If you own Hawaii properties and collect rental income, then you need to know the recent changes to the GET tax rate that apply to rental income.Read More
Hawaii’s Revised GET Tax Rates By County
Bill 89, Ordinance 19-18 – Hawaii’s New Short-Term Vacation Rental Regulations
— If you are renting your Oahu home or condo long-term (longer than 30 days per tenant), then you may skip this article. However, if you are doing short-term renting, then read on. Oahu’s new short-term vacation rental regulation, Bill 89 was signed into law on 6/25/2019. In three simple bullet points: 1) ‘Short-term Rentals (B&Bs & TVUs) outside of the ‘resort district’ are prohibited unless the property has a …Read More
New Hawaii Property Tax Rates 2019 – 2020
–- We saw it coming, Honolulu’s City Council adjusted property tax rates for the island of Oahu effective July 1st, 2019 through June 30th, 2020. Maui County property tax rates changed even more dramatically. There are no changes for Hawaii County (Big Island of Hawaii) and Kauai County property tax rates. Any rate changes from the prior year are highlighted below: Three big changes for Honolulu County / Island of Oahu: …Read More
The Psychology Of Buying Hawaii Real Estate And The Three “Ps” That Are Holding You Back
— About a year ago, a buyer, let’s call him Max, contacted me with questions about the Hawaii real estate market. Max was determined to fly to Hawaii and secure a condo that could serve as the best of both worlds: a) a vacation home to satisfy his lifestyle for his personal enjoyment a couple of weeks per year, and b) a cash-flowing investment that generates rental income for the …Read More
Oahu Real Estate Market Update – 2019
— Recently a buyer and his agent visited one of my condo listings for sale. The buyer asked me directly: “what do you think Oahu real estate prices will do in the next 6 months?” It turned out the buyer was looking to educate himself on Honolulu condos but has no intentions to buy until perhaps later in 2019. This buyer was fully expecting that ‘with higher interest rates, prices …Read More
The Risks Of Short-Term Vacation Renting
— Short-term vacation renting has been growing in popularity since the dawn of the sharing economy. VRBO started in 1995, but it was the start of HomeAway (2004) and Airbnb (2008) that forever changed the way the world looks at real estate. Everyone wants a piece of the pie because it can be lucrative. We receive daily an ever-increasing amount of new inquiries about which properties for sale might be …Read More
How To Appeal Your Honolulu Property Tax Assessment
— ‘Every property owner gets excited when their property value goes up. But nobody wants to pay more property tax as a result of it.’ On December 15, 2018, the tax office mailed out the Honolulu County Tax Assessment Notices. The combined assessed property values in Honolulu County increased by 6.8% compared to last year. That includes Oahu homes, and condos, as well as newly completed Kakaako condos. An increase …Read More
Hawaii Condos – Maintenance And Insurance
— High-rise condo construction has become the norm in urban Honolulu. Building vertically is the ‘highest and best use’ of limited available land. Today more than 60% of Oahu residents live in condos and the number keeps growing. Honolulu condos offer some unique benefits including location conveniences, amenities, security, and a seemingly carefree ‘lock-and-go’ lifestyle. See related article Condo or Single-Family Home? One reason why condo living has gained popularity …Read More
Buying A Home For Your Kids! – Renting To Relatives
— “Knowing what I know now, I should have bought Hawaii real estate when I was younger.” Life experiences bring wisdom. We can’t undo the past, but we can learn and apply our wisdom and prepare for the future, ..and the future of our kids. Recently I met a couple that bought a Honolulu condo for their daughter who just graduated from college. The parents can claim all the tax …Read More
How To Buy Hawaii Real Estate When The Market Is So Expensive
— Short answer: Just like any other generation has done it before. It requires sacrificing short-term gratification in lieu of long-term gains. This is a difficult concept for many. A recent survey concluded that millennials place homeownership above other life priorities. Another study showed how young people believe they’ll get rich: 21% by winning the lottery, 11% through an inheritance, and 3% by way of an insurance settlement. – Good …Read More