Relocating to a Charleston New Home—Sight-Unseen!

One of the unusual situations that sometimes crops up in Charleston real estate is one where the buyer purchases a house without ever seeing it. This may sound nuts—but there are circumstances (more than you’d think) where it can be the only practical solution.

Wholesalers and house-flippers, for instance, sometimes simply haven’t time to visit every property they suspect is a great buy. Other times, buyers might be relocating to Charleston, SC from out of state (or even out of the country) under a timetable that doesn’t allow them an extra visit—or even a first visit! According to the latest full-year data from the National Association of Realtors^®, home sales to foreign buyers amounted to $68 billion!

As you’d guess, the risks of purchasing a house sight-unseen when relocating to Charleston, SC remain stark. Nonetheless, there are ways such buyers can protect themselves: 

Adding a contractual walk-though contingency—one which allows a final walk-though before signing at closing—is the surest protection. Sellers aren’t obligated to accept such a contingency (and in a competitive market it’s less likely to be acceptable), but if it’s allowed, it’s also a sign that the property is likely to pass muster.  

The odds of a good “sight-unseen” result when relocating to Charleston, SC grow significantly better when you present your agent with a clear list of requirements. Some important factors outside of specific house metrics could be the quality of local schools, transportation links and commuting times, crime rates, shopping and entertainment and recreation area access.

It is especially important to hire a first-class home inspector. When you can’t visit the property yourself, your inspector can be the trained eyes that prevent your inheriting unneeded maintenance issues. If the listing doesn’t give you a clear idea of how the home is laid out, requesting a video of both interior and exterior of the property is a good idea. If one isn’t available, don’t be shy about asking your agent to make a walk-through video for you.  

For anyone relocating to Charleston, SC when a ‘sight-unseen’ home purchase is necessary, choosing the best-qualified Realtor and inspector couldn’t be more important. In that situation, they become your ears and eyes on the ground!

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

Why Charleston Area Smart Homes May Not Be Such a Dumb Idea

With cars, TVs—even watches—getting connected through WiFi and wireless telephones, it’s small wonder that “Smart Homes” are here, too. According to Forbes, companies offering smart homes technology will be a $35.6 billion industry within just three years. They already offer Charleston homeowners an array of connected appliances, security systems and even HVAC systems.

From what I’ve seen, their marketing has highlighted the convenience factor—but if that seems to be more sizzle than steak, here are some surprisingly substantial reasons why you might consider upgrading your own place into one of the Charleston area’s smart homes:

Your current security system gives you peace of mind whenever you’re out of town. But have you ever wondered whether you remembered to lock the back door? Smart homes let you click a function on your phone that commands the home to lock itself! The same app can also send you a live video feed of the interior and exterior of your home.

In addition to securing the premises, Charleston area smart homes can help you prevent home accidents. Smart appliances can be controlled via mobile apps which allow you to turn off ovens, stovetops, microwaves and even washing machines from anywhere you establish a WiFi connection. This minimizes the risk of the kind of home fires which can be caused by unattended appliances. (If you’re thinking that homeowner insurance premium discounts may soon be offered for connected homes: the Wall Street Journal reports that they already are!)

Major manufacturers GE, LG and Samsung have introduced complete lines of connected appliances controlled via mobile phone, eliminating the need to physically get up to adjust settings. Think how, especially for the elderly and handicapped, this would meaningfully enhance their quality of life—maybe even extending their ability to live at home without assistance. For all age brackets, being able to effortlessly control lighting, heating and air conditioning at the touch of a device screen will inevitably result in practical energy savings; and that raises perhaps the most important selling point for smart homes technology—

Increasing the value of Charleston area smart homes when they come up for sale. The practicality of smart homes is already especially appealing to the growing number of tech-savvy buyers.

If you’re comparing home upgrades prior to putting your own Charleston home on the market, I’m here to help you choose which (if any) are likely to add the most value. Call me anytime to discuss your short and long term plans!

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

How a Charleston, SC Vacation Home Makes Financial Sense, Too

For many Charleston homeowners, it sounds more like a pipe dream than a carefully thought-out investment: getting your own vacation home—a refuge where you can put your feet up, relax, and tune out the stress of daily life.

True, if you look only at the cost of a second home, it sounds like a pretty costly indulgence. But in many cases, stepping back to take in the bigger financial picture, it could wind up being one of the shrewdest financial decisions you can make!

Consider:

1.      Vacation savings. Using your Charleston area vacation home more than once or twice a year can easily result in annual six-figure savings. The resort hotels and eateries’ loss is your gain when you and grateful relatives and friends are able to enjoy your vacation getaway. 

2.      Extra income. One of the motivating factors for many local vacation home owners is the possibility to create a new source of some extra income. When you consider renting out your vacation home when you’re not using it, your occasional renters can cover some of the property’s mortgage and operating expenses. Also, renting your vacation house increases the proportion of time that it’s in use, reducing the kinds of maintenance issues that can develop when minor problems go undetected—especially during winter months.

3.      Tax advantages. A Charleston vacation home can become significantly more attractive when you take advantage of the considerable tax advantages. Consult your licensed financial advisor to confirm the details: in general, if you rent your second home for 14 days or less, it qualifies for the mortgage interest tax write-offs you get for your primary residence. And if you rent it out for more than 14 days in a year, a proportional amount of upkeep expenses can be deductible, as well.

4.      Retirement prep. If your Charleston area vacation home winds up becoming your home base for retirement, having acquired it early on as a vacation home now can be a terrifically wise move in the long run. By retirement, you will have built the kind of equity that reduces your mortgage debt, freeing up your retirement income stream for more pleasurable expenditures, like gambling, sumo wrestling, or even taking one of Richard Branson’s Virgin Galactic rocket rides to an asteroid. 

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