Living Akamai: First-Time Home Buyers

In another “Living Akamai” addition, Kay Mukaigawa joins us in the Green Room to talk about first-time home buyers.

We asked Kay if she had any advice for first-time home buyers. Kay says, “Absolutely…like any life change, you have to prepare and be ready. How you approach this can make a difference to someone buying property at an early age or much later in life. It takes time and commitment and you will create a wish list with your realtor and learn about prioritizing and balancing important things like a second parking spot, washer/dryer in the unit and which buildings allow pets. But, before you even start, you need to understand your buying power and that starts with knowing more about your financing and your credit score.

Kay continues, “Some employers these days may even choose to look at your credit report to determine your level of responsibility. Understanding your credit rating and learning what not to do is key to ensuring your credit remains good. A high credit score can actually equate to a lower mortgage payment. Buyers need to qualify and figure out how much they can afford and start making that payment by recording it each month. Develop the habit of making that mortgage payment up front and that way they can figure out if they need to adjust their spending habits ahead of time. If you’re looking to pay $2,500/month when you find your new home, pay that amount today and put it away. Within 6 months, you’ll have an extra $15,000 that you can apply to your down payment or use for furniture and that way you don’t incur large debts on your credit card when they move into their new home. If first-time home buyers can develop good habits, they will find home ownership so much easier. »

Kay also stressed the importance of understanding concepts such as “reserved accommodation, shared equity, and shared appreciation.”

To learn more about these and other topics related to buying a home as a first-time home buyer or seasoned real estate veteran, call Engel and Volkers at 808-725-2000 . Or visit them online at

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