Happy New Year! There’s no time better than now to dive into your goals for 2023. We like the saying New Year, New Investment, whether that’s investing in your health, your wellness, or a new property! Investing in property in Charleston, SC can be very rewarding if done correctly. At CREC, we know a thing or two about property management, and want to set you up for success in buying your next Charleston rental!
Keep in Mind…
Investing in a new property is an exciting journey, but it’s important to stay focused and not rush into buying something that doesn’t align with your goals. In order to earn a steady cash flow every investor dreams of you must do your homework. Just because a property looks charming at first glance to you does not mean it will be practical for someone looking to rent. Here are some things to look out for that can deter potential renters.
Look into the neighborhood you plan on purchasing in. Factors to keep in mind when choosing a neighborhood include accessibility, appearance, and amenities. In particular, it’s great to have grocery stores, shops, and restaurants in close proximity. Convenience attracts the greatest number of potential renters!
If the home you are looking to purchase has extremely outdated/non-usable kitchen appliances, be prepared to take on the expense of updating them. Your rental property is a business, so make sure any upgrades you are making will support your rental income. Charleston renters are not going to want to pay for amenities that they don’t need, so it’s important to choose renovations wisely!
Make sure the floor plan of the house makes sense for the area and the price you will have to charge for the lot! If a larger house only has 1-2 bedrooms, the price you are looking to charge might not be affordable for renters in the area.
If you are investing in property with no parking this could be a deal breaker for older tenants. Make sure to have an alternative suggestion on a parking option if this is the case.
CREC wishes you and your family a happy 2023! Once you’ve carefully chosen your new property, CREC can do all the heaving lifting. Whether you are looking for a full property management service or a la carte services, we are happy to help you on this journey! Sit back and relax, we’ve got this! Reach out to us today with any questions at (843) 574-9100 or email us at [email protected].