Wanting to Own a Property in Hilton Head? You May Need to Read this First
Wanting to Own a Property in Hilton Head? You May Need to Read this First
Ocean Front HHI is the top site for discerning buyers and sellers of oceanfront and ocean-row properties on Hilton Head Island, SC in access-controlled neighborhoods such as Sea Pines, Forest Beach, Palmetto Dunes, Port Royal Plantation and other beachfront destinations.
Ocean Front HHI is the top site for discerning buyers and sellers of oceanfront and ocean-row properties on Hilton Head Island, SC in access-controlled neighborhoods such as Sea Pines, Forest Beach, Palmetto Dunes, Port Royal Plantation and other beachfront destinations.
You buy a property for different reasons. Some buyers want to own property because it reflects their preferences. Others purchase a second house because they think it is also a good investment. With Hilton Head boasting picturesque places and beautiful beaches, having a vacation house or a condominium unit, there is always a good thing.
Are you currently looking for listings to Hilton Head Homes for sale? Why owning a property in this island town is good? Let Ocean Front HHI give you some considerations before picking one.
Think of the reason for buying a vacation house.
We may have gone past through the recession, but home prices are still below the pre-crisis levels. For buyers, this may indicate a good time to snag hilton head real estate, but the reason must be beyond the lower price. Buying for investment purposes is good, but Hilton Head boasts great facilities you can enjoy as a vacationer or a resident. Determine if you can use the vacation house frequently given your activities.
What about the financing?
Consult a property consultant first before buying a second home via financing. Vacation houses are more likely to get paid in cash or have higher down payments. Sellers prefer cash, even if the bid is lower than the others given the housing bubble that rocked the real estate industry almost a decade ago. A typical financing setup involves 20% down payment, and the rest will be amortized for years. Though we think the amortization should not eat more than a third of your monthly income.
The true cost of owning a vacation house.
While South Carolina is less prone to experiencing a direct hit from hurricanes, it pays to inquire about the home insurance fees before placing a bid. Unless you are moving to Hilton Head, you will be there less frequently making the home vulnerable to theft. Property taxes also vary from state to state, so do a lot of research on the fees you expected to pay before plunging in.
The case for and against passive income.
Many would buy a second home because they think it is a good investment. We declare that it is since home prices are on a steady recovery. However, you cannot just leave the place without routine maintenance to keep it in good shape. This is where you spend money on repairs and preventive checks. Otherwise, you can rent the place to vacationers during peak season to recoup the cost of repairs and earn passive income.
With proper budgeting, you can have a nice return on investment from renting your vacation house. Hilton Head is often listed as one of the best places to visit in the United States so there will be a regular stream of visitors in the area. You should monitor the utilities though since most guests tend to use the water and electricity less considerably.
Contact Us Today!
This is the best time to own a second house in Hilton Head. Are you currently looking for Hilton Head homes for sale? Consult Ocean Front HHI today.