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Lived in Honolulu in my teens and early 20's (the roaring 80's). Split from the islands in 1993.
Nearing 50 - my wife and I have 200K to 275K (profits from selling our CA. home) with minimal debt. Plus a nest egg of of around 100k to 150k. We own our cars, and plan on buying (cash) an inexpensive condo in west Maui in the 100k range. Shooting for low h.o.a's property tax is 2.75% of every 1000.
I love the Island life. Don't move and be stressed. If your not a BIG WIG you can get by with little money.
I figure I can sell some real estate or work some low paying job. Letting go of that corporate stress is worth a toned down life on the islands. My wife and I are excited.
We have no kids to worry about. We are really simple. Not KEEPING UP WITH JONES type.
I figure our monthly "OBLIGATIONS" shouldn't total more then 1500 dollars to 2000 dollars per month.
Then at some point SS income will kick in. How could life be any better.
Geez - we could work part time- each of us and be relaxed 24/7.
How better can life be. Spending more time with your loved one then at the office.
I wouldn't pay cash for a condo - you lose the tax deduction and you can make more on your money than the interest you are paying on the loan. See a financial planner for plenty of low risk ways to make 7-10%+ on your money.
To answer "oregonwoodsmoke's" question, I just did a quick MLS search on MauiRealEstate.net and there are 57 condos listed in Maui County between $70K and $150K.
Of those, 19 are under $100,000. Of those 19, about half are on Moloka'i or Lana'i, a few are bank-owned, and a couple are at places like Harbor Lights in Kahului that I wouldn't consider under any circumstances.
There are a few in West Maui on the list, mostly in the Napili/Kahana/Honokowai area; one downtown at Lahaina Residences, and one nearer $150 at Kaanapali Shores, which an oceanfront development.
Best of luck to the OP. Just don't buy anything without looking at it in person.
A few I see are at Maui Sands. Many years ago I considered buying a condo there but passed because the units were leasehold. That and maintenance fees would have been more per month than the mortgage payment. Not sure nowadays.
Last edited by Sherwoody; 04-27-2013 at 06:44 PM..
Many years ago I considered buying a condo there but passed because the units were leasehold.
This is probably the biggest factor that mainland buyers don't consider in looking at the ads, because condo apartments on leasehold are not as common there. We've had several posters recently mention relatively low-priced condos on offer which not only had high leasehold payments, but had short terms left on the master lease, so there would be zero resale value after 7 years, or whatever the remaining term was.
Sure - one has to be weary of lease hold. If you look hard you can find fee simple. As far as medical goes - that's the major expense. We could always get jobs (far less stress then mainland corporate America with massive quotas) that provided benefits. Yes -never buy until you look.
I was thinking of opening - FISH & CHIPS restaurant : small (a mom& pop deal). That's the way to get into the community.
I wouldn't pay cash for a condo - you lose the tax deduction and you can make more on your money than the interest you are paying on the loan. See a financial planner for plenty of low risk ways to make 7-10%+ on your money.
They should consult with a tax advisor. If their income is going to be really low a month and they're going to buy a really inexpensive condo, I'm not sure there would be any advantage to paying interest. I think the standard deduction might be better than itemizing.
Also, while they may be better able to do better than than the rate they're paying on a mortgage and play the spread, it's certainly not a sure thing.
One other note, mortgage fees on a small mortgage ($70-80K) are relatively high. Points are less, but a lot of the more fixed costs like credit report, appraisal and application fees represent a a bigger % of a small loan balance.
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