Things to Know When Purchasing a Vacation Home in SC

Now that we’re in the middle of fall, many of us in the Northeast and Midwest are beginning to prepare for colder weather and some of the problems that come from this. They include higher frequency of illness, icy roads, snow shoveling, and seasonal affected disorder.  To avoid this, many people who can (such as retirees and those who work from remote) will look into purchasing a vacation home to divide the time this year.

One of the best places to shop for a second home is in the Charleston, South Carolina area. With warm temperatures and a perfect view of the Atlantic all year round, many tourists have come to call Charleston home. And it can be affordable as well. While certainly a luxury, there are many incentives out there to purchase a second home. Let’s take a look at a few of them to show why owning your own piece of Charleston real estate is a great idea.

·         Your loan rate will essentially be the same: According to a Washington Post article published last year, real estate experts who were asked about second home rates said that you could easily get the same rate you would from a principal home. The difference is in the down payment.  While you can put as little as 3.5% down using FHA financing or 5% for commercial financing, you must put at least 10% down for a second home using commercial financing. However, as long as your loan rate is good, your loan rate can be just as low as that of your principal home loan.

·         You’ll get to avoid terrible winters: Depending on where you live, you probably experience winters that aren’t favorable. When you purchase a home in Charleston, you have access to a home that won’t be hindered by many of the bad parts of winters. Charleston winters are generally warmer than other parts of the country, so you can enjoy tennis, walks along the beach and other leisurely activities that require better weather.

·         You’ll experience some of the benefits of a friendly hometown: Most everyone who comes to Charleston, SC will experience friendliness they won’t experience anywhere else. Southern charm isn’t a myth. In addition to great restaurants and beautiful beaches, one of the best benefits of living in Charleston will be knowing who your neighbors are. Those who come call Charleston, SC their second home. You will often find that every person you come across will greet you with a wave and a hello.