We all know the market in Charleston (and everywhere) is crazy right now, but what’s even crazier? THE PRICE OF RENTING! It’s time to stop writing those checks every month to a home you aren’t investing in. Let me introduce you to your next long term relationship: HOMEOWNERSHIP.
If you have the time to be patient buying your next home doesn’t have to break the bank or be this chaotic experience, even in this insane market.
If you’re worried about the affordability reach out to a lender (We’ve got a great team if you need a recommendation!). Discuss your financial placement, get a feel for what you are approved for and what you’d like to spend/budget- this puts you at a comfortable level to begin your home search in Charleston.
What’s so great about homeownership?
Builds Equity. When you own a house every payment increases ownership stake. Just five years in your home pays off the cost of purchase in equity.
Gives you a tax break. Mortgage interest and property tax offers tax write offs federally and in South Carolina.
More affordable monthly payments and cheaper in the long run. Your monthly note goes towards ownership which you can make a profit off of when you sell. With today’s rental prices you often will have a lesser mortgage payment than your rent. The average rent for an apartment in Charleston is $1,708 for a 963 sq. ft. home. The average mortgage payment in South Carolina is $1,250 a month with the median monthly cost of homeownership in the US is $1,609 per month, according to the most recent data from the Census Bureau’s 2019 American Community Survey. *It is worth noting home expenses can be greater than renting so safe that extra cash for emergency fixes and upgrades.
A report from Charleston Regional Business Journal projects the Charleston housing market will remain in the top 10 for the next three to five years, real estate is always a good investment.
Not convinced it’s the time to own your own home in Charleston? Check out our blog on why the numbers add up here. Have questions? Ready to start searching? We’d love to help!