Buying a second home for rental can be a wonderful way to invest in real estate. However, if you do not have experience with renting out a second home, it can be difficult to know where to begin. The following questions will help set some parameters for your search. Use them to guide you as you weigh your options.
When you are ready to take the next steps, contact Pam Harrington Exclusives. Our talented agents are well-versed in everything you need to consider when buying a second home for rental. Charleston is an increasingly popular destination city, and our firm has access to some of the best potential rental homes on the market. Explore our website or call 843.768.3635 today to start looking for the perfect rental property.
3 Questions to Think About When Buying a Second Home for Rental
Where Will Your Rental Home Be Located?
When visitors take a trip to an area, they hope to have an unforgettable experience that they could not have anywhere else. Vacation is a departure from everyday life, and some people wait all year to indulge in the fun, beauty, and luxury of their annual getaway. Charleston is still the No. 1 city in the country, and vacation-goers expect access to the region’s best attractions, sights, and events when they arrive. Undoubtedly, they will want to stay in the best parts of town as well. In the Lowcountry, these are easy to name: Kiawah Island, Seabrook Island, and the Downtown peninsula.
Downtown is the heart of the action, and home to much of the city’s amazing food and historic architecture. Kiawah and Seabrook Islands are a quick 30-minute drive. The island neighborhoods provide a picturesque natural escape while being close enough to take part in the metropolitan lifestyle of the peninsula, as well. These three areas are the most sought-after locations for residents and visitors alike, and they should be at the top of your list when thinking about buying a second home for rental in South Carolina.
What Amenities Will Be Included With Your Rental?
After you determine the perfect location, decide what amenities will draw your preferred guests to your property. Even more important, what will keep them coming back? When working on the interior design of your rental, use décor that conveys a sense of both comfort and elegance. Including staples like king size beds, high-quality linens, and flat-screen televisions is a must. Hot tubs or Jacuzzis, grills, and wet bars can make your guests’ experiences (and reviews) even better.
Also, think about what you would want in a potential home. Retirement planning is one of several other reasons to buy a second home, and many people plan to one day move into their rental properties. If access to championship golf, tranquil nature trails, and excellent restaurants is important to you, investing in a Lowcountry rental could be just right.
Who Will Manage Your Rental Property?
When buying a second home for rental, it can be easy to get so caught up in the purchasing process and preparatory work that you forget about the logistics of managing your property. Before you buy, think about how you want to conduct your rental business. Do you want to be responsible for the daily tasks of marketing, making reservations, taking payments, greeting guests, handling issues, etc.? Or, would you prefer to delegate these tasks to professionals? While some owners love to do the daily, hands-on work after buying a second home for investment, many find that using an experienced firm not only takes a lot off of their plates; it also results in a higher occupancy rate. Think about how each choice will affect your lifestyle as an owner before making a final decision.
Find your Rental Home with Pam Harrington Exclusives
When you are thinking about buying a second home for rental, our agents at Pam Harrington Exclusives are ready to help you throughout the process. With access to the top properties in the best Charleston neighborhoods, we will help you acquire the rental property of your dreams. Sign up for real estate alerts to see the properties that meet your criteria. Begin your journey to owning a home in the Lowcountry! We look forward to representing you!