Friday, October 25, 2013 / by Fra Jamir
As the housing market continues its recovery, sales of vacation homes in the Charleston area are part of the national picture reported by the NAR — which tells us that vacation home sales rose by over 10% last year.
While owning your own vacation home in Charleston automatically sounds great, a thoughtful reality check is always in order. Particularly when a vacation home is involved, it minimizes the likelihood of making an overly emotional decision (and eventual buyer’s remorse).
The first question to ask is How often will we actually use the home? If you travel the Charleston area just once a year for a week or less, keep in mind that, in addition to the purchase price, your actual costs include insurance, real estate taxes, and upkeep on the property. It’s likely you’d be dollars ahead by simply renting a home. On the other hand, if you stay for weeks or months at a time (or eventually plan to retire in Charleston), the investment looks a lot more practical.
Next question: Do I have a maintenance plan? Maintaining a vacation home in Charleston needs to be considered, particularly if you live hours away. You’ll need to find a local to ensure that the property is well maintained and protected. Consider working with a Charleston property management company to outsource oversight. This approach can change the entire landscape, if it enables you to rent the home and turn it into an investment property when you are not using it.
And a vital question: How does the asking price compare? Very often, people visit the Charleston area, fall in love with the place, then find what they know is the perfect house! That’s precisely why working with a Charleston Realtor® is key: you need to enlist the knowledge of a local professional in order to get timely, accurate input on its actual market value and other issues that may impact the property. It is really the prudent way to protect your interests.
A thoroughgoing reality check makes buying a vacation home in Charleston a levelheaded and worthwhile decision. I’m here to make sure that happens!
Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com
Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com
Jeff Cook Real Estate