Should you rent, or should you buy?
It’s an age-old debate for many residents, both here on Maui and across the world. Renting and buying your own home each come with their own distinct benefits and drawbacks, making the decision inherently unique to your own circumstances and goals. Today we’d like to take a look at some of the main points for both renting and buying to help you
Renting can provide you with flexibility regarding your timeline and investment into the islands – if you’re not sure yet if Hawaii is the place for you, or if you’ve just arrived and are looking to establish yourself, then renting could definitely be the way to go, as it can be helpful to refrain from locking into a mortgage payment or needing to make a large down payment as you explore all that Maui has to offer. And, of course, it certainly must be said: it’s much less of a hassle when your sink stops working! It’s the landlord’s responsibility to keep the property and grounds maintained and in good working order, so long as you keep your rent paid on time.
Of course, a major bummer of renting is that your money is simply going towards helping your landlord pay their mortgage, and you hold no ownership or stake in your dwelling!
On the other hand, buying a house certainly brings its own unique benefits and challenges to contend with as well. Right off the bat, the money that you would be using to pay the rent is now building equity, or the difference between what you owe on your mortgage and what your home is worth, via your monthly mortgage payments. Your property is now an investment, and diligent investments over time can return quite a profit to their owners! What’s more, you are in the driver’s seat to design/remodel/decorate your home however you see fit, without having to worry if it will eat into the security deposit required of renting.
On the downside, freedom is always a two-way street in the real estate game: you are free to design your home as you like, but you are also fully responsible for all your home’s ongoing upkeep and maintenance, including that pesky sink we referenced earlier! However, most homeowners find that the tradeoff is well worth it, especially in light of having their money work for them and growing in equity.
If you’ve been getting an inkling that the time is right to start investing in your future and purchasing a home here on Maui, then make sure you call on Maui’s #1 group of realtors at the GM Maui Group. We’ve been helping new residents and kama’aina alike to find the perfect home for decades, and with over a billion in total sales we’ve got the passion and the expertise to help you find exactly what you’re looking for. Until next time!