Big Island question (Kailua, Lawai: to rent, mortgage, vacation home)

[EdLo]

Hi all. We live in San Jose but we are originally from HI (Kauai and Oahu) and have decided to buy a vacation home on the big island (BI) But I notice this forum encompasses all the islands. Being new to the forum I want to know if there are sub forums so I can go straight to the BI forum if there is one.
If there is none, has there been an effort to start one?
Sorry if this question has been posed but I just don't have time to go through the archives to locate one with it's answers.
I guess if I have a question re: the BI I could title it "BIG Island" and go from there, eh?
Thank you all
Eddie

[leilaniguy]

Hi Eddie, there's no B.I. forum, but usually a resident online. What would you like to know?

[KonaKat]

Hi Eddie, I live on the Big Island, in Kona. I also manage properties and am a licensed RE agent, so maybe I can answer some of your questions. No strings just friendly, general chit-chat.

[hotzcatz]

Just try ask your question, I doubt you will have too many answers to worry about where the folks are posting from.

Wouldn't it be cheaper to just rent a vacation house for a couple of weeks/months than to actually own the thing? You could also switch vacation spots as you wanted instead of being in the same place all the time. What are the benefits to owning a vacation house as opposed to renting? (Not that I'm planning on doing either one, but it is interesting to find these sorts of things out.)

[cynmkolohe]

Hi Eddie,

The administrators of the site did ask once whether those who post here regularly thought we should separate the Hawaii forum into separate sub-forums. The general consensus at that time was that "we" preferred to keep it as one main Hawaii forum--at least until such a time as there were many more contributors from all the islands. (It is my impression that most of the "regular" posters are from the Big Island, followed by Kauai and Maui....)

I love it when posters put the name of the island in the title of the thread. If I have only a few minutes to check in on C-D, it directs me to the questions that I might be able to contribute to...

Look forward to your questions!

[kani-lehua]

please check your private messages.

[EdLo]

Originally Posted by hotzcatz

Just try ask your question, I doubt you will have too many answers to worry about where the folks are posting from.

Wouldn't it be cheaper to just rent a vacation house for a couple of weeks/months than to actually own the thing? You could also switch vacation spots as you wanted instead of being in the same place all the time. What are the benefits to owning a vacation house as opposed to renting? (Not that I'm planning on doing either one, but it is interesting to find these sorts of things out.)

Thank you all for your replies. I have extensive experience with most of the islands but thought, wouldn't it be nice if we had a BI sub-forum. But, isok, seems like this forum is loaded with BI contributors, so I can live with that.
As for why not renting, etc. Well, because right now it's a buyers market. I know all about BI's cyclical history and I've seen 'em (prices) go up, and I've seen 'em go down. But I've never seen them go this far south! So if one has the cash, it's imho, time to buy. I have the cash! I have never seen properties with such low prices. I think there was a buyers wave a couple years ago as prices were continuing to rise. Then as we all know, the sub-prime fiasco emerged and now just look. I never imagined I could buy a 3-2 for close to $125K. Never! My plans are to send my son and two friends over to do any major remodeling on distressed or "as is" properties. Then my daughter would move there and maintain the house until we come over to vacation. It would be available to all my kids, not just for me.
Eddie

[hotzcatz]

Well, it is a buyer's market if you are buying and don't need a job to make the mortgage payments. Depending on which area you are looking at, $125K is either cheap or expensive.

I think it will be a buyer's market for quite some time yet, there doesn't seem to be any bottom to the sub-prime mess at all. Until jobs start coming back into the economic equation, I don't see where the free fall is gonna end. In most macro-economic things, once it gets momentum in heading in a certain direction - either up or down - it takes it awhile to change directions.

[KonaKat]

Where do you want to live? HOVE? HOVR? East side? Milolii Beach lots? Kailua Kona general area? Narrow down your parameters a little for us. A 3/2 for $125K does limit you somewhat but there are certainly properties out there in that price range.

[EdLo]

Originally Posted by KonaKat

Where do you want to live? HOVE? HOVR? East side? Milolii Beach lots? Kailua Kona general area? Narrow down your parameters a little for us. A 3/2 for $125K does limit you somewhat but there are certainly properties out there in that price range.

KK, most of the cheaper homes/properties are in the SE Puna district. Kona seems to be the most expensive. I don't care if it's near the ocean. Heck, most anywhere in BI you can get there within a few minutes. Besides, there's not too many good beaches like say, Kauai or Oahu. What I will have to research a little bit more is on VOG and lava zones. And I don't care about schools. All my kids went grow up already.
Fair to say that Puna has moderate VOG and plenty rain. Don't mind the rain, actually I love rain. The mo'ah the bettah. When we lived in Lawai {Kauai} we lived in a plantation house with a tin roof and the rainfall would mesmerize me. Something about rain on a tin roof. With today's more modern construction I guess tin roofs are not used anymore.
So if any of you guys know of a good buy, let me know via private message. I don't have a realtor yet. Actually to save money I'd rather get a FSBO property. But I'm open to suggestions.
Thank you all. Nice bunch of people here.
Eddie