In today’s high priced housing market, many would be homeowners are exploring the idea of partnering with friends or family to buy real estate together as a way to share the cost and make homeownership on Maui, or other islands in Hawaii, more affordable and attainable. There are certainly benefits to buying a house or condo in Hawaii as a hui. But before jumping on the idea, make sure you also explore all of the potential downsides and problems that this can lead to.
I can speak to this situation personally, as one of the owners of Maui Home Buyers. I actually live in a shared property that I own with family members that also live in a separate home on the same piece of property in Makawao, Hawaii (on the island of Maui). Money.com recently wrote an article about this topic and asked us to share our experience and our opinions of this option.
Follow this link to check out our story that was featured in the article Money.com wrote titled: The Pros and Cons of Buying a House With Your Friends
Bank of Hawaii also wrote a very informative article that can be found here: Buying a Home from a Family Member—What to Know