To Rent or Buy, Oahu Edition

Here’s our situation: Dual annual income 210k, 50k in savings, 780-790 credit score (both of us), $350 car payment no other debt Real estate market: Oahu, restricted to decent school districts. (Mililani primarily, priced out of Kailua and Hawaii Kai).

Current rent is 3k but it’s month to month, if we lose this rental we would be paying closer to or just over 4K a month in rent (3bd in a good school district). 3 beds mandatory because we both work from home 4 days a week and need office space.

With our savings and a loan from Navy Federal CU with 3% down we can get a conventional loan at 4.5% with no PMI. We are looking at condos in the low to mid 700k range or a SFH at ~850k (if we were fortunate enough to get an offer accepted, it’s really bad here, tons of all cash offers) The mortgage and utilities would run us approximately 5k a month (including HOA fees for condo option). That is 53% of our take home pay/month. We do plan to stay in our jobs on island long term (20+ years)

My fear is if we wait, rent and housing will only go up, making what seems difficult now, impossible. 2021 has given us severe anxiety that we may be permanently priced out of home ownership on Oahu if we don’t act now. The home we are renting we hoped to buy, in 2019 when we moved in it was worth 900k, it would now sell for 1.5M. Being priced out of our community has devastated us.

We have stable federal jobs and don’t want to start somewhere new, it took years for us to get job security in our fields and now we are trying to sort out housing. We have a child with special needs so we are limited to neighborhoods with good public schools/SP-ED programs because we can’t afford a mortgage/rent and a private school tuition.

Should we jump in now? Ride out this rental and save 3k a month as long as possible? I know none of you have a crystal ball just curious for outsider opinions.

submitted by /u/onlywayoutis_through
[link] [comments]

Here’s our situation: Dual annual income 210k, 50k in savings, 780-790 credit score (both of us), $350 car payment no other debt Real estate market: Oahu, restricted to decent school districts. (Mililani primarily, priced out of Kailua and Hawaii Kai). Current rent is 3k but it’s month to month, if we lose this rental we would be paying closer to or just over 4K a month in rent (3bd in a good school district). 3 beds mandatory because we both work from home 4 days a week and need office space. With our savings and a loan from Navy Federal CU with 3% down we can get a conventional loan at 4.5% with no PMI. We are looking at condos in the low to mid 700k range or a SFH at ~850k (if we were fortunate enough to get an offer accepted, it’s really bad here, tons of all cash offers) The mortgage and utilities would run us approximately 5k a month (including HOA fees for condo option). That is 53% of our take home pay/month. We do plan to stay in our jobs on island long term (20+ years) My fear is if we wait, rent and housing will only go up, making what seems difficult now, impossible. 2021 has given us severe anxiety that we may be permanently priced out of home ownership on Oahu if we don’t act now. The home we are renting we hoped to buy, in 2019 when we moved in it was worth 900k, it would now sell for 1.5M. Being priced out of our community has devastated us. We have stable federal jobs and don’t want to start somewhere new, it took years for us to get job security in our fields and now we are trying to sort out housing. We have a child with special needs so we are limited to neighborhoods with good public schools/SP-ED programs because we can’t afford a mortgage/rent and a private school tuition. Should we jump in now? Ride out this rental and save 3k a month as long as possible? I know none of you have a crystal ball just curious for outsider opinions. submitted by /u/onlywayoutis_through [link] [comments]

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