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I am sorry to post yet another "move to Hawaii" thread and I have read several, but I hope this is a little different because I do not have to worry about many of the issues that are usually brought up as potential problems.
Specifically, I do not have to worry about the following:
1) Job opportunities
2) Commuter traffic
3) Access to good schools, or any schools in fact.
I am 63 years old, so in a few years will be able to retire with both my wife and myself getting Canadian government pensions amounting to a total of about $3,000 per month in US$. This is indexed to the cost of living. In addition we have retirement savings sufficient to provide about $1,000 per month income.
Finally, our house is paid off, and we may be able to buy a smaller two bedroom house with the proceeds from the sale. (We would not be expecting to be close to the beach or in an expensive area.)
We both enjoy eating out so a variety of restaurant choices in the area would be important, reasonable access to healthcare, and some variety of shopping and social activities would be desirable. This would indicate to me that Oahu would be the best choice because of the larger population base, even though property is more expensive. We would have enough cash on hand for moving expenses and to buy a small car new, and as gas is over $5 a US gallon here the price in Hawaii is not a problem. Grocery prices are much higher, of course, but lower costs for heating and clothing should offset the higher electricity cost.
It seems possible, hinging on finding a house or condo at an affordable price.
Please let me know if there are other factors to consider.
As a Big Island resident, I don't know enough details about Oahu to assist.
On the BI my wife and I enjoy quite a variety of restaurants, but appreciate more quiet and privacy than Oahu provides.
Oahu has more healthcare availability and entertainment, I believe.
Just make sure you look into the home owners association fees for condos. I'm not sure about the other islands but on Kauai they are extremely high even for the more inexpensive units.
I have a bias for Waikiki. But that's because I feel it offers the most diverse range of activities and easy access to almost everything I enjoy.
It offer's a huge variety of restaurants in all price ranges within easy walking distance. People think it's completely expensive. And to be sure, there are many higher priced places. But walk a few blocks out of Waikiki proper and poke in to some of the smaller restaurants and you'll find a lot of price variation.
For low cost activities, you have Kalakaua St right there. Just sit at a coffee shop and people watch. Or stroll the street and windo shop.
You have Waikiki Beach. But for less crowded area's, you have Ala Moana Beach Park to the West or Kapiolani Park to the East. Both are nice parks. Great for walking and far less crowded than Waikiki.
Hospitals, Museum and other Activities are nearby as well.
You could easily get by without a car at all.
As for housing, you did not mention what you expect your budget to be. There are two types of ownership in Hawaii: Fee Simple or Leasholder properties. Leashold properties are less expensive to purchase. But you don't have ownership rights to the ground below your condo and at the end of the lease term, you could lose your Condo. They also have a Lease Fee in Addition to the HOA Fee. I normally don't recommend Leashold properties. But at your age, you could consider one if you budget is really low and you find a unit with a Lease that is extended out many years ... like into the 2040's, for example.
Buying a Fee Simple property would be better. But they are more expensive. It would be more the traditional ownership that you are used to. In Waikiki, expect to pay $400,000 + for a smaller 1 bedroom Fee Simple condo.
HOA fee's are going to be around $500 to $600 / month. But often that will include most of your utilities. My HOA fee is $400 / month. But it includes Water, Sewer, Hot Water, Basic Cable, Internet and building maintanence (including a pool). So there is some value built into the HOA.
While HOA fees are high, property taxes are generally low compared to other States. So there is an offset there.
I think if you're looking to live in a place surrounded by activities and easy walking access to restaurants and shopping, it's a good option. And while the cost to purchase is a little high, the access to things makes it worth it in my opinion.
And yes, if your house/condo is paid off, I think your income is livable. Particularly if you take advantage of the free things (like the parks and people watching) and also branch out to explore the area's right around Waikiki that are convenient and offer lower price dining options.
I personally feel no need for a car in Waikiki either. But that's just me.
Waikiki is fun and easy living, although the folks cycle through there real quickly, so finding a social group that you'll see and become familiar with may take a bit of effort. If you joined a community garden, some sort of club such as one of the yacht clubs, then you'd have a stable set of social friends. Otherwise, Waikiki is sort of like living on a cruise ship. All the people except the folks who work there change out every week or ten days. It's still a fun place, I lived there for years, but it's hard to make friends that will still be there next time you want to see them. There is also a bit of noise to factor in, Waikiki never really sleeps. But it's easy enough to vacation there and get a feel for if you'd like to live there.
