Deciding to buy a vacation home in Charleston, SC can be
one of the smartest investments there is. Or it can turn into an irksome drain
on time and pocketbook. As much as with any real estate transaction, buying a
vacation home that fulfills its upside potential takes thoughtful weighing of
all the advantages and drawbacks a second home entails.
There’s nothing better than having your own place to
escape to when it’s time to get away… and if the same sanctuary can be rented
out now and again, that extra income only adds appeal. Especially when you find
a place that strikes an emotional cord, it can be hard to resist the impulse to
just make an offer and work out the kinks later. All the same, it pays to keep
an eye on some of the issues that don’t leap to mind when you think
“vacation.”
Even if it’s only a part-time venue, that Charleston vacation home will need ongoing maintenance attention.
If you are a dedicated DIY hobbyist, that may not be a large issue; but
if not, part of your due diligence will be verifying the availability and price
of professional help.
For a second home to make financial sense, all expense
items should be part of the budget calculations. A vacation home might be near
enough to the water to warrant flood insurance (or extra work done to prepare
it for floods), just as a cabin in a wildfire-prone area might be at greater risk
of fire and need extra coverage. If your vacation home will involve a home loan,
be prepared to pencil in a higher interest rate than what’s expected for a primary
residence. Even if it’s just a bit higher, the total amount will add up over
the life of the loan. Taking all expenses fully into account from the beginning
means there will be no surprises later on.
A Charleston area vacation home should be a place that lowers
everyday stress levels — not adds to them. There are plenty of properties
available; one of them might be just right for you!
Interested in selling your
Charleston area home? Visit: www.jeffcookrealestate.com
Interested in buying a Charleston
area home? Visit: www.discovercharlestonareahomes.com
-Jeff Cook
Jeff Cook Real Estate
Charleston, SC
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