The issue is big, but in my opinion, in today's market, Buy Buy and Buy. Yes, I am a realtor, but I am also a landlord. I am turning 50% profits, after taxes and insurance is paid. It takes a few days to fill a vacancy. No issues. Why? Because Charleston has 40 plus families moving in, daily.
So why Buy?
-Low interest rates and housing has not yet surpassed 2007 pricing in most of the market. Buyers can still find deals.
-Buyers market, meaning many times cash strapped buyers can find sellers willing to pay closing costs.
-Credit qualifications are easier to purchase than to rent. I can sell you a home with a 550 credit score and even bankruptcy within a few years, but I can not rent you a house.
-Equity....Yes pay your own mortgage increase you net worth. Plus, housing prices are moving one direct, up and up.....which equates to personnel finical growth.
-Why put up with landlords that decide whether or not to paint, or fix the refrigerator? Today, many landlords don't care, why...demand is high...bottom line there are not enough houses to rent. Demand surpasses Supply, which equates to higher margins and less maintenance.
-Lots of USDA property in and around Charleston, which means, 100% financing. So if you get with a good agent and can qualify, he/she can find you competitive interest rates and get you in a your own home with no down payment and possibly no closing costs.
So if you are on the fence or just moving into the area, think long and hard before renting. Even if your only going to be here a few years. Call me direct, Dave Schuj @ 843.922.2003 or email me at email@example.com. I would be glad to bounce some ideas around and if you still want to rent for awhile, I will be glad to find you a rental.