5 Things Real Estate Investors Need to Know about the Charleston Market

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We have a lot of investor clients here in Charleston, and a lot of clients who are interested in investing in real estate here. Today we are going to discuss the 5 things real estate investors need to know about the market right now. They are:

1.  We have Homeowner’s Association (HOA) fees in many neighborhoods here. They could range from $100 - $3,000 a year. Some neighborhoods also have golf and social club memberships that are required. If you’re buying, make sure you know all the HOA fees associated with your home, so there are no surprises. 

2. Property taxes are higher. If you own a home that is not your primary residence in Charleston, you are going to get charged 3x the standard tax rate. Make sure you take that into account when looking at buying an investment property.

3. Income tax is higher, too. In South Carolina, the income tax is 6-7% if you’re out of state. Make sure you include the amount in your overall calculations.

4. You need a solid insurance quote. Here in the low country, there is a strong possibility that your property will be in a flood zone. Flood insurance rates range from $0 all the way up to several thousand, depending on the location. 

5. Get in touch with a reputable rental management company. They will give you solid occupants and will also help estimate the expenses on your property. 

If you are looking to buy an investment property here in Charleston, give us a call or send us an email. We can’t wait to hear from you!