If you have visited the Charleston, SC area, you may have fallen in love with it. We have, and we know many homeowners who knew they had to have a home in the Charleston area after visiting it a few times. The beaches are beautiful, the weather is great all year round, and the food is fantastic. Plus, there is a ton of history here, and the people are so friendly. They don't call it Southern Charm for nothing!
However, before you immediately go out and buy a second home in Charleston, SC, we wanted to provide you with a few words of wisdom. As experts in real estate in Charleston, SC, we have sold homes to many people who were using them as a second vacation home. Most have not regretted the decision for a second, but all of them had a clear understanding of what went into home ownership before they agreed to a contract. Here are five things you think about before looking at homes:
Get a Real Estate Agent that Is Local: If you don't live in the area that you want to move to, no matter if it's Charleston or anywhere else, you will definitely want to find a local agent who can help you find homes in the area that meet your individual needs. An agent can provide you with up to date information on new homes on the market that you may not be able to get if you're hundreds of miles away. He or she can also make you aware of any local information that you should know before you schedule a visit.
At the Same Time Get to Know the Area as Well as Possible: Like we said, we haven't encountered anyone who has had buyer's remorse purchasing a second home in Charleston, SC. Still, if you have only been to Charleston once or twice, we would recommend coming out for an extended visit. Make sure that this is really the place you want to spend your summers or winters, depending on where you are. Talk to the locals too. We're pretty sure they'll sell you on the area, but insider information can really help you know if Charleston is right for you.
Figure Out What Kind of House You Want to Buy: If you're purchasing a second home to spend time in occasionally, you may not require a lot of space. A smaller home or condo will certainly save you money on maintenance costs. However, at the same time, if you will have friends and family over when you do come to Charleston, space could be tight. Then there's the question of whether you're going to retire there. What kind of a home do you want to retire in? It's crucial to do an evaluation of what your needs are in order to make an educated decision.
Are You Going to Rent Out Your Home? If so, you will need to learn more about what your tax benefits and obligations are. For example, if you rent out your home less than 15 days out of the year, then you don't have to report that rental income. However, you can't deduct any rental expenses like upkeep, cleaning costs, etc. However, if you rent more than 15 days out of the year, you do need to report that income. However, you do get to deduct your rental expenses on your tax bill. If you wish to make a little money on your home when you're not there, renting is an option.
Examine Your Plan, Both Short Term and Long Term: If you are planning to retire there, is the home near quality healthcare facilities and does it have reliable transportation options? Obviously, if you are going to choose a home in Charleston, SC, the answer to that question will be yes. Is your second home close enough where getting there won't be a hassle if you plan on making a weekend trip? Why do you want a second home in the first place? By examining your goals and reasoning to purchase a second home, you should be able to make the right decision.
Carolina One real estate associates can help you find the home of your dreams in Charleston, Isle of Palms, Mount Pleasant, and many other parts of the Charleston metropolitan area. If you fell in love with Charleston and want to make your home here, contact us today at (800) 342-2105.