BY Loren E. Clive, R(B) – Housing affordability is “near its highest levels in more than two decades.”This means not only first-time home buyers are taking advantage; there’s also folks buying up investment properties as well.
Looking for a perfect opportunity on Maui? Consider a starter condo at Kihei Villages (MLS# 349021) or Southpointe. With market value hovering in the $130K range, an investor could purchase in this complex, rent the unit for $1,000 monthly, and sit back and let the property carry itself.
This scenario works best with cash purchases, but depending on your credit rating and interest rate, might also work with a conventional 30-year mortgage. Check with your lender.
Those looking to take advantage of the historic low prices should buy now and wait for long-term appreciation. Or, as one of my clients recently did, buy now with the goal of retiring on Maui in a few years, when prices will most likely be higher.