by carolinaone_marketing
30. December 2013 06:28
Many people who purchase a home in Charleston, SC are doing so for the purposes of owning a vacation home in the wintertime. If you live in the Midwest, Northeast or Pacific Northwest, look outside right now. December 21st marked the beginning of winter, so we imagine there’s snow, ice or something indicative of the winter months. Those who are retired or can work remotely will often bypass these months and go somewhere with more approachable weather.
Because Charleston enjoys rather warm winters and has a location right off the Atlantic coast, it is a popular vacation home spot, and there are many homes available. If you’re considering purchasing a vacation home, here are some things to keep in mind as you search for South Carolina real estate:
You’ll need a pretty good credit rating: Obtaining a second loan often requires a bit higher of a credit score to get approval or a favorable rating. If you haven’t checked your credit score or gotten a credit report in a while, it might be a good idea to review these things to look for any mistakes or ways you can improve your score. You’ll generally need a score of at least 720 for a second/vacation home.
Save up for a larger down payment: On traditional home loan mortgages, the rule of thumb is generally 20%. With a second home, many lenders will require a larger down payment up front –usually in the range of 25%-35%. Take this into account when reviewing to see how much home you can afford. Plus, it’s best to have as large a down payment as possible to ensure the bank’s confidence in giving you a good rate.
Figure out why you’re getting a second home in the first place: On the top of the financial considerations you must make, it’s also a good idea to take a look at why you’re buying a second home in the first place. Is it just the weather? Are you looking to explore new interests? Do you want to be around family? All of these social considerations will help you determine where would be the best place to purchase a second home. The Charleston area offers many social opportunities and is highly accessible, so you’re only at most a flight away from children, grandchildren and friends.
If you’re interested in purchasing a second home in the Charleston area, please contact us today to find the right home for you.