Recently there has been much discussion about the availability of affordable housing for the Full Time Residents of Maui.
Is it Better to Rent or To Own on Maui?
The answer will depend on several factors. For starters, how long do you plan to live on Maui? If you plan to live on the island for more than a year, it might be wise to consider buying instead of renting. There are many benefits to owning vs renting and you might be surprised to find that buying can cost less than renting.
Can I Afford a Mortgage on Maui if I Buy Property?
This can be a tricky question. What you think you can afford and what a lender determines you can afford can be two different things.
For a simple cost calculation figure $5.26 per every $1,000 borrowed.
Example of a $300,000 loan: 300 X $5.26 = $1,578.00 month for Principal, Interest & Mortgage Insurance. Keep in mind that Property Tax, Homeowners Insurance, and Association Dues (if any) would be additional.
How Much Cash Do I Need for a Down Payment?
This can depend on the property, your income, and other qualifications but it is possible to get USDA loans that qualify for Zero Down Payment. Yes that is correct, it is possible to buy property on Maui with $0.00 cash down.
Are Any Properties in My Price Range For Sale on Maui Now?
Depends on your price range, but you might be surprised to find that as May 2016 in Maui County there are currently:
26 Properties – Under $200K
75 Properties – $200K to $300K
132 Properties – $300K to $400K
150 Properties – $400K to $500K
How do I Get Started?
Either pick up the phone and give me a call at (808) 446-5841 or click here to fill out the contact form and start the conversation. Together we can set you on the path to home ownership on Maui.