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Buying or renting in Charleston South Carolina
- Real Estate Relocation
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Many potential home owners hesitate about entering the Charleston South Carolina real estate market because they feel that “owning costs too much.” But the fact is that after you consider income tax deductions, personal freedom, rent increases, and the accumulation of wealth through growing home equity, renters actually not only pay more, they also stand to lose tens of thousands of dollars of net worth.
Tax Deduction
As someone owning real estate in Charleston South Carolina, you will be able to deduct most of your monthly mortgage interest payments from your taxable income. As a result, your actual out-of-pocket home costs will run – depending on your combined federal, state and local income tax rates - 20 to 40 percent less than the amount of the check you write each month for your mortgage payment.
Freedom to make where you live your “home”
If you decide to rent a home in Charleston South Carolina, you are living in someone else’s property. Any improvement, decoration, change has to be approved by the landlord. Some landlords here in Charleston South Carolina are great to rent from – others may not be such diligent landlords! You are not free to express yourself and make the place your own if you decide to rent a home in Charleston South Carolina. Homeownership gives you the freedom to do what you want with your home – whether it’s purple walls, beautiful wallpaper or a hand laid brick patio for your enjoyment!
Rents will go up
Sometimes, even after allowing for tax benefits, the monthly costs of owning may still look higher than renting. But that is a short term view. Today’s rent and mortgage payments are 10 to 20 times higher than they were 30 years ago. Back in the late 50’s you could rent or buy an average home for between $25 to $150 a month. Those wise buyers who locked in their housing payment 30 years ago avoided all the increases over the years that their renting contemporaries had to endure. Similarly, locking in your housing payment today will insure insulation from future cost-of-living increases that will affect the rental market over the next 10 to 20 years. In the year 2020, today’s rent and mortgage prices will seem ridiculously low! The difference will be that you will still be paying those ridiculously low housing payments if you choose to buy a home from one of the many houses for sale in Charleston South Carolina!
Equity Build Up
Over the last 200 years, home prices in across the country have appreciated rapidly, at other times depreciated. But on the whole, homeowners have always built more wealth than renters. Even if your home doesn’t appreciate (a highly unlikely event), at the end of your mortgage term, you will own a valuable asset free and clear. You’ll own nothing if you continue to rent during that time. But if your home does appreciate, your equity will be worth much more than you have paid for it, even factoring in interest payments.
When is it a good time to rent?
If you are only going to be in Charleston South Carolina for a short amount of time you may want to consider renting rather than buying. Normally you have to own a home for a couple of years to realize enough profit from appreciation to pay for selling expenses. Talk to your Charleston New Quest City agent to see how long you would have to own a home to be able to break even when you sell.
Chose a real estate agent with experience to help you!
Many buyers start their Charleston South Carolina home search randomly. They see a home listed on a Charleston Real Estate site and in their initial excitement call the listing agent. Firstly, that agent is already working for the seller and cannot represent the buyer’s best interests. You need a Charleston Real Estate agent with a proven track record of not just sales, but of helping buyers. This is especially true if you are interested in Foreclosures in Charleston South Carolina. Charleston Real Estate agents referred by New Quest City have experience in helping buyers relocating to Charleston SC buy a home for the right price!
So to find out if buying a home in Charleston South Carolina is an option, request your FREE “Relocation to Charleston South Carolina” relocation package (click on link above). Then, a top Charleston Real Estate agent will contact you and send you information on homes in Charleston South Carolina.
Topics on this site include: Charleston homes, Charleston new homes, Charleston real estate and Charleston newspaper including homes Charleston real estate, Charleston SC real estate and check Charleston MLS homes for sale and houses for sale, find realtors and real estate agents, get new houses plus Charleston new homes and homebuilders, find Charleston foreclosures, Charleston houses for sale, condominiums and Charleston Condos, and Charleston SC newspaper reports, lofts and Charleston lofts homes, look for apartments townhomes townhouses, search jobs and help wanted, movies, bars, restaurants and events, Charleston luxury homes.
Charleston is a notable tourist destination, with streets lined with grand live oaks draped with Spanish moss. Along the waterfront are many beautiful and historic pastel-colored homes. The city is also an important port, boasting the second largest container seaport on the East Coast and the fourth largest container seaport in North America[1]. It is also the second most productive port in the World behind Hong Kong. Charleston is becoming a prime location for technology jobs and corporations. In the city's downtown area, the medical district is experiencing rapid growth of biotechnology and medical research coupled with substantial expansions of hospital facilities at the Medical University of South Carolina and Roper Hospital. It is also home to the very prestigious all-girls school named Ashley Hall, which was founded in 1909 and the Porter-Gaud School, founded in 1867.Charleston is served by the Charleston County School District, which is divided into eight Districts. -- Source: Wikipedia.com
AskMe a Question About Charleston, South Carolina
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Census Data for Charleston, South Carolina
| Charleston | South Carolina | United States | |
| Population | 96,650 | 4,012,012 | 281,421,906 |
| Median age | 33.2 | 35.4 | 35.3 |
| Median age for Male | 31.1 | 34 | 34 |
| Median age for Female | 35.2 | 36.7 | 36.5 |
| Households | 40,791 | 1,533,854 | 105,480,101 |
| Household population | 91,140 | 3,876,975 | 273,643,273 |
| Average household size | 2.23 | 2.53 | 2.59 |
| Families | 22,159 | 1,072,822 | 71,787,347 |
| Average family size | 2.92 | 3.02 | 3.14 |
| Housing units | 44,563 | 1,753,670 | 115,904,641 |
| Occupied units | 40,791 | 1,533,854 | 105,480,101 |
| Vacant units | 3,772 | 219,816 | 10,424,540 |
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Other Area Cities: Charleston Mount Pleasant North Charleston Isle of Palms Saint Andrews Sullivan's Island Hanahan Goose Creek Summerville
Other Popular South Carolina Cities: Aiken Anderson Beaufort Charleston Columbia Conway Goose Creek Greenville Hartsville Myrtle Beach Orangeburg Rock Hill Summerville Sumter
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