stone to becoming a millionaire.
Here’s what you can buy in the ballpark of $1 million.
For $950,000, you could have an 1,800 square-foot, four-bedroom home in the highly desirable Kalama Valley.
For $100,000 more and just a few miles farther from town, you could buy a 2,088 square-foot home in Mariners Valley with four bedrooms.
Moving in to the home of your dreams is possible one step at a time. Your first home doesn’t have to be your dream home. Getting started is success because a year from now you’ll wish you started today.
About the feature photo: Pats of Punaluu in Hauula is $548,000 for a spacious 1,900 square feet.
Photo: Dan Schuenke