The cold winter months may still be upon us, but many people are even now deciding where to spend their summer vacations. But if you're like many others, you probably get tired of the yearly task of finding a place to spend your vacation, booking dates and paying a significant amount of money just to stay somewhere for a limited amount of time. Instead, why not save yourself the hassle and buy a vacation home?
Owning a vacation home can be a rewarding experience—both personally and financially: a vacation home is a great way to help boost your finances, as you can rent it out and make a profit when it's not in use; it's a great getaway spot at any time of the year; it can even be the place that you eventually retire to.
Ranked as one of the best family summer vacation spots, Charleston, SC and its nearby beach towns are an ideal location for people that are looking for a summer home. Understandably, buying real estate in South Carolina, or anywhere for that matter, is a huge financial commitment and one that shouldn't be taken lightly.
If you're looking to buy a vacation home or are considering it, here are some pointers to keep in mind.
1. Don't just pick the location, get to know it
Before you make an offer on a home, you should really get to know the area. Visit it several times to explore the neighborhoods, amenities and nearby shops, restaurants and activities. You'll want to know what the area has to offer during the summer, as well as the off season.
2. Does the property have rental potential?
Often, homeowners rent out their vacation properties to get some extra income. Since beaches are some of the most desirable locations, Charleston and its surrounding environs are the perfect option. If you decide to rent out your property, make sure that it includes amenities that renters expect, such as cable, Internet, dishwasher, and maybe even a pet-friendly designation, to name a few. Having these increases your chances of being able to rent the place out.
3. Add up all the costs
Mortgage rates can be higher for second homes and you may also asked for a larger down payment. Speak to a real estate professional to determine these costs. Also, if you'll be counting on rental income to help pay for the mortgage, make sure to ask renters to pay a price that's fair for them, but still benefits you.
4. Don't rush into making an offer
Like purchasing your first house, choosing a vacation home is a big decision and you shouldn't rush into making an offer. You want to be confident that the home not only meets your criteria now, but will later down the line. It's in your best interest to speak to a real estate professional to help you make a smart decision.