Tax Benefits for Homeowners

As tax season approaches, it’s the perfect time to explore how homeownership can help you save money on your taxes. Owning a home comes with significant financial benefits, including various deductions and credits that can reduce your overall tax bill. From mortgage interest and property taxes to potential energy-efficient property credits, this guide covers the key tax advantages available to homeowners and explains how to maximize your savings this tax season. 

Standard vs. Itemized Deductions

Homeowners can reduce their taxable income by either claiming the standard deduction or itemizing specific expenses. The option you choose depends on your financial situation and the deductions available to you.

Standard…

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What Are Capital Gains?

Capital gains refer to the profit you make when you sell a property for more than you paid for it. Similar to selling stocks, the gain is the difference between the purchase price and the sale price. However, real estate has unique considerations. For example, the original price includes the cost of certain improvements, so keeping receipts for renovations is essential.

How to Calculate Capital Gains on Real Estate

Capital gains in real estate are based on the adjusted cost basis of your property rather than the purchase price alone. Here's how to calculate it:

  1. Start with the Purchase Price
    This is the total amount the property sold for, not just the cash you brought to the closing table.

  2. Add the…

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Makena Place: Exclusive Oceanfront Living in South Maui

Nestled along the pristine southern coast of Maui, Makena Place is a gated luxury community that offers unparalleled privacy, elegance, and convenience. Spanning five meticulously landscaped acres, this exclusive neighborhood features 10 distinct single-family homes, each thoughtfully designed to harmonize with the surrounding tropical beauty.

Prime Location

Makena Place is perfectly situated to combine tranquility with accessibility. The community is just a five-minute stroll to two stunning beaches, located near the renowned Makena Surf. Here, residents enjoy the soothing sound of crashing waves and breathtaking sunsets over the Pacific Ocean. The…

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Maui Property Tax Exemptions:

A Guide to the Owner-Occupant & Long-Term Rental Exemptions

If you're a property owner in Maui County, you're likely aware of the potential for property tax exemptions, but understanding which ones you qualify for can be a bit overwhelming. While there are several types of home exemptions available, the two main ones that are most common are the Owner-Occupant Home Exemption and the Long-Term Rental Exemption.

In this blog post, I'll break down the details of both exemptions, explaining how they work, who qualifies, and the steps you need to take to apply. Whether you're a homeowner looking to reduce your property taxes or a landlord renting out your property long-term, these exemptions can offer significant…

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November 2024 Market Report Maui

Maui Real Estate Market Update: Sales Trends & Shifts in Prices

Let’s take a look at what’s happening in Maui’s real estate market right now.

New Listings & Pending Sales
New listings for Single Family homes on Maui have seen a significant jump, rising 33.3%, while condominium listings have barely budged, with only a 0.7% increase. As for pending sales, Single Family homes are doing well, up 3.2%, but condo sales have taken a notable downturn, dropping 35.8%.

Inventory Levels on the Rise
When it comes to inventory, there’s more for buyers to choose from. Single Family home inventory is up by 54.3%, and condo inventory has skyrocketed by 138.5%. That means more options for buyers, though the market is still adjusting to these shifts.

Price…

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How Is The Maui Market?

On Maui, we're seeing some interesting shifts in the real estate market.

  • New listings for single-family homes have increased by 17.0%, and for condos, they're up by 9.8%. This means more options are becoming available for buyers.
  • However, pending sales have taken a hit, dropping by 25.4% for single-family homes and 40.4% for condos. This indicates that fewer homes are going under contract right now.
  • Inventory levels have also risen significantly, with a 25.8% increase for single-family homes and a whopping 198.2% increase for condos. More homes on the market can be great news for buyers, giving them more choices.
  • Interestingly, while the median sales price for single-family homes has jumped by 30.8% to…

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Rate vs. APR:

Understanding Mortgage Interest Charges

 Knowing the difference allows borrowers to accurately compare the true cost of different mortgage offers. While the interest rate shows the cost of borrowing the principal alone, the APR includes additional fees, giving a fuller picture. Understanding both metrics helps borrowers assess the total cost of their mortgage, including fees that might not be obvious at first glance. This ensures they are not surprised by hidden costs later.

Interest Rate:

  • Definition: The interest rate is the annual percentage charged by a lender on the principal amount (the initial amount borrowed).
  • Purpose: It represents the cost of borrowing the principal amount alone.

Annual Percentage Rate…

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Unlock the Secrets of Homeownership

You are invited to our free webinar!

Are you ready to unlock the secrets of buying your own home? Imagine finally having a place to call your own, where you can build wealth and create a stable, happy life for you and your family. If this sounds like a dream you want to turn into reality, then we have the perfect opportunity for you!

Join our free online class every last Wednesday of the month, and start your journey to homeownership and financial empowerment.

Why Attend Our Webinar?

Many families might not realize how achievable it is to buy a home and secure a bright future for themselves. This webinar is designed to break down the process of buying a home in today's changing market, making it…

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How Is The Maui Market?

As you will see below, we are clearly in a buyer's market for condominiums, as months supply over six, is the threshold. There are a few events that are contributing this buyer's market. 

  • SB2919 is a major player in the changing condo market on Maui. The bill gives counties in Hawaii the power to regulate short-term vacation rentals, aiming to address the housing crisis by potentially reducing the number of short term rentals in Apartment zoning. This has increased Maui's condo inventory and is impacting more than just the short term rental properties.
  • Higher AOAO dues that we are seeing at many of the complexes, due to the result of insurance increases since the fires. We are seeing these increases in other sates…

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How Does SB 2919 Impact Maui Vacation Rentals? 

What are the potential impacts of Senate Bill 2919 on Maui vacation rentals? This significant legislative change could dramatically alter the landscape for short-term vacation rentals across Hawaii, with a particular focus on Maui.

What's the buzz all about? The Maui mayor's strong reaction to this bill has sparked widespread discussion. Although the legislation affects the entire state, each county has the authority to decide how to implement these changes. 

Considerations

  • What is Senate Bill 2919: The bill gives counties in Hawaii the power to regulate short-term vacation rentals, aiming to address the housing crisis by potentially reducing the number of short term rentals in…

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