Over the years, we’ve helped thousands of VA buyers enter the market by purchasing their Hawaii condos. We’ve even gone on personal visits to follow up on our customers’ satisfaction with their condos!

2024 BAH to Purchase Price Conversion Matrix for Oahu Condos

While doing so, we can’t help but notice a commonality of ease among our condo dwellers. So let’s explore this state of comfort by looking at what there is to love about condo life in Hawaii. You’ll see that buying a Hawaii condo with your VA home loan benefits can offer several personal and financial benefits. Check them out below!

1. Lower Purchase Price

Generally, condos in Hawaii tend to have a lower purchase price compared to single-family homes. For example, in February 2024, the median sales price for a condo on Oahu was $512,500. In comparison, the median sales price for a single-family home on Oahu was $1,075,000. This means you may be able to enter the housing market at a more affordable price point.

2. Low Maintenance

Say aloha to fewer worries! Condo living means saying goodbye to mowing lawns, cleaning gutters, and fixing leaky roofs. Instead, spend your time sipping on frozen drinks by the pool. Which brings us to…

3. Lower Maintenance Costs

One of the significant financial benefits of owning a condo is the lower maintenance costs. With a condo, many maintenance tasks, such as landscaping, exterior repairs, and common area upkeep, are typically covered by the homeowners’ association (HOA) fees. This can result in lower monthly expenses compared to maintaining a single-family home, where you would be responsible for all maintenance tasks yourself.

4. Aloha Community

Condos foster a sense of community. You’re bound to meet fellow condo lovers who are eager to expand their circle of friends for beach BBQs and game nights!

5. Prime Locations

Condos in Hawaii often boast prime locations with stunning ocean views. Who needs a backyard when you have the whole Pacific Ocean as your playground?

6. Property Taxes

Property taxes for condos in Hawaii are typically based on the assessed value of the individual unit rather than the entire building or complex. Since condos generally have a lower assessed value than single-family homes, this can result in lower property tax bills for condo owners.

7. Amenities Galore

From fitness centers to tennis courts, condos offer amenities that would make a single-family homeowner jealous. It’s like living in a perpetual vacation (minus the tourists).

8. Security

Feel safe and secure in your own little slice of paradise. Condos typically come with security features like gated entrances and on-site staff, giving you peace of mind while you surf the waves or catch some Z’s.

9. Turnkey Living

Many condos are move-in ready, so you won’t be dealing with a fixer-upper. Start living the island life without breaking a sweat (or your back).

10. Cost-Effective

Buying a condo in Hawaii can be more budget-friendly than purchasing a single-family home. Between the lower purchase prices and lower maintenance costs, your wallet may be a little fuller. This means using your monthly Hawaii BAH as a mortgage payment will go further! *Check out great video content on Entry Level Honolulu Condos in Hawaii by Dwell Hawaii.

11. Potential for Appreciation

While single-family homes may have greater potential for appreciation over the long term, condos in desirable locations can also experience significant appreciation in value. In Hawaii’s competitive real estate market, condos may see strong appreciation over time, providing a solid return on investment for owners.

12. Lock-and-Leave Convenience

Planning a spontaneous trip? No problem! Condo living offers lock-and-leave convenience, so you can jet off at a moment’s notice without worrying about yard work or home maintenance.

13. Diverse Communities

Condos attract an array of residents, from retirees looking to soak up the sun to young professionals seeking adventure. You never know who you’ll meet in the elevator – maybe your next hiking buddy or fellow sushi aficionado!

14. Island Vibes 24/7

Last but certainly not least, condo living in Hawaii means immersing yourself in the laid-back island lifestyle. Trade lawn maintenance for sunset strolls and let the aloha spirit wash over you like a warm tropical breeze.

So, if you’re ready to embrace the simplicity and the endless adventure that awaits you in paradise, condo life in Hawaii may be the perfect fit. Find out if the condo you’re eyeing is already VA-approved for financing HERE.

Overall, buying a condo in Hawaii with your VA loan benefits can offer significant financial advantages, including entering the Hawaii housing market at a lower purchase price. However, it’s essential to carefully consider your individual financial situation and housing needs before making a decision. This includes looking closely at the HOA fees, restrictions, condo documents, and minutes from HOA meetings as they vary among condo buildings. Contact a VA Loan Specialist who can help you make an informed decision that aligns with your financial goals. Give Hawaii VA Loans a call at 808-792-4251.