Many people have an interest in moving to Hawaii. After all, who would not want to move to a tropical paradise. However, when they are considering the move the question that they are most worried about answering is whether they should buy or rent a property? The answer really depends on the personal situation of the person who is moving to the area.
For example, those that are moving to the area for work means that they already have a stable job. If the move is just temporary and then they get transferred to some other place in the United States, then the option as to whether to buy or rent really depends on the amount of time that the person expects to stay in Hawaii. A good rule of thumb is that you rent a home unless you plan on staying in the area for at least five years. Five years is deemed enough time that you pay on the mortgage in order to still make some profit once you put the house back on the market. For those that are only going to be there for two years, then renting is going to the best option.
You should also consider the amount of money that you are willing to pay each month. Rent can be upwards of $1200 dollars a month for a single bedroom apartment. For a home, if you get a good deal, you could pay much lower than that every month on the mortgage. But you still have to factor in the cost of owning Hawaii real estate, such as the housing insurance which could be much more than what you are used to since Hawaii does get hit by hurricanes on occasions. The good thing about buying a home in the area is that you should have no problem selling the home once you move because the demand for homes in the Hawaii area are always high.
In order to determine if you should rent or buy you also need to consider that the cost of living is much higher in Hawaii, than it is anywhere else, thus you can expect your normal expenses to jump up quite a bit. If you are able to find a home that you can rent without having to worry about the other bills since the landlord covers these, then you will have more money for the increase in the cost of living. Overall, it is up to the person moving to the area as to whether they rent or buy,however, it is a decision that they need to weigh carefully.