As a long time Real Estate Broker here in Hawaii I am often asked what does it take to actually live in paradise? To start I am from Hawaii born and raised which in some respects helps be able to share valuable information to those considering moving to these beautiful islands. Depending what your lifestyle the cost of living is alarming in terms of purchasing or renting a home, cost of food thats store and dining out, and education expenses. If you can afford private tuitions on top of all the other expenses you are doing very well. Most of the private schools are averaging around $14,000 annually. Click this link for the current 2023 list of private schools in Hawaii. I had the opportunity to attend both public and private school throughout my educational career through college at the University of Hawaii at Manoa. I feel this was a nice combination racially being in more groups that make of our cultural base in Hawaii.
I grew up on Oahu on the Windward side of the island where Kailua, Kaneohe, Waimanalo and Lanikai is located. For pre-school I attended Le Jardin Academy (private) then following I attended Lanikai Elementary (public) which is now a charter school. Not many children have the benefit that their Mom is their kindergarten teacher but I was the lucky one. She was tough on me but she’s my Mom so I had to be on my very best behavior! Mid way through elementary school my parents made the decision to move to the Leeward side of the island where Honolulu, Hawaii Kai, and Waikiki are located. I changed elementary schools and attended Nuuanu Elementary through 6th grade. At that time my parents said I had to pick three private schools to apply to so I ended up attending a college preparatory school La Pietra The Hawaii School for Girls from 7th-12th grades. I loved attending a small school with a low ratio of teacher to child attention. I felt that helped me stay in check and not get lost in a bigger campus. Lets be clear my parents who were educated worked extremely hard to afford my education and for that I am very thankful and blessed for the gift of education in Hawaii. They were both employed with the State of Hawaii my Dad in the Department of Transportation Airports division and my Mom with the Department of Education. I have to say my parents planned their employment options very smart (Akamai as we say in Hawaii) affording them the opportunity to retire fairly young and as Hawaii State employees full medical benefits paid for the rest of their retirement years. This certainly helped affording them a very comfortable retirement along with a good investment portfolio. Starting young is the key diversifying your investment portfolio incorporating investment properties, contributing to a stocks and bonds portfolio.
Now lets return and circle back to affordability and living comfortably in paradise! I believe depending on your age and occupation its really important to always have a nest egg of at least one years salary tucked away somehow. Interested in starting up a business here? The Hawaii office of the Small Business Association SBA can possibly help. My friends and family work in a diverse circle of careers from boat captains, educators, sustainability, health, dental and medical services, farmers, County and State employment, retail, musicians, mortgage brokers, and of course many working from home remotely. Purchasing and Selling your home and the timing of it plays out whether renting vs buying makes sense as our rental rates are very high and in very high demand. If your in it to be on the island for a moderate timeline say at least 3 years purchasing can possibly help especially renting out units in your home to offset the expense of it all. On Hawaii Island the County of Hawaii prohibits short terms vacation rentals less than 31 days unless you are in a ‘vacation node’ allowing for the County to provide you a permit fro a STVR (Short Term Vacation Rental. If you live in the home as an owner occupant you can rent rooms without a permit in non conforming areas (or areas that are not located in a vacation node. The laws are continually changing and we will be seeing revisions here shortly for all short term rentals which is 180 days or less. County and State and Hawaii Island tax all apply on rental units less than 180 days. For more information on this subject visit SearchHawaiiProperty.com.
Bottom line if you want to call Hawaii your home its attainable! You just have to want it! Living in paradise definitely sure has vitamin sea benefits to it!
Contact me for more information on any of these talking points:
Purchasing a Home in Hawaii-Cash or Financed.
Second Home and Resort Investment Property
Relocating to Hawaii
Shipping Your Possessions Including your vehicles to Hawaii
Employment in Hawaii
Bringing Your Fur Family to Hawaii
Hawaii Health Service Providers
1031 Exchange Programs
Getting Connected to a Local Mortgage Broker or Lender
Dog Friendly Places on the Island
Free Property Search Portal tailored to your wants and needs to purchase Hawaii property
For more information about me and my professional background and current affiliations visit my About page at SearchHawaiiProperty.com.
Until Next time-A Hui Hou!
Renee H. Kraft Luxury Top performing Hawaii State Broker born and raised on the island of Oahu named one of Hawaii State’s very best Realtors. She brings exceptional service to her clientele. Licensed professional Realtor in Hawaii Real Estate since 1992. She has the experience and tenacity to market effectively, negotiate, and focus with attention to detail every step of the way. Educated 7th – 12th grades at the La Pietra Hawaii School for Girls and the University of Hawaii Manoa campus with a B.A. in Psychology. She strives to continually keep up on the Hawaii economic forecasts and daily market activity. Technology driven Renee understands the importance of keeping her clientele in the loop on current market availablility and knowing the market inventory is 100% key to get her clients what they want. Extraordinary exceptional homes, estates, condominiums, and vacant land are her specialty. Integrity and honesty are just a fraction of what Renee shares with her clients and a very strong work ethic. Putting the client’s needs first utilizing the range of experience and knowledge, combined with a a huge amount of Aloha gives her great satisfaction that she can help her clients make sound and profitable real estate investments. Member Rotary Club of Kona -Accredited Buyers Representative (ABR) -Sellers Representation Specialist (SRS) -Graduate Realtors Instutute (GRI) -Resort and Second Home Property Specialist RSPS).