Honolulu Real Estate & Life Expectancy
September 8th, 2009 categories: For Buyers, The Market
A recent Honolulu Advertiser article notes that Hawaii’s life expectancy has been pegged as the longest in the United States.
“Yesterday’s report did not list life expectancy by state, but a 2007 report said Hawai’i was No. 1 with a life expectancy of 81.3 years. That report was done by the Manhattan Institute for Policy Research.”CLICK HERE TO READ THE HONOLULU ADVERTISER ARTICLE
Are you thinking, “Keahi, what does that have to do with buying Honolulu real estate?” Here are a few relationships.
1. Longer life means more time for your Honolulu home or condo to appreciate before the Grim Reaper takes you. This means that by purchasing now you will have more equity appreciation in Hawaii, than if you lived in a state or country with a shorter life expectancy.
2. Get longer term financing. In Honolulu, homes turn over less often, therefore getting longer term financing locks in today’s low interest rates and helps you to avoid additional refinancing costs 10 or 15 years from now.
3. You may want to buy newer or recently remodeled. Since you will live longer, your home is going to have to last longer. Buying the newest property that you can afford will give you a property that can go longer without your having to remodel it.
4. Understand that the home, which meets your family needs today, may be too big and too much maintenance when you are retired. Plan on downsizing by using the equity in your larger home to purchase the condo or care situation that is going to serve you through the end of your life. Proper planning will assure that your spouse can remain in your home once you check out (assuming your go first).
5. Due to cyclical nature of the economy and your longer life on Oahu, you will be exposed to more financial cycles than your mainland counter part. Since real estate has traditionally been a good hedge against inflation, being in Oahu real estate now sets up your future inflation hedge.
If the expectancy numbers are correct, then Hawaii residents will enjoy long and happy lives. Insure the best for you and your family by using your home to your advantage.
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If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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