With interest rates in Hawai‘i nearing or topping 5%, now might be a good time to use a home equity line of credit for big purchases.

Honolulu trails only New York and San Francisco when it comes to building costs, according to project management company RLB.

A report by UH economists says building regulations here are the most onerous in the U.S., just as our home prices are the highest.

Here’s how you can make it happen on O‘ahu, even without a big loan from your family.

The only short-term rentals still legal got their permits before 1990 or are in the resort areas of Waikīkī, Ko Olina or Turtle Bay.

As on Maui, mainland buyers of local homes had a bigger impact on both islands than they did on O‘ahu. Meanwhile, the number of transactions is declining statewide and prices continue to rise.

They bought more than a third of all homes sold on Maui last year and accounted for almost half of the money spent.