The decision to buy a home versus renting one depends on various factors and individual circumstances. It’s essential to consider your financial situation, lifestyle, and long-term goals when making a choice. Thus, consult with a trusted loan specialist to determine if you’re in the best position to buy. And if you are, here are some great benefits of buying a home compared to renting:

1. Equity Building

When you buy a home, you’re building equity as you pay down your mortgage. Over time, the property becomes an asset that you can sell or use for other financial purposes. Renting, on the other hand, only provides a temporary place to live without any equity buildup. In fact, your monthly payments are working to build someone else’s equity (the owner of the home).

2. Stability and Predictable Payments

With a fixed-rate mortgage, your monthly payments remain stable over the loan term, providing financial predictability. In fact, the VA Interest Rate Reduction and Refinance (VA IRRRL) program makes it easy to lower your payments over time. Rent, on the other hand, can increase over time, making budgeting more challenging in the long run. At the time of this post, at current rates of rental inflation here in Hawaii, in ten years rents will increase more than 55%!

3. Freedom of Ownership

As a homeowner, you have more freedom to personalize and modify your living space according to your preferences. You can paint the walls, renovate, and make improvements without seeking permission from a landlord.

4. Great Loan Programs

As a Veteran or servicemember, home buying is easy with your VA home loan benefits. No down payment is required, pre-qualification is easier, interest rates are lower, closing costs are reduced, and refinancing options are awesome.

5. Tax Benefits

Homeownership often comes with tax advantages like the Hawaii Homeowner Exemption which can help lower your overall tax burden. Home mortgage interest is often tax deductible as well.

6. Potential for Appreciation

Historically, real estate tends to appreciate over time, meaning your home’s value may increase. This appreciation can provide a return on your investment when you decide to sell the property. According to, Hawaii housing market has seen moderate appreciation for years. Over the last 3 years, homeowners saw their homes appreciate by 19.1% in 36 months. For example, if you purchase a Hawaii home valued at $500,000 in 2023, it could potentially increase to $595,500 by 2026.

7. Sense of Community

Buying a home often leads to a stronger sense of community involvement and belonging, as homeowners tend to stay in one place longer than renters.

8. Stability for Family 

If you’re planning to settle down and start a family, owning a home can provide stability and a sense of permanence for your children’s upbringing.

9. Leveraging Your Investment

Real estate allows for leveraging, where you can use your home’s equity to access financing for other investments. Through the VA cash-out refinance program, equity in your current home can be used for a down payment on an investment property or new home purchase. Many homeowners also use equity for other major expenses like education tuitions or renovations and remodeling projects.

We hope you enjoyed learning more about the benefits of buying. Ultimately, the decision between buying and renting depends on your financial capacity, future plans, and personal preferences. It’s recommended to evaluate both options carefully and consider consulting with a financial advisor or mortgage industry professionals to make an informed decision. 

Contact us at 808-792-4251 to discuss your purchasing options with your VA home loan benefits or fill out our secure online loan application and we’ll reach out to you!