The Charleston, South Carolina area has seen notable population growth in recent years as people relocate from around the state and the country. If you are looking to relocate or simply buy an investment property, the greater Charleston area offers several advantages as population growth drives development, business, and improves overall market value for properties. However, no matter what your reasons, careful research has to be done before buying a property. Here are eight factors to keep in mind before buying residential property.
Eight Things To Consider Before Buying Residential Property
- Local Neighborhood: where a property is located affects who your neighbors will be if you choose to live there or who your tenants will be if renting. For example, property near the College of Charleston will have a large renter pool due to the student population. A property in the historic district can be very rentable as a getaway house for those who love Charleston. This is how many future buyers test out living here.
- Property Taxes: property taxes can vary greatly. In Charleston County the primary factors are the property value and if it is a primary residence or not. It is easy to calculate the property taxes of a target property. Calculate estimated property taxes for a Charleston property.
- Crime Statistics: review local crime statistics of an area before buying. The local library or the police should be consulted to assure you are receiving accurate information. Crime does affect property value and your peace of mind as a resident. Also, check to see what crimes occurred locally to get a good overview of overall safety.
- The Local Job Market: an improving job market drives renters to an area. This is a benefit to you both as a property owner looking for a tenant or if you are relocating and looking for a new job. Aside from statics look for new business openings or companies opening branches in the area.
- The Surrounding Area: a residence may be perfectly nice but what is it next to? Consider the surrounding area and look for things such as local malls, restaurants, groceries, mass transit, parks, schools, interstate access, and so on. Easy access to amenities such as this greatly improve both a property’s value and quality of life as a resident.
- Future Development: look around for other construction projects. If businesses are opening stores and new residential buildings are being constructed that’s a good sign a location is experiencing positive growth. However, beware of crowding and other residential areas affecting rental prices and property values.
- Rental Rates: if renting always check local rates. This goes both ways as a renter you want to assure you are getting the best deal and as a property owner you want to make sure you are both competitive in your marketplace as well profitable.
- Checking The Property Itself: lastly, before buying anything, hire a home inspector to review it for any repair needed currently or that may occur in the future.
As the above shows before buying a rental property for either investment or residence, there are key factors to keep in mind. A highly livable area like Charleston is always attractive but a realtor that knows the nuances of each neighborhood can help find a properties that maximizes your investment.