Instead of immediately buying a place and locking yourself down to one location, would it be possible to visit a few areas first? There may be a perfect spot that really suits you that isn't even being considered now. You may find that one of the other islands would suit you and that could save you tons of money when it came time to buy. Or, the perfect spot may be on Oahu, it's mostly a personal choice, I'd think, for you since you don't have the considerations of employment or schools.
Actually, if you like eating out and on only $4K a month, it might be best to keep your rent/mortgage low so you'll have more $$$ for eating out.
There is also a certain ease of meeting folks when they aren't zipping around all over the place. Oahu is very busy and very crowded so folks don't have time to stop and meet other people. It's energetic and all, but not a great place for meeting folks. Which is sort of strange since there's so many of them over there. Before settling on one spot, you may want to check out several different areas of Oahu. I'd do an online real estate search and map out the usual prices in each area.
What sort of weather were you hoping for? It's not all the same across the islands. Mostly the temperatures are driven by elevation. At sea level it's pretty much going to be around 55 degrees minimum and about 99 degrees maximum. Those would be close to record numbers, not typical ones. At about 1,000 feet, then the temperatures would dip down to about fifty in the dead of winter and about 95 maxed out in the heat of the summer.
Rainfall makes a big difference if you are planning to garden? Having a town with access to public transport or having a walkable town is also a very good thing. There are a lot of things to consider, I'm doubting you'll be able to locate the perfect spot online, but you should be able to find a few places to start looking.
The things you're thinking about are similar to the math my wife and I are doing as we look toward retiring (or semi-retiring).
Even though you're not going to have a mortgage, be sure to account for AOAO (Homoeowners Association dues) if it's a condo, property taxes and utlilities. Even though you have the extra dues, condos are typically something you can stay in longer because you're paying for the maintence of the grounds and structure, but either way you'll have some expanses like occasional new appliances or paint.
Another big thing to think about is healthcare. Being canadian, I'm not sure what the rules around Medicare are.
Finally, is there a plan for the twilight years where you'll need assited living and or a nursing home?
I'd suggest creating two budgets; one with the minimum essentials of food, shelter, clothing and healthcare, the other with entertainment, dining out and travel (how often will you want to go back to the mainland?) and see where they land you. Keep in mind that your grocery bill will be higher on the island; roughly 25%. I suspect $4,000 a month will get you to your essential budget with a little "fun" money left over. Whether that'll cover all the dining and things you want to do will be up to you.
You may find you want to pick up a litlle pocket money and work a little part-time job for a couple of years to be able to do everything you want to do.
Step 1) Resident visa http://en.wikipedia.org/wiki/Permane...(United_States)
Step 2) For realistic advise we/you need to know what your house will sell for and what you will buy. Prices vary extremely. (Since you do not plan on moving for a few years, realize that the prices in Hawaii are rebounding nicely and will be more expensive in two or three years).
Step 3) You really need to/must narrow down your search to an island, then a town on the island. It may even be a bit naïve to not even know what area/town you are in love with the most.
Step 4) Condo association fees in Kauai (my island) are on average about 600 to 800 a month. However, the upkeep and insurance is much lower than a home. You need to weigh the pros and cons of the ownership of each.
Step 5) After crunching the numbers on housing, then create a budget for food, Utilities (very high on Hawaii), clothes, recreation etc. (You will find your money does not go very far in Hawaii; having a paid off home will help tremendously).
Thank you all for your responses, I must say you have raised some issues I had not thought about.
The HOA fees do seem really high to me, in Canada they would usually be much lower and include snow removal! I can only assume the beautiful landscaping which seems typical in Hawaii and which needs attention all year round must account for part of it.
Our house would sell for about $500,000 and we have no mortgage. I realise this will not go far in Hawaii.
Interesting point about the transient/tourist population of Waikiki- I had not thought of that. I had thought of being outside the main Honolulu/Waikiki/ Pearl City area in order to make the housing cheaper, but the range of things to do there is attractive.
I could see us sitting on the lanai enjoying the ocean view with a glass of wine or a rum punch- but you can't do that forever!
My expectation would be that our son and his gf would visit quite often, and perhaps other friends. This means two bedrooms which would be expensive, so maybe other islands are worth a look.
Thanks again.
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