E-6 BAH (w/dep), Honolulu County Hawaii for 2007 is $2412: What Will That Buy?
BY: David Kucic, Hawaii Real Estate Agent, 1SG (Ret)
So you are coming to Hawaii and thinking about buying a home. Great choice! Especially when you realize that almost all of your mortgage payment will be covered by your BAH.
What can you get over here in Hawaii that will be covered by your BAH? Here is an example with the following thoughts in mind:
•1) Assuming you are stationed at Schofield Barracks, Hawaii which is just outside of Mililani Mauka and Mililani Town or at Wheeler Army Airfield which is across the road from Schofield Barracks.
•2) You are going to use your eligibility under the VA Home Loan Guaranty Program. This will allow you to do 100% financing and wont require you to put in a down payment. You will also be able to avoid Private Mortgage Insurance or "PMI".
•3) You understand that homes in Hawaii are considerably smaller and they cost a lot more than they would on the mainland.
•4) This home will not be your "retirement dream home" but should be thought of as an investment for your future. When you PCS in 3-6 years, you can hold on to the property and use it for a rental. It's like having one big share in the stock market except real estate is something you can actually touch.
•5) You understand that there is a "maintenance fee" that you must pay in addition to your mortgage payment. The maintenance fee covers a variety of items that vary from complex to complex. However, the most common inclusions are insurance on the building (not your contents inside), sewer and water. It also includes maintenance and upkeep of the common areas, swimming pool, parking lot, roof, painting of the outside of the building to name a few. In Mililani and Mililani Mauka, I like to use the maintenance fee of $300 per month as an estimate. Some are higher and some are lower but not by too much.
A single family home in Mililani Town or Mililani Mauka is out of the question based on the criteria above. YOU MAY BE ABLE TO LOOK THERE IF YOU ARE EITHER DUAL MILITARY AND/OR YOU DON'T MIND SPENDING MORE THAN YOUR BAH.
There is a neighborhood called Launani Valley that has several nice condominium complexes such as The Gardens, Terraces, The Ridge and Stremside to name a few. Check out my recent post about Schofield and Wheeler AAF communities and "Sales Statistics" at the above condos.
Property location is the Gardens at Launani Valley. It is located approximately 10 minutes from Schofield Barracks and 3 minutes from the Army's Leilehua Golf Course. Estimated sales price is $315,000, VA Funding fee is 2.15% ($6,772). This puts your total payment including principal, interest, insurance, maintenance fees at $2336 per month.
Call or email me anytime to get more examples for your specific pay grade or to have a personal market report emailed to you.
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MILITARY BASES, POSTS AND FORTS ON OAHU, HAWAII AND POHAKALOA TRAINING AREA BIG ISLAND OF HAWAII
Schofield Barracks: Mililani, Wahiawa, Kapolei, Waipahu, Ewa Beach, Waipahu, Makakilo, Oahu, Hawaii Schofield Barracks and adjoining Wheeler Army Airfield are the 2nd Brigade, 3rd Brigade, Aviation Brigade, 45th Sustainment Brigade and the 8th Military Police Brigade. In addition, the 8th Theatre Sustainment Command, 65th Engineer Battalion, 25th Special Troops Battalion and the 556 Personell Service Battalion are also part of the Division team and play an integral role in the success of the Division.
There are also two Brigades that are stationed in other locations. The 1st Brigade is stationed at Ft. Lewis, Washington and the 4th Brigade is stationed at Ft. Richardson, Alaska.
The 25th Infantry Divison has proudly served in numerous wars and conflicts around the globe. The Soldiers that make up the division are currently deployed to several locations to include Iraq.
Pearl Harbor: Pearl City, Pearlridge, Aiea, Salt Lake, Honolulu, Waipahu, Oahu, Hawaii
Hickam Air Force Base: Pearl City, Pearlridge, Aiea, Salt Lake, Honolulu, Waipahu, Oahu, Hawaii
Marine Corps Base Kaneohe: Kaneohe, Kailua, Oahu, Hawaii
Camp H. M. Smith: Salt Lake, Moanalua, Honolulu, Aiea, Pearl City, Pearlridge, Oahu, Hawaii
Tripler Army Medical Center: Salt Lake, Moanalua, Honolulu, Aiea, Pearl City, Pearlridge, Oahu, Hawaii
Fort Shafter: Salt Lake, Moanalua, Honolulu, Aiea, Pearl City, Pearlridge, Oahu, Hawaii
Wheeler Army Airfield: Mililani, Wahiawa, Kapolei, Ewa Beach, Waipahu, Makakilo, Oahu, Hawaii
Helemano Military Reservation: Wailaua, Wahiawa, Mililani, Haleiwa, Oahu, Hawaii
Kahuku Training Area: Kahuku, Oahu, Hawaii
Kilauea Military Reservation: Hilo, Kona, Hawaii
Pohakuloa Training Area: Hilo, Kona, Hawaii
Makua Military Reservation: Waianae, Nanakuli, Makaha, Oahu, Hawaii
TEMPORARY LODGING FACILITIES FOR THE ARMY, NAVY, AIR FORCE, MARINE CORPS, COAST GUARD, RESERVISTS, NATIONAL GUARD, DOD CIVILIANS AND RETIREES ON OAHU, HAWAII
The Hale Koa Hotel on Waikiki Beach: Honolulu, H
The Inn at Schofield Barracks: Mililani, Wahiawa, Kapolei, Waipahu, Ewa Beach, Waipahu, Makakilo, Oahu, Hawaii
The Royal Alaka'i at Hickam Air Force Base
The Lodge at Kaneohe Bay and the Cottages at Kaneohe Bay
Navy Lodge Hawaii at Pearl HarborThe Beach Cottages at Kalaeloa (formerly Barbers Point NAS): Mililani, Wahiawa, Kapolei, Waipahu, Ewa Beach, Waipahu, Makakilo, Oahu, Hawaii
Tripler Army Medical Center Guest House
Bellows Air Force Station Beach Cabins
GOLF COURSES ON OAHU, HAWAII FOR ARMY, NAVY, AIR FORCE, MARINE CORPS, COAST GUARD, RESERVISTS, NATIONAL GUARD, DOD CIVILIANS AND RETIREES
Leilehua Golf Course (Army, Schofield Barracks) Mililani, Wahiawa, Kapolei, Waipahu, Ewa Beach, Waipahu, Makakilo, Oahu, Hawaii
Walter Nagorski Golf Course (Army, Ft. Shafter)
Mamala Bay Golf Course and Kealohi Golf Course (Air Force, Hickam AFB)
Kaneohe Klipper Golf Course (Marine Corps, Kaneohe Bay)
Barbers Point Golf Course (Navy, Barbers Point): Mililani, Wahiawa, Kapolei, Waipahu, Ewa Beach, Waipahu, Makakilo, Oahu, Hawaii
Navy Marine Golf Course (Obvious Right?)
COMMISSARIES ON OAHU, HAWAII FOR ARMY, NAVY, AIR FORCE, MARINE CORPS, COAST GUARD, RESERVISTS, NATIONAL GUARD, DOD CIVILIANS AND RETIREES
Schofield Barracks Commissary near Wahiawa, Waipahu and Mililani, Hawaii Kaneohe Marine Corps Base Commissary near Kaneohe and Kailua, Hawaii Barbers Point Commissary near Kapolei, Ewa Beach and Makakilo, Hawaii Pearl Harbor Commissary and Hickam Air Force Base Commissary which are both near the cities of Pearl City, Pearlridge, Aiea and Honolulu.
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