Buying a home in Charleston SC is usually an easy decision for buyers. After all, it’s a city best known for its laid back way of life, excellent schools, great seasonal temperatures, job opportunities, and proximity to the coast.
Of course, when you’re choosing to invest in a forever home and settle in a specific area, you have to go beyond these benefits and understand the nuances of buying and living in a particular neighborhood—something only a local realtor who knows the area and real estate market inside and out can tell you.
To that end, let me help you get started by telling you the top five things you should know about buying a home in Charleston SC. And if you have any questions after reading this post, feel free to get in touch with me or leave a message in the comment section below.
1. Charleston is consistently voted one of the nation’s best cities
Charleston is often cited as one of the best cities in the US. This year, the city actually took the top spot on Travel + Leisure’s annual list of Top 15 Cities in the United States.
“Thanks to an influx of business, Charleston is bustling with revitalized energy. A new generation of restaurateurs […] is turning the city into an international food destination. […] This is the perfect city for a girls’ weekend, a family vacation, or a romantic getaway.”Travel + Leisure 2019
The city is also pretty high up on the list of being one of the best places to live in the US.
2. The city is a consistent seller’s market
All this recognition and attention that Charleston gets lends itself to a thriving and competitive and local real estate market, which leads us to this second point–
Recent statistics show that the city is a seller’s market. What does this mean?
It means the availability of homes for sale is low; anything that does end up getting listed doesn’t end up in the market for too long before it gets sold; and average prices are consistently rising given demand.
This however doesn’t mean that it’s impossible to find a good bargain in the area. That’s why working with local realtor really comes in handy. A local agent has their focus on the pulse of Charleston’s real estate market, which means they likely have a lot of insider knowledge on prime inventory at reasonable prices.
3.Construction is booming in Charleston
There’s a lot of new construction being built around Charleston. Much of it is located on Johns Island, Moncks Corner, North Charleston, and Summerville–just minutes away from Charleston proper. In fact, the neighboring town of Mount Pleasant has already issued a moratorium on construction–
“Over the next five years, the town’s new permit rules would allow a total of 2,400 permits for single-family homes or townhomes, 100 for accessory dwellings and 500 for multi-family units. But except for multi-family buildings, only a limited number of permits would be allowed every six months, with no more than 25 for any one development, in a bid to slow and steady the pace of development.”www.postandcourier.com| Mount Pleasant slashes permits allowed for residential construction, immediately
Despite the construction boom, the reality is, because of the strong demand for homes in the area, availability of property runs out even before anything makes it on public listings. Without an agent who can point you point you in the right direction, you’re likely to miss out on all these great opportunities. This is another big advantage you get when you’re working with a local realtor—they have an established network in Charleston that gives buyers first dibs on prized and highly in-demand real estate.
4. Charleston has great property tax policies
South Carolina is recognized for being one of the best states when it comes to property taxes. Locals, including those that live in Charleston only have to pay around 0.5% of their home’s value in property taxes annually. It’s ranked seventh lowest in the US.
A new bill passed by the state government also mean the state’s income tax rate is headed towards a more competitive direction.
Why is this important? The amount you pay in taxes, especially when you’re working within a specific budget, is critical to the decision making process. But while taxes are a big factor that contributes to the total cost of buying, owning, and managing a home, it’s something that most tend to overlook and fail to consider when finalizing a purchase.
5. It’s a city that has something for everyone
Why do people choose to move? Usually to retire, find better job opportunities, to get out of the horrible Northern winters, or to start building a family. Regardless of the reason, Charleston has something to offer for everyone.
The quiet and laid-back nature of the city holds a lot of appeal for those over 60 that are looking to retire. For the younger and upwardly mobile set exploring new job opportunities and exciting new prospects, Charleston is a dynamic and thriving city with a lot of offer. And for families looking to find a place to start a family and build roots, the city offers quality schools, shared spaces with lots of family-friendly activities, reliable transportation options, and if you’re working with a local Charleston realtor, access to reasonably priced home options.
The oldest city in South Carolina has a lot to offer by way of real estate. It’s a charming city steeped in rich history and beautiful architecture that holds a lot of promise for anyone who’s buying a home in Charleston SC. If you have any questions, feel free to get in touch with me and we can sit down and talk about what this city has in store for you.