Hawaii Real
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Owning a piece
of Hawaii real estate can be an investment into your future. Home
ownership can provide wealth over your long term goals and has many
tax benefits that renting can not offer. Purchasing a home is
probably the biggest investment many people will ever make. It is the
wisest due to the number of tax advantages and the government also
encourages home ownership. The interest you pay on your mortgage is
tax deductible up to a limit of $1,000,000. In addition you can deduct
the interest of other debt that uses your home as security. First
time home buyers are also in luck as they can receive a $7,500 tax
credit on qualified home purchases dated April 9th 2008 to June 30,
2009 due to recently passed housing stimulus legislation.
There are
major tax advantages for you even when you sell your home. You don’t
have to pay any taxes on the profits you make when you sell your
principle home up to $250,000 for filing single or $500,000 for
couples who file jointly. The home must be your primary residence and
you must have lived there for at least 2 of the previous 5 years to
qualify. This huge exemption can be claimed once every 2 years. You
can also claim your property tax as an income tax deduction. This
applies to your primary residence or principle home and any others you
may own. It’s always a good idea to ask your CPA about the latest tax
advantage laws.
Statistics
for 3rd Quarter
During the
third quarter of 2008, Hawaii real estate resale’s for single family
homes and condominiums has declined compared to a year ago. There
were 721 Single Family Home resale’s which occurred in the 3rd quarter
of 2008 compared to 975 in 2007 3rd quarter, a drop of 5.4%. The
number of condominium sales were 1,015 for the 2008 3rd quarter
compared to 1,366 3rd quarter of 2007 a drop of 2.4%. Information
received form the Honolulu Board of Realtors 2008 third quarter
residential resale statistics.
Interest
Rates
Today’s
Hawaii home mortgage rates are also at a near historical all time low
which sends a positive message to buyers searching for their dream
home. Your loan officer can assist you with the current market rates
and help find a loan program that will fit your life style. There are
many deals to be found on single family homes, condos and apartments.
The housing price adjustments are getting more attractive to buyers as
home sales start to slow down in some areas.
Mililani
Mauka – Last of the new homes sold
Mililani was
the states first Hawaii real estate fee simple master planned
community and finally come to a completion after 40 years. The
developer Castle & Cooke Homes Hawaii Inc. built town homes and single
family homes for some 50,000 residents in Mililani Town and Mililani Mauka area, totaling about 16,000 homes built in the past 40 years.
This all started all back in 1968 with a sales team of four and prices
back then ranged from $21,000 to $29,000. The Island Courtyards is
the last of their Mililani Mauka town home project, and prices range
in the low to high $300,000 range. Castle & Cooke continues to
develop new communities on Oahu such as Nohona at Kapolei, Wai Kalo’I
at Makakilo, Weihilani at Waikoloa on the Big Island, and luxury
properties are being built on the island of Lanai.
Ask your local
real estate agent for further assistance and guidance. Like a
personal doctor who will help you when you are sick, a car mechanic to
fix your broken car, your licensed Hawaii real estate agent is there
to help you when you need to purchase or sell a home. It’s always a
great idea to use the professionals to prevent costly risk.
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