The allure is appealing. Owning a vacation property, a little place of your own to escape to on long weekends is the dream of many home owners.
The gorgeous South Carolina sun, the cool waters of the Atlantic Ocean and Calibogue Sound, the world-class golf courses and the iconic low land landscape combine to create a truly one-of-a-kind vacation destination. The island has been attracting vacationers for decades, why wouldn't you want to stake your own claim in the land?
Plus, it’s never been a better time to buy!
As with any major investment, you need to use a degree of caution and know what you’re getting into. Here are four questions you need to ask yourself when buying a Hilton Head Island vacation property:
Do you know what you’re getting into?
Naturally, the costs of purchasing a second home will be quite similar to those involved in your first home. Just as you want to be sure you are financially ready for a first home, the same is doubly true for your second.
Also, do you live close enough to your vacation destination to make it worth it?
A vacation home is only valuable if you get enough use out of it to make the whole thing worthwhile. If you are planning on renting it out, are you able to access the property easily enough to take care of required maintenance, or will you need to hire a property management company to take care of the day to day for you.
Which location is best?
Hilton Head Island is ripe with a wonderful variety of surroundings to make a home in. You just need to decide which locale suits your lifestyle best. Also, if you plan on renting the property out as an investment, you need to consider the wants of your potential tenants.
Properties in different parts of the island bring with them different considerations, associated fees, and, of course, added benefits.
Are you interested in a protected, gated community along the golf course? A beautiful waterfront property, with its own deep-water dock? Or, a serene getaway toward the interior of the island, with a welcome privacy afforded by dense surrounding oaks? Each one brings its own set of challenges, appeals, and pool of potential renters!
How do you plan to use it?
A significant percentage of the properties on Hilton Head Island are second homes. One thing you’ll have to decide is how you plan to use the property. Do you want to restrict it to solely yourself and your family, or do you plan to rent it out? Are you interested in purchasing a second home as a vacation property on Hilton Head Island? These are great questions you need to ask yourself before taking the plunge!
Owning a vacation rental can be a great investment and an excellent money-making venture if it’s handled properly. A second home will of course require the same amount of maintenance as any home.
Are you going to be able to spend the time to maintain it yourself and get it ready for the next renter? If not, a property management company can be a great alternative. If you're willing to spend a little extra money, they’ll take care of all maintenance, as well as the day-to-day interactions with renters, allowing you to get on with your own life. A Berkshire Hathaway Real Estate Sales agent would be happy to recommend a reputable property management company!
How much will it cost me?
The cost of the real estate is likely to be just the tip of the iceberg.
To start, Beaufort County imposes two different tax treatments, whether you are a permanent or non-permanent resident, so that is something you’ll need to consider. Home insurance is a must, and the Hilton Head Island-area brings with it special considerations, so you’ll be protected from extremes in weather. Protection against flood, wind and hail, among other things are essential on the island.
Where you choose to purchase your vacation home can add some additional costs as well. POA fees can vary quite widely depending on the community you invest in. They'll likely change depending on the level and type of amenities that are available in your chosen neighborhood.
Hilton Head Island offers a fantastic natural climate, friendly locals and a supremely laid-back atmosphere. Who wouldn’t want to live here? If full-time residency isn’t a possibility for you, a vacation home can provide wonderful family memories, as well as solid investment income – just know what you’re getting in to.
Are you considering the purchase of a second home on Hilton Head Island? Contact us online or call 1-843-785-9500 to chat with one of our experts about the best areas and local property management companies on the island!