subject: Honolulu Homes For Sale Buying Is Better Than Renting [print this page] Honolulu has always been known for sky high real estate prices. However, the table has turned drastically in the past couple of years. Presently Honolulu homes for sale are available at rates that are cheaper than ever before. People who dreamt of buying a home in this part of the world can go ahead and fulfill it during this phase where the prices are not picking up at all. This scenario is exactly opposite to that of Oahu real estate prices, which seem to be rising with each passing day.
Why buying is better than renting?
According to a recent study, buying a home in Honolulu at this point of time makes more sense than renting it. Here are a few reasons that strongly advocate this approach.
It makes sense to pay a particular amount to the bank as EMI than to pay the landlord as rent
Currently, the average rent amount that you would have to shell out for a one bedroom apartment in Honolulu is somewhere between $1,100 to $1,300
On the contrary, you would be able to buy the same apartment at a cost of around $25,000
By owning a house, you also give yourself a very good chance of reaping amazing benefits once the real estate prices in Honolulu start shooting up all over again.
Reason behind reduction in real estate prices
One of the major reasons why the real estate prices have gone down is because of the drastic reduction in tourism in Hawaii. However, experts believe that Honolulu homes for sale prices are still a lot better than some of the other regions in Hawaii. According to a leading survey, there was a decrease of about 9.7% in the overall real estate cost in the year 2010. However, this by no means indicates that people have backed out from buying homes in Honolulu. In fact, plenty of Honolulu homes for sale are available and people seem to be buying consistently. This phase could be more defined as a golden era for all potential buyers. These buyers are getting mouthwatering deals at the cost of peanuts.
This development has literally shifted the attention of people who wanted to invest in Oahu real estate. They are now keener to buy property in Honolulu. Even though there is considerable decline in the Honolulu real estate market, the decline is not as alarming as many people think it is. It is just a minor fall. This is even better for investors planning to buy homes in this part of the world. This factor also indicates that the real estate prices would stabilize sooner than later. Hence, now seems to be the right time to go ahead and invest.
