4 Tips for Charleston Home Investors
In this article, I'll go over my top tips for Charleston home investors.
In this article, you’ll find tips that I’ve put together for Charleston home investors.
Charleston is the largest city in the state of South Carolina and undoubtedly the most beautiful one.
If you are thinking of buying a property in Charleston, here are a few things that you should keep in mind so that you end up buying a property that is worth your money.
The first and foremost thing that you should be aware of is that Charleston has been ranked as one of the best places to live.
Hence, there are a lot of buyers, which means that you have to compete a lot for the properties over here.
Therefore, the sellers over here have an upper-hand in deciding the prices and bargaining as well.
Table of Contents
Areas You Should Refrain From Investing In
Although Charleston is a good place to settle, there are still certain areas that you should avoid at all costs. Here are a few areas that have recorded a high crime rate.
- North Charleston
It is still on the list of the top 50 most dangerous places in South Carolina.
The crime rate here is extremely high. Murders, rape, drug trafficking are reported continuously by the residents.
The crime rate is 67.5 per thousand people, which is higher than the average crime rate. Moreover, out of there are chances of 1 vehicle being stolen out of every 167.
The cases have reduced over period of time but the number of rape cases is still high. Property crime is comparatively lower than violent crime.
- West Ashley
Crime cases recorded in this district are the fewest. Mostly the cases were about car break-ins and burglary.
However, few cases of murders were also recorded.
The property crime rate is quite high. Whereas, the violent crime rate is low. Also, there are negligible cases of pickpocketing.
- Goose Creek
Cases of robbery, murder, and shooting have been recorded. The cases are very high and the police are actively involved.
However, the area is not safe at night time especially for women as the rape case has increased a lot in 2020.
- Wagener Terrace
Petty crimes and property crimes happen quite regularly. As reported by the residents, pickpocketing is extremely common in this area.
Safest and Best Areas in Charleston
- Mount Pleasant
This is one of the best places to live in. The schools here are the best. Moreover, there are a lot of cafes, parks, and malls. The majority of the residents prefer this area over any other area.
- James Island
It ranks in the top 15 places to live in South Carolina. Ethnicity is diverse. Schooling facilities are great.
- Isle Of Palms
The community over here is great. It is very scenic because of the beautiful beaches. The people over here are very friendly, making it a perfect place for families to live.
- Folly Beach
It is considered one of the most relaxing places of all time. The properties over here are cheaper than those of the other islands.
Moreover, the beach activities that are available over here makes it so a fun place to be!
- Sullivan’s Beach
It is one of the priciest areas to live in but at the same the most beautiful one. The properties over here are really expensive simply because space is less but the demand is on the higher side
Although properties are expensive in this district, the property taxes are as low as 0.57% which is considerably less than the overall national average of 1.08%.
The mortgage rates are more or less the same as the average. However, it is always better to directly ask for quotes from the bank that is going to finance you.
(Based on Values on December 2020)
Going by the figures, the cost of living is 4% higher in Charleston as compared to the national average cost of living.
Therefore it is always a better alternative to stay in a rental place before buying one so that you could be acquainted with the place and can decide whether you want to reside in it or not.
On average, the rent per month is around $1889 with an annual increase of approx. 6%.
The lowest rent areas are Rosemont, Hibernian, and Air Harbor-Geddes hall where the rents are somewhere between $1079 to $1098 per month.
On the contrary, downtown Charleston, the south of Broad and Harleston village has the highest rental that is $2216 per month.
Buying a property is one of the most crucial decisions. You should be well aware of everything before buying one.
Consider all the details i.e., the locality you are selecting. Be well aware of the property taxes and mortgage rates.
If you have a family, schooling facilities and job opportunities are a must check before buying a place. Ensure that your area is safe and the crime rates are low.
Lastly, always try to make a profitable investment, that is to buy a house whose value is going to appreciate with time.
Charles is the founder of infoSpike.com. He enjoys real estate investing, marketing, and personal finance. Read more about Charles here